U.S. Energy Enters Purchase and Sale Agreement with 84 Resources Holdings: Date of Agreement December 12, 2024

U.S. Energy Corp. (NASDAQ: USEG) recently announced the signing of a Purchase and Sale Agreement with 84 Resources Holdings, LLC on December 12, 2024. The agreement involves the sale of oil and gas properties operated by 84 Resources, with assets located mainly in Liberty and Henderson Counties, Texas. The purchase price for these assets amounts to $6.825 million, subject to customary adjustments.

The effective date for the sale is November 1, 2024, and the closure is anticipated to take place on or before December 31, 2024, pending standard closing conditions and satisfactory due diligence by 84 Resources. As part of the agreement, U.S. Energy Corp. is obligated to continue operating the properties until the agreement’s termination or the closing date.

The Sale Agreement encompasses standard representations, warranties, disclaimers, and indemnification obligations appropriate for a transaction of this nature and size. It is crucial to note that these agreements and warranties are made solely for the purposes of the Sale Agreement and are not indicative of the actual business operations or conditions of U.S. Energy Corp. or 84 Resources. Investors are advised not to rely solely on these representations and warranties for factual or operational information regarding the companies.

Additionally, on December 13, 2024, U.S. Energy Corp. disclosed the signing of the Sale Agreement through a press release. The information in this release has been included in the filings as per Regulation FD Disclosure.

Interested parties and investors are encouraged to review the complete text of the Sale Agreement, available as Exhibit 10.1 in the SEC filing. The agreement details the terms of the sale transaction between U.S. Energy Corp., New Horizon Resources LLC, and 84 Resources Holdings, LLC.

This document contains forward-looking statements, subject to potential risks and uncertainties. Factors that could materially affect the actual results differ from those projected in the forward-looking statements. Readers are advised not to rely excessively on these forward-looking statements. Further information regarding these statements and risk factors is available in the SEC filings and company documentation.

For regulatory compliance, the signing of this current report was executed by Ryan Smith, Chief Executive Officer of U.S. Energy Corp., on December 13, 2024.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read U.S. Energy’s 8K filing here.

About U.S. Energy

U.S. Energy Corp., an independent energy company, focuses on the acquisition, exploration, and development of oil and natural gas properties in the United States. It holds interests in various oil and gas properties located in the Rockies region, including Montana, Wyoming, and North Dakota; the Mid-Continent region comprising Oklahoma, Kansas, and North and East Texas; West Texas; South Texas; and the Gulf Coast regions.