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Gold/Mining/Energy : USEG - U S Energy Corp.
USEG 1.160-6.3%Nov 3 3:59 PM EST
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From: Tejas7712/25/2013 10:38:18 PM
1 Recommendation

Recommended By
richardred

  Read Replies (1) of 98
 
Updates for USEG just in case anyone does browse this board any more. I've been holding for years and am in a deep hole but the company finally sot their G&A in line, sold their apartments and are focused on O&G. Their most recent oil wells are buda wells in /South Texas for which they have a 30% interest in with Contango. The wells pay for themselves in about 3 months. These are some of the best wells in the US right now from a production profit standpoint. They are naturally fracked so a well cost less than half what most shale oil wells cost and they begin producing while they are being drilled. USEG production and revenues should really explode over the next few quarters. The company got rid of their jet and their apartments with a resulting significant G&A reduction.

Some additional serendipity catalysts that are not in any way priced into the shares are - 1. They have finally got the permitting process underway and on track for Mt. Emmons and are actively trying to monetize it to one of the big boys or trade it to the state for equal value O&G leases. 2. One of their old uranium properties that they sold to US 1 has been bought by another company that plans to permit it and reopen the mine with a new process for the uranium. Official news should be released about this sometime early next year and it amounts to a 20 million payment as soon a commercial production begins (about 18 - 24 months) with another potential 20 million while production is underway.

Anyway, I have been bogged down in this little company for years but I see a bright light now at the end of the tunnel so it is a great opportunity for anyone that hasn't felt the pain and is interested in cashing in on the shale oil boom. Certainly worth some DD for anyone interested. I'm posting a couple links that you can visit to conduct some DD. This game is just getting ready to get started. I am on a hunting lease in South Texas and I hunt with some retired O&G pipeline and processing plant guys that still do some work around the Eagleford and Buda formations and they tell me things are really starting to kick off there and a lot of exciting news should be coming from there during 2014. Incredible wells without all the problems they are seeing in the Bakkens. USEG also has some interests there but sold the majority of their leases there to transition to the Eagleford. Check em out!

Good luck to all. Links to company website, investor Village and Yahoo threads below. A good place to start some DD.

(http://www.usnrg.com/)

(http://www.investorvillage.com/smbd.asp?mb=2156&pt=m)

(http://finance.yahoo.com/mb/USEG/)

PS - I was away from SI for so long I couldn't remember my user name and P/W and had to open a new account and start over after being a member initially back in 1998 up until the last post I made here. I was also a goldbug but went bust before the metals made their move. But I'm still vertical and making a nice comeback.
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