Ryan Smith, the CEO and a director of US Energy Corp (NASDAQ:USEG), a $45.9 million market cap energy company that has shown strong momentum with a 39% gain over the past six months, recently purchased a total of 1,000 shares of common stock over two transactions. These acquisitions were conducted on December 30 and December 31, 2024, at prices ranging from $1.61 to $1.62 per share. The total value of these transactions amounted to $1,615. Following these purchases, Smith's direct ownership in the company increased to 892,414 shares. According to InvestingPro analysis, the stock appears slightly undervalued at current levels, with multiple positive indicators available to subscribers.
In other recent news, U.S. Energy Corp (NASDAQ:USEG). announced a significant helium discovery in Montana, with laboratory results confirming concentrations up to 1.5%. The company's CEO, Ryan Smith, has expressed confidence in the asset's completion, expected in 2025, and highlighted the company's strong financial position. U.S. Energy Corp. plans to conduct extended flow tests in the fourth quarter of 2024 to validate the economic viability of the resource.
In other developments, U.S. Energy Corp. has regained compliance with Nasdaq's minimum bid price requirement, effectively closing the compliance issue. Furthermore, the company has cleared its debt and initiated a new development program in Northwest Montana, targeting helium and other industrial gases.
The company has also renewed its contract with CEO Ryan Smith until 2027, and entered into a definitive agreement to sell its South Texas assets for an estimated $6.5 million in cash. The company's mid-year 2024 SEC proved reserves report indicates 3.5 million barrels of oil equivalent, with a present value discounted at 10% of $50.9 million. U.S. Energy Corp. also has a strong liquidity position, with approximately $22 million available. These recent developments underscore U.S. Energy Corp's commitment to optimizing production and generating free cash flow.
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