Corporate Presentation February 12, 2014 F L O R I D A
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1 Nasdaq: USEG Corporate Presentation February 12, 2014 F L O R I D A
2 Safe Harbor Disclosure Please carefully read the following disclaimer: The information discussed in this Presentation includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 (the Securities Act ) and Section 21E of the Securities Exchange Act of 1934 (the Exchange Act ). All statements made in or in conjunction with this Presentation, other than statements of historical fact, are forward-looking statements. Examples of such statements in this Presentation concern planned capital expenditures for oil and gas exploration and development projects; cash expected to be available for continued work programs with all our industry partners, and for those projects as to which we do not presently have industry partners; recovered volumes and values of oil and gas approximating third-party estimates of oil and gas reserves; projected increases in oil and gas production; current and anticipated drilling and completion activities; anticipated production and price differentials and decline rates from initial production rates, over time, of the daily volume of oil and natural gas produced from wells completed in the Williston Basin and elsewhere; the relationship of national oil and gas natural prices to prices paid for such production in the Williston Basin [and other areas in which we operate]; the drilling of additional wells without industry partners; expected well spacing for wells to be drilled; future cash flows and borrowings; pursuit of potential acquisition opportunities; our expected financial position; our business strategy; future occupancy rates for the energyrelated residential housing complex in Gillette Wyoming and the financial performance of the complex; and other plans and objectives for future operations. These forward-looking statements are typically identified by their use of terms and phrases such as may, expect, estimate, project, plan, believe, intend, achievable, anticipate, will, continue, potential, should, could, and similar terms and phrases. Though we believe that the expectations reflected in these statements are reasonable, they do involve certain assumptions, risks and uncertainties. Results could differ materially from those anticipated in these statements as a result of certain factors. Our future results will depend upon various other risks and uncertainties, including, but not limited to, those detailed in the section entitled Risk Factors in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, and other filings we make with the Securities and Exchange Commission, all of which are incorporated by reference in this Presentation. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements made above, elsewhere in this Presentation and as incorporated from our public filings. All of such forward-looking statements are made as of the date of this Presentation, and except as otherwise required under securities laws, we do not assume a duty to update any forward-looking statement, whether as a result of new information, subsequent events or circumstances, changes in expectations or otherwise. Actual timing of drilling and completing wells, well performance and the anticipated number of gross and net wells could vary in each of these cases. Amounts budgeted for each regional drilling program are also subject to change based on a number of factors including, but not limited to, timing, well costs, drilling and completion success, availability of capital and weather-related issues. Anticipated well performance could also vary significantly from those modeled internally. Furthermore, funds allocated for specific drilling programs under the 2013 CAPEX budget will be re-allocated to other drilling programs if initial results are below expectations. IP rates, test results and similar data from exploration and development activities are not necessarily reflective of the production, reserves or cash flow that may ultimately be generated from the well in question. Our ability, or the ability of the relevant operator, to maintain expected levels of production from a well is subject to numerous risks and uncertainties, including those discussed and referenced above. 2
