M&A - US ENERGY CORP

Form Type: SCHEDULE 13D/A

Filing Date: 2025-01-14

Corporate Action: Acquisition

Type: Update

Accession Number: 000143774925001116

Filing Summary: On January 9, 2025, U.S. Energy Corp. (USEG) and Synergy Offshore, LLC entered into a Purchase and Sale Agreement (PSA) whereby Synergy agreed to sell certain oil and gas properties in Montana, specifically approximately 24,000 net operated acres in the Kevin Dome structure to USEG. The total purchase price for these assets includes $2.0 million in cash, 1,400,000 shares of USEG's Common Stock, a commitment from USEG to cover 100% of certain seller costs during the carry period, and additional agreements concerning tax credit payments resulting from carbon sequestration activities. This acquisition is part of USEG's strategy to expand its asset portfolio in the energy sector. This Amendment No. 5 updates prior amendments (filed between January 31, 2022, and September 20, 2024), keeps pertinent disclosures from the original Schedule 13D, and includes details about the beneficial ownership of the Reporting Persons, which include John A. Weinzierl and Katla Energy Holdings LLC. The Reporting Persons have expressed their acquisition of shares for investment purposes.

Form Type: 8-K

Filing Date: 2025-01-10

Corporate Action: Acquisition

Type: New

Accession Number: 000143774925000795

Filing Summary: On January 7, 2025, U.S. Energy Corp. entered into a Purchase and Sale Agreement with Synergy Offshore LLC to acquire 24,000 net operated acres in Toole County, Montana, which are contiguous to previously acquired properties. The transaction closed on the same day. The purchase consideration included $2 million in cash, 1,400,000 shares of restricted common stock, and a carried working interest to cover Synergy's costs until either 78 months or $20 million costs have been incurred. Additionally, U.S. Energy Corp. will pay Synergy 18% of cash from carbon sequestration benefits and any gains from the sale of the CO2 plant. This purchase is subject to Synergy retaining a 20% reserved interest in the property. The effective date for the acquisition is January 7, 2025, and a press release regarding the transaction was filed on January 10, 2025.

Form Type: 8-K

Filing Date: 2024-12-31

Corporate Action: Acquisition

Type: New

Accession Number: 000143774924038605

Filing Summary: On December 31, 2024, U.S. Energy Corp. completed the sale of its oil and gas producing properties to 84 Resources Holdings, LLC for a total consideration of $6.825 million, subject to customary adjustments. The properties included 122 wells, oil and gas leases, surface rights, and relevant contracts located primarily in Liberty and Henderson Counties, Texas. This transaction follows the execution of a Purchase and Sale Agreement on December 12, 2024, and was announced via a press release issued on the completion date. The sale was part of a strategic maneuver to divest certain assets and align the company's operations. Additional exhibits include pro forma financial information reflecting the impact of the sale.