U.S. Energy Corp. Announces the Spudding of Its First Well With PetroQuest Energy, L.L.C.admin
U.S. Energy Corp., a natural resources exploration and development company with interests in molybdenum, uranium, oil and gas, gold, and real estate, today announced that PetroQuest Energy L.L.C. (”PetroQuest”) (PQ) has spudded the Bluffs Prospect in Louisiana.
U.S. Energy Corp. is participating in this well as a 20% working interest partner with PetroQuest. This initial well will be drilled to a depth of about 13,500 feet, and PetroQuest believes it is targeting a resource of 8 BCFE. This well is the first of a three well program anticipated to be drilled this year with PetroQuest. The other two wells, the St. Andrews and Highlands prospects, are expected to spud by late 3rd quarter or early in the 4th quarter depending on drill rig availability.
“We are very excited to be drilling our first well with PetroQuest. Drilling is anticipated to take 30-45 days and if the well is successful, production should commence approximately 90 days after completion,” stated Keith Larsen, CEO of U.S. Energy Corp.
About U.S. Energy Corp.
U.S. Energy Corp. is a diversified natural resource company with interests in molybdenum, oil and gas, gold, 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.”
For further information, please contact: Keith G. Larsen CEO Mark J. Larsen President U.S. Energy Corp.
877 North 8th West Riverton, WY 82501 USA Ph: (307)856-9271 Fx: (307)857-3050
Source: U.S. Energy Corp.