U.S. Energy Corp Enters Share Repurchase Agreement and Extends Repurchase Program

U.S. Energy Corp. (NASDAQ: USEG) recently entered into a Share Repurchase Agreement with Banner Oil & Gas, LLC, Woodford Petroleum, LLC, and Sage Road Energy II, LP. The agreement, effective January 27, 2025, involved the repurchase of a total of 635,400 shares of Common Stock at a price of $2.47775 per share, amounting to $1,574,362.

The Share Repurchase Agreement, a private transaction separate from the company’s prior share repurchase program, was at an 8.2% premium to the closing sales price of the Issuer’s Common Stock on January 27, 2025. It was approved by disinterested Board Members and the Audit Committee of the company.

As of January 29, 2025, post the Repurchase Shares cancellation, U.S. Energy Corp. had 35,163,070 outstanding shares of Common Stock. Additionally, on January 28, 2025, the Board of Directors authorized a $5.0 million extension of the ongoing share repurchase program, bringing the total to $5.0 million, available until June 30, 2026.

This repurchase program may include open market purchases, negotiated transactions, or other methods as per federal securities laws. Transactions will be conducted at management’s discretion, given market conditions, stock trading price, financial performance, and the availability of shares. The company intends to finance the repurchase program using working capital.

U.S. Energy Corp. disclosed this information in a press release on January 29, 2025. The company will provide further details on share repurchases in its periodic reports on Form 10-Q and 10-K filed with the Securities and Exchange Commission. The Share Repurchase Agreement and press release are attached to the Current Report on Form 8-K.

The Share Repurchase Agreement and extension of the repurchase program are part of U.S. Energy Corp.’s strategic efforts to enhance shareholder value and optimize capital allocation. The company’s commitment to returning capital to its shareholders underscores its confidence in its financial position and future prospects.

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.