Shares in U.S. Energy (USEG +4.2%) trade up after the company gives an operational update for its oil and gas drilling activities. CEO Keith Larsen says the company has multiple wells in development in the Williston Basin of North Dakota and is planning to start drilling the next two Buda Limestone formation wells in succession in South Texas, both of which look promising.
U.S. Energy (USEG) strikes a deal with privately-held Mueller Exploration to participate in the oil-rich Woodbine Sub-Clarksville 7 project located in Texas. USEG will pay $1.7M in cash to earn an initial 26.5% working interest in ~6,766 gross acres.
U.S. Energy (USEG -7.7%) says a 5M share offering priced at $5.25, 6% below the Thursday closing price. The offering, which should close Wednesday, was set to raise capital as part of a drilling program with Brigham Exploration (BEXP).