By Michael Dabaie
U.S. Energy Corp. said it agreed to acquire operated Texas oil-and-gas-producing properties in an all-cash deal.
The company said the deal is a bolt-on acquisition of properties in East Texas for $11.8 million from a private party, and it follows the acquisition in May of other Texas properties.
In April, net production from the properties to be acquired averaged 418 barrels of oil equivalent per day, with 40% oil and 60% natural gas, U.S. Energy said.
“The assets to be acquired are a complementary addition to our existing East Texas footprint and fit perfectly with our cash flow-based strategy,” Chief Executive Ryan Smith said.
The company in May said it acquired operated oil-and-gas-producing properties in an all-cash deal. Those properties are located primarily in Liberty County, Texas, adjacent to its existing assets in the area.
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