U.S. Energy Corp. Announces Extension of $5.0 Million Share Repurchase Program

HOUSTON, March 21, 2024 (GLOBE NEWSWIRE) -- U.S. Energy Corp. (Nasdaq: USEG, “U.S. Energy” or the “Company”), a growth-focused energy company engaged in operating a portfolio of high-quality producing assets, today announced that its Board of Directors has authorized the extension of the previously announced share repurchase program under which the Company may purchase up to $5.0 million of its outstanding shares of common stock in the open market, in accordance with all applicable securities laws and regulations, including Rule 10b-18 of the Securities Exchange Act of 1934. The repurchase program was originally approved in April 2023, and was to expire on June 30, 2024, which expiration date has now been extended until June 30, 2025. A total of up to approximately $4.2 million remains available under the repurchase program for future repurchases.

The Company’s decision to repurchase its shares, as well as the timing of such repurchases, will depend on a variety of factors, including the ongoing assessment of the Company’s capital needs, the market price of the Company’s common stock, general market conditions and other corporate considerations, as determined by management. The repurchase program may be suspended or discontinued at any time.

MANAGEMENT COMMENTARY

“U.S. Energy has a focused and disciplined capital allocation strategy that prioritizes growing cash flow through accretive acquisitions, identifying organic growth initiatives, and returning cash to shareholders,” said Ryan Smith, U.S. Energy’s Chief Executive Officer. “The continuation of this program supports our belief that the repurchase of the Company’s shares represents a highly attractive use of our capital. We anticipate the continued repurchase program providing numerous benefits to the Company and its stockholders, including, among others, support in the market for the Company’s common stock, a more tax-efficient way of returning capital to shareholders compared to declaring cash dividends, and accretion to per share metrics.”

ABOUT U.S. ENERGY

We are a growth company focused on consolidating high-quality producing assets in the United States with the potential to optimize production and generate free cash flow through low-risk development while maintaining an attractive shareholder returns program. We are committed to being a leader in reducing our carbon footprint in the areas in which we operate. More information about U.S. Energy Corp. can be found at www.usnrg.com.