U.S. Energy Sells Certain Williston Basin Assets For $12.2 Mln

(RTTNews) - U.S. Energy Corp. (USEG) said that it sold certain of its Williston Basin assets to an undisclosed buyer for $12.2 million.

On May 27, 2014, the company entered into a Purchase and Sale Agreement to sell certain Williston Basin assets that were originally acquired by the Company in 2012.

As per the terms of the sale agreement, the Company sold its interest in approximately 285.70 net acres and 16 gross (0.62 net) producing wells in Williams and McKenzie Counties, North Dakota. The transaction closed on June 17, 2014 and the effective date of the sale is January 1, 2014.

When acquired in 2012, the Company paid $1.4 million in acquisition costs for the acreage, which included 8 gross (0.22 net) producing wells. During 2013, the wells produced an average of approximately net 52 BOE/D.