U.S. Energy announces 24% increase to year-end 2022 PDP reserves

U.S. Energy announced its 2022 proved reserves and provided an update on its fourth quarter 2022 production, year-end balance sheet, and liquidity. Increased year-end 2022 proved developed producing reserves by 24% to 7.8 million barrels of oil equivalent, of which 65% is crude oil, from 6.3 MMBoe at year-end 2021, of which 80% was crude oil; Grew fourth quarter 2022 average daily production to 1,918 barrels of oil equivalent per day, representing a 453% increase over fourth quarter 2021 and a 9% increase over third quarter 2022. Exited 2022 with debt of $12.0 million and cash of $4.1 million for total liquidity of $12.1 million. "U.S. Energy was successful in 2022 executing on our stated acquisition strategy of opportunistically adding significant reserves while maintaining an excellent balance sheet," said Ryan Smith, U.S. Energy’s Chief Executive Officer. "We are pleased to report strong year-end 2022 proved reserves with our year-end SEC reserve report, prepared by an independent third party, showing an increase of 24% in proved producing reserves."