3 Market Data Independent E&P Company Focused on Exploring for and Producing Domestic Oil and Natural Gas Exchange: Ticker Symbol: NASDAQ USEG Price per Share (2/10/2014) $3.51 Market Capitalization (2/10/2014) $96.89MM Avg. Daily Trade Volume (6 mo.) 177, Week Price Range Shares Outstanding (9/30/13) Book Value Q MM $110.0 MM 3
4 Areas of Activity / Participation Core Areas of Focus: Williston Basin / South Texas Unconventional Resource Development Bakken/Three Forks Production / Development Program Austin Chalk / Eagle Ford Shale / Buda Limestone Production / Development Program 4
5 Corporate Overview - Operations Q total net production 101,987 BOE Q Average Daily Production 1,109 BOE/D Oil (Bbls % total) 79% Natural Gas (Mcf % total) 17% Natural Gas Liquids (Bbls % total) 4% Proved Reserves (Year End 2012) MBOE Oil (Oil % total) 90% Natural Gas (Mcf % total) 10% PV MM Gross Participated Acreage 152,283* Net Participated Acreage 12,550* *Presented as of March 1, 2013 All regional oil and gas participated acreage (2012 Form 10-K) 5
6 2014 Oil and Gas Capital Expenditures Plan Summary 2014 Oil and Gas Capital Expenditures Budget $30.2 MM South Texas (Buda Limestone Formation) $12.6 MM ~12 Gross / ~3.15 Net Drill Locations Williston Basin (Bakken & Three Forks Formations) $9.6 MM ~23 Gross / ~1.1 Net Drill Locations Acquisitions / Accelerated Development Budget $8 MM Total $30.2 MM Contango (Operating Partner) has committed to a continuous drilling program in in the Booth-Tortuga acreage block in 2014; contingent upon continued economic success in the program 6
7 E&P Assets
8 Williston Basin Drilling Programs Bakken / Three Forks Formations North Dakota: Drilling programs in Williams, McKenzie and Mountrail Counties, North Dakota Interests in 65 participated drilling units (majority 1,280 acre spacing) 3,225 net participated acres Overall potential for 390* 520** gross drilling locations ~15* - 20** net additional wells on a going forward basis Net daily production 863 BOE/D at 9/30/13 Montana: ~12.5% working interest in 30,382 gross (2,367 net) acres prospective for the Bakken and Three Forks formations, undeveloped Located in Daniels, County Montana Monitoring regional development activity by industry peers Operator required to drill well to test Bakken/Three Forks formations by 12/31/2015 *Assumes 3 Bakken and 3 Three Forks wells per formation, per 1280 acre unit **Assumes 4 Bakken and 4 Three Forks wells per formation, per 1280 acre unit 8
9 Williston Basin Assets 100 Gross Participated Wells (January 2014) 2014 Regional CAPEX $9.6 MM ~23 Gross Participated Wells ~390*-520** Gross Additional Participated Development Locations ~15*-20** Net Additional Wells Participation *Assumes 3 Bakken and 3 Three Forks wells per formation, per 1280 acre unit **Assumes 4 Bakken and 4 Three Forks wells per formation, per 1280 acre unit 9
