M&A - Synergy Offshore LLC

Form Type: SCHEDULE 13D/A

Filing Date: 2025-01-22

Corporate Action: Acquisition

Type: Update

Accession Number: 000143774925001598

Filing Summary: Amendment No. 5 to Schedule 13D provides updates regarding the beneficial ownership of common stock by Duane H. King, King Oil and Gas Company, Inc. (KOG), and Synergy Offshore, LLC (Synergy). Effective January 9, 2025, Synergy entered into a Purchase and Sale Agreement (PSA) with U.S. Energy Corp (USEG) to sell certain assets in Montana for a total price involving $2 million cash, 1,400,000 shares of USEG common stock, and other agreements related to operational costs and tax credit payments. The PSA includes a Carried Working Interest for USEG and outlines a 78-month Carry Period with specific seller costs covered by USEG. Concurrent with the PSA, Synergy and USEG signed a Participation Agreement detailing rights and obligations for the assets and related Area of Mutual Interest (AMI). This amendment outlines the implications of these agreements on beneficial ownership in relation to 29,428,708 shares outstanding as of January 7, 2025, with Synergy directly acquiring additional shares via the PSA.