U.S. Energy Corp. Board Approves Expansion of Stock Buyback Program

U.S. Energy Corp. Board Approves Expansion of Stock Buyback Program

U.S. Energy Corp., a natural resources exploration and development company with interests in molybdenum, oil and gas, and real estate, today announced that its board of directors has approved an expanded stock buyback program. The original buyback program had a maximum limit of $5 million while the new buyback program has been expanded by $3 million to a total aggregate of $8 million.

The original plan, effective June 22, 2007, called for the purchase of up to $5 million in U.S. Energy stock. As of September 19, 2008, 891,595 shares have been purchased under the plan for an aggregate price of $3,186,400. The number, price and timing of the repurchases shall be at the discretion of the broker and, accordingly, the plan will not be subject to blackout periods. All shares repurchased under the plan will be retired. The plan will be conducted in compliance with the requirements of Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934.

“Our Board’s decision to authorize this repurchase initiative underscores the continued confidence we have in U.S. Energy’s strong financial position and execution of our strategy,” said Keith Larsen, CEO of U.S. Energy Corp. “In addition, we strongly believe that at the current price, the purchase of our own stock is an appropriate use of our cash and will further enhance long-term shareholder value.”

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