RIVERTON, Wyo., Nov 4, 2008 (GlobeNewswire via COMTEX News Network) -- U.S. Energy Corp. (Nasdaq:USEG) ("USE" or the "Company"), a natural resources exploration and development company with interests in molybdenum, oil and gas, and real estate, today announced that it has been advised by its partner, PetroQuest Energy, L.L.C. ("PetroQuest") (NYSE:PQ), that the Highlands Prospect was drilled to total depth and has been determined to be non-productive. The Highlands Prospect was the second in a thus far planned three well drilling program with PetroQuest. The Company also announced today that its Bluffs well was turned on to production on Monday November 3, 2008.
"While we're obviously disappointed in the drilling results at the Highlands Prospect, we are pleased to have reached production from our Bluffs well," stated Keith Larsen, CEO of U.S. Energy Corp. "Going forward we believe that our partner has been able to gather some crucial information at the Highlands Prospect that should help better target future drilling activities in the region. Meanwhile, we expect to announce initial production rates from the Bluffs well in the near future," he added.
U.S. Energy Corp. is a 15% working interest partner in the Bluffs well and a 20% working interest partner in the Highlands Prospects.
About U.S. Energy Corp.
U.S. Energy Corp. is a diversified natural resource company with interests in molybdenum, oil and gas, and real estate. The Company is headquartered in Riverton, Wyoming and its common stock is listed on The NASDAQ Capital Market under the symbol "USEG."
The U.S. Energy Corp. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5043
Disclosure Regarding Mineral Resources Under SEC and Canadian Regulations; and Forward-Looking Statements
The Company owns or may come to own stock in companies which are traded on foreign exchanges, and may have agreements with some of these companies to acquire and/or develop the Company's mineral properties. An example is Sutter Gold Mining Inc. These other companies are subject to the reporting requirements of other jurisdictions.
United States residents are cautioned that some of the information available about our mineral properties, which is reported by the other companies in foreign jurisdictions, may be materially different from what the Company is permitted to disclose in the United States.
This news release includes statements which may constitute "forward-looking" statements, usually containing the words "believe," "estimate," "project," "expect," or similar expressions. These statements are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, future trends in mineral prices, the availability of capital, competitive factors, and other risks. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revision or changes after the date of this release.
For further information on the differences between the reporting limitations of the United States, compared to reports filed in foreign jurisdictions, and also concerning forward-looking statements, please see the Company's Form 10-K ("Disclosure Regarding Forward-Looking Statements"; "Disclosure Regarding Mineral Resources under SEC and Canadian Regulation"; and "Risk Factors"); and similar disclosures in the Company's Forms 10-Q.
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SOURCE: U.S. Energy Corp.
U.S. Energy Corp. Reggie Larsen, Director of Investor Relations (800) 776-9271 Reggie@usnrg.com The Equicom Group Investor Relations Nick Hurst (403) 538-4845 email@example.com
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