U.S. Energy Corp. (NASDAQ: USEG) has finalized an acquisition with Wavetech Helium Inc, securing 140,000 net acres within the Kevin Dome structure in Montana. Complementing this, U.S. Energy executed a non-binding letter of intent with Synergy Offshore, LLC for an additional 24,000 net acres, aligning the company’s 164,000-acre position for helium production. This move aims to enhance U.S. Energy’s helium production capabilities with a low environmental footprint while leveraging existing cash and non-core asset sales. Two wells are planned for Q3 2024. CEO Ryan Smith highlighted the strategic value and economic potential of the acquisitions, emphasizing their significance amid a global helium shortage. The company will host an investor call on July 10, 2024 to discuss the deal in detail.

Energy, Natural Resources, Environmental Services,United States

https://www.globenewswire.com/news-release/2024/07/01/2907068/10245/en/U-S-Energy-Corp-Announces-Transformative-Acquisition-Targeting-Helium-Production.html