Boston, MA 03/18/2014 (wallstreetpr) – U.S. Energy Corp. (NASDAQ:USEG) an independent energy Company reported its 2013 highlights and financial results for the period ending December 31, 2013
Three months ending December 31, 2013 highlights
U.S. Energy Corp. (NASDAQ:USEG) was able to produce a total of 123,246 barrels of oil for the three months ending December with oil and gas operation bringing in an operating income of $3.3 million as compared to an operating loss of $3.3 million for the same period in 2012. The fourth quarter also saw the company incur $4.7 million in non-cashimpairment charge as a result of oil and gas operations.
The fourth quarter saw Us Energy registering net revenues amounting to $9.3 million compared to $8 million for the same period the prior year. The realized surge in total revenues was as a result of an increase in oil and gas prices as well as increased sales volumes.
U.S. Energy Corp. (NASDAQ:USEG) net loss for the quarter came in at $1.2 million excluding a $2.2 million in non-cash impairment charge taken from Standard Steam Trust, LLC. Income for the fourth quarter came in at $940, 000.
Full year results
U.S. Energy Corp. (NASDAQ:USEG) was able to realize record revenues for the full year that came in at $33.6 million compared to net revenues of $32.5 million reported in 2012. The increase in full year revenue was as a result of realized increased sales as well better pricing for oil and gas in the year.
The company’s cash and cash equivalents as of close of business on December 31, 203 came in at $5.9 million with general and administrative expenses for the year dropping by $1.1 million compared to levels of 2012. Full year net loss stood at $7.4 million with full year net income coming in at $609,000.
U.S. Energy Corp. (NASDAQ:USEG)’s modified EBITDA for the year surged by 21% coming in at $16.1 million compared to $13.3 million reported in 2012. The company’s estimated proved reserves as of the end of the year stood at 3,855,033 BOE against 2,913,324 BOE at the end of business in 2012, this represents a 32.3% increase.
2014 Guidance
U.S. Energy Corp. (NASDAQ:USEG) estimates oil and gas expenditure for the full year to come in at $30.2 million with $12.6 million being allocated for drilling programs, $9.6 million for drilling programs involving numerous operators and $8 million for acquisition of acreage in South Texas.
