In a recent transaction, Ryan Smith, CEO of US Energy Corp (NASDAQ:USEG), acquired a total of 1,000 shares of the company's common stock over two days. The purchases, made on December 18 and December 19, 2024, were at prices ranging from $1.46 to $1.48 per share, amounting to a total investment of $1,470. Following these transactions, Smith now holds 890,614 shares directly in the $40.55 million market cap company. According to InvestingPro analysis, the stock appears undervalued despite falling 10.5% in the past week. These acquisitions highlight Smith's continued investment in the company he leads. Analysts maintain a bullish outlook with price targets ranging from $2 to $3 per share. InvestingPro subscribers can access 8 additional key insights about USEG's financial health and market position.
In other recent news, U.S. Energy Corporation has made several significant strides in its operations. The energy company announced a successful initial well drilling in Montana, uncovering a substantial helium discovery. This find, confirmed by independent laboratory results, enhances the economic potential of the company's assets and positions U.S. Energy as a potential leader in carbon sequestration initiatives. The company has also regained compliance with Nasdaq's minimum bid price requirement, effectively resolving the compliance issue.
In addition, U.S. Energy has cleared its debt and initiated a new development program in Northwest Montana, targeting helium and other industrial gases. The company's mid-year 2024 SEC proved reserves report indicates 3.5 million barrels of oil equivalent, with a present value discounted at 10% of $50.9 million. Furthermore, U.S. Energy has renewed its contract with CEO Ryan Smith until 2027, with the possibility of successive two-year renewals.
Finally, U.S. Energy has entered into a definitive agreement to sell its South Texas assets for an estimated $6.5 million in cash, marking its exit from operations in South Texas. These recent developments underscore U.S. Energy Corp (NASDAQ:USEG)'s commitment to optimizing production, generating free cash flow, and reducing its carbon footprint.
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