10 Williston Basin, North Dakota Wells in Progress Well Name Operator Formation Spud Date Working Interest Net Revenue Interest Excalibur H Emerald Oil Inc. Three Forks 6/24/ % 0.61% Producing Excalibur H Emerald Oil Inc. Bakken 8/23/ % 0.61% Producing Caper H Emerald Oil Inc. Bakken 7/12/ % 0.57% Producing Caper H Emerald Oil Inc. Bakken 7/14/ % 0.57% Producing Pirate H Emerald Oil Inc. Bakken 9/15/ % 2.82% Producing Pirate H Emerald Oil Inc. Bakken 10/10/ % 2.82% Producing Hovde H Statoil Bakken 1/12/ % 1.95% Producing Wayne Zumhof Federal T Oasis Petroleum Three Forks 7/19/ % 3.25% Completing Hovde 33-4 #3H Statoil Bakken 10/28/ % 1.94% Completing Hovde 33-4 #4H Statoil Bakken 11/8/ % 1.94% Completing Aspen Federal B Oasis Petroleum Bakken 10/12/ % 3.25% Drilled - completion pending Caper H Emerald Oil Inc. Bakken 9/25/ % 0.57% Drilled - completion pending Birch Federal T Oasis Petroleum Three Forks 11/3/ % 3.25% Drilled - completion pending Caper H Emerald Oil Inc. Bakken 9/21/ % 0.57% Drilled - completion pending Power Federal B Oasis Petroleum Bakken 12/5/ % 3.25% Drilled - completion pending Lloyd 34-3 #3H Statoil Bakken 12/25/ % 1.70% Drilling Pirate H Emerald Oil Inc. Bakken 1/9/ % 2.82% Drilling Average: 2.50% 1.91% Non Op Model: Partnered with leading Williston Basin Operators Status 10
11 BOE/Month Operational Results Williston Basin Williston Basin Net BOE/Month by Operator/Program 30,000 25,000 20,000 15,000 10,000 5,000 - Approximately 863net BOE/D 9/30/13 Q Acquisition BOE Zavanna BOE Brigham-Statoil BOE Source: U.S. Energy Corp. 11
12 South Texas Multiple Formation Potential Contango Operated: Leona River / Booth-Tortuga prospects; Zavala and Dimmit Counties, Texas U.S. Energy Corp. has 30% WI in 13,583 gross (4,075 net) acres ~10,140 gross (3,042 net) acres Booth-Tortuga Prospect ~3,343 gross (1,003 net) acres Leona River Prospect U.S. Enercorp Operated: Big Wells prospect; U.S. Energy Corp. has 15% WI in 4,243 gross (636 net) acres in Dimmit County, TX Multiple stacked formations present in each prospect: Austin Chalk Eagle Ford Buda Georgetown Pearsall Recently announced initial success in the Buda limestone formation; delineation of Buda acreage currently underway at Booth-Tortuga Leona River Acreage Block Zavala Booth Tortuga Acreage Block Dimmit South Texas Frio La Salle 12
13 Booth-Tortuga Buda Activity Map 5 gross producing wells January average gross production of 2,313* BOE/D January average production of 468* BOE/D net to USEG 4 gross wells in progress 1 well temp. abandoned ~ 75% oil / 25% gas ~40* gross (~10** net) potential locations based on 320 acre spacing ~80* gross (~20** net) potential locations based on 160 acre spacing * Estimated field production data ** Subject to geological continuity & additional delineation of acreage and ultimate spacing configuration 13
14 Buda Limestone Formation Well Data Beeler #2H Producing Initial Production Rate Cumulative Production (1/31/14) Beeler #3H Producing Initial Production Rate Cumulative Production (1/31/14) Beeler #4H - Producing Initial Production Rate Cumulative Production (1/31/14) Willerson #1H Producing Initial Production Rate Cumulative Production (1/27/14) Wood Unit B #1H Producing 30 Day Avg. Initial Production Rate 859 Gross BOE/D 136,716 Gross BOE 1,260 Gross BOE/D 57,681 Gross BOE 1,430 Gross BOE/D 96,997 Gross BOE 1,039 Gross BOE/D 32,581 Gross BOE 338 Gross BOE/D Beeler #7H Producing Initial Rates Positive Beeler #8H In Progress Completing Willerson #2H In Progress Drilling (Spud 2/3/14) Beeler #6H In progress Drilling (Spud 2/10/14) 14
15 Buda Economics 3,678 net acres (Booth-Tortuga / Big Wells) Booth-Tortuga Prospect: 30% WI / 22.5% NRI Big Wells Prospect: 15% WI / 11.25% NRI Approximate $4 million gross drilling cost per well Estimated ultimate recovery of 400,000 BOE (Internal Company Estimates)* Estimated Net Present Value* Assumptions AFE $ 4,000,000 Oil Price (per Bbl) $ 100 Royalty 25.0% Production Tax 4.6% Production Required for Payout (Bbls) 56,818 Revenue $ 5,681,818 Royalty (1,420,455) Production Tax (261,364) Net $ 4,000, Acre Spacing 160 Acre Spacing Prospect Locations PV-10 (net) Locations PV-10 (net) Booth-Tortuga 30 $ 120,000, $ 240,000,000 Big Wells 10 $ 20,000, $ 40,000,000 Total 40 $ 140,000, $ 280,000,000 * Figures and calculation are based on internal Company estimates. There is no assurance that the above illustrations will be representative of actual drilling locations, drilling results, estimate EUR s or economics. 15
16 BOE/Month Operational Results Eagle Ford / Austin Chalk / Buda Limestone 16,000 South Texas Program Net BOE/Month by Well 14,000 12,000 10,000 8,000 6,000 4,000 Buda Limestone 2,000 Eagle Ford Austin Chalk - Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Booth, Lloyd RE #2 Booth, Lloyd RE #3 Booth, Beeler RE (D) #9 Booth, Lloyd W RE #5 Booth, Weaver RE #1 Huffman Unit #1 RE Booth, Jetero Gr #10 Tortuga RE #1 Tortuga RE #4 Tortuga-B Unit #2 RE Tortuga-C Unit #5 KM Ranch #1H KM Ranch 2H Beeler 1H Beeler 2H Beeler 3H Approximately 285 net BOE/D 9/30/13 Estimated Production January 2014 net BOE/Month All producing wells Source: U.S. Energy Corp. - chart on left represents actual sales volumes vs. January production estimates January production estimates are before field use and flaring of gas and actual production vs. actual sales. As a result, January production sales volumes when final will differ than represented. 16
17 BOE/Month Operational Results All Oil & Gas Programs Production by Region 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 - Approximately 1,240 net BOE/D 9/30/13 Gulf Coast Texas (Buda/Eagle Ford/Austin Chalk) Williston Basin Source: U.S. Energy Corp. 17
18 Financials
19 Select Financial Data EBITDAX (9 months ended Sept. 30, 2013) [ $ thousands ] $11,467 Strong Balance Sheet (Sept. 30, 2013) [ $ thousands ] Cash and Cash Equivalents $5,538 Total Assets (Book) $125,356 Long-Term Debt (net of current portion) $7,000 Total Shareholder Equity $110,021 Financial Metrics per Share (Sept. 30, 2013) Cash and Equivalents $0.20 Investment in Oil & Gas $3.05 Investment in Mt. Emmons $0.75 Other Assets (Corp. Headquarters, etc.) $1.53 Total Book Value $
20 Hedges Risk Management Quantity Settlement Period Counterparty Basis (Bbl/d) Strike Price Crude Oil Costless Collar 01/01/14-06/30/14 Wells Fargo WTI 300 Put: $ Call: $ Crude Oil Costless Collar 01/01/14-06/30/14 Wells Fargo WTI 300 Put: $ Call: $ Crude Oil Costless Collar 07/01/14-12/31/14 Wells Fargo WTI 300 Put: $ Call: $
21 Growth Metrics $4.5 Stock Price $4.0 $3.5 $3.0 $2.5 $2.0 $1.5 1,500 K 1,000 K $1.0 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan K $40 M $30 M $20 M $10 M Oil & Gas Revenue M 3.0 M 2.5 M 2.0 M 1.5 M 1.0 M 0.5 M 0 Reserves (BOE) * Volume 0 K Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 $15 M $10 M $5 M 0 EBITDAX * $10 M $8 M $6 M $4 M $2 M 0 Average Daily Volume ~177,000 (6 mos.) G&A Expense * USEG sold an undivided 75% working interest in the Rough Rider, SE HR, and Yellowstone acreage blocks under two separate transactions for a total of $30.4 million during YE 2011 / Q
22 Key Takeaways / Investment Highlights Catalysts: Active drilling programs in the Bakken and Three Forks formations Williston Basin North Dakota Experienced Management Team / Attractive development portfolio Financial flexibility / Strong balance sheet and liquidity for growth Focused on liquids rich resource plays / Accretive value for shareholders Buda Limestone Encouraging results in initial test wells Continuous drilling scheduled through the balance of 2014 Exploration and development anticipated to be funded from cash flow Delineation program currently underway; potential for outstanding Buda formation economics in Booth-Tortuga and Big Wells Prospects Executing on 2014 growth plan 22
23 Nasdaq: USEG Shareholder Contact: NASDAQCM: USEG Headquarters: U.S. Energy Corp. 877 N. 8 th W. Riverton, Wyoming P F Investor Relations: Reggie Larsen Director of Investor Relations P M Reggie@usnrg.com Web site:
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