Andrew Racz
Director of Research
300 East 54 Street, Suite 26C
New York, NY 10022
Phone: (212) 319-6949
Fax: (212) 753-1944

U.S. Energy Corporation

October 28, 2009




2009 Price Range:

$7.30 -1.55

Shares outstanding:


Book value per share


Total cash:


Total cash per share:


Current ratio:

32.5 to 1


Riverton, Wyoming, October 21, 2009. U.S. Energy Corp. (USEG), a natural resources exploration and development company with interests in molybdenum, oil and gas, geothermal and real estate assets, today announced the filing of a Form S-3 universal shelf registration statement with the Securities and Exchange Commission. After the shelf registration statement has been declared effective by the SEC, USE may offer and sell, from time to time in the future, up to $100 million of common stock. The common stock may be offered in one or more offerings, and at prices subject to prevailing market conditions to be set forth in a supplement prospectus filing with the SEC at the time of such offering.

The company believes filing a shelf registration statement is an efficient way to enable access to the capital markets and to maximize its financial flexibility. However, USE does not currently have any commitments to sell securities at this time. Unless specified otherwise in the applicable prospectus supplement, the net proceeds from any offering under the registration working capital for oil and gas exploration and development, geothermal property acquisition and development, and costs associated with maintenance and permitting work for the company's molybdenum property.

U.S. Energy Corp.

U.S. Energy acquires and develops energy-related and other mineral properties. The company is primarily involved in the acquisition of mineral properties, the exploration and development of those properties, and from time to time, the sale and lease of mineral-bearing properties and production and/or marketing of minerals. During 2008, the company completed its multifamily apartment project serving the residential market in Gillette, Wyoming. The company is focused on developing the Mount Emmons molybdenum project into a major operating mine with Thompson Creek Metals Company.

U.S. Energy Corp.
Investor Relations Department
877 North 8th West
Riverton, WY 82501



52-week range

1.45 - 7.30

Market cap


Shares outstanding





U.S. Energy Corporation (USEG) is basically a holding company whose feature has changed on a number of occasions. The company has 21 million shares outstanding and a market value which oscillated from $80 million in 2009 to the current number of close to $120 million.

U.S. Energy has basically no debt and it has $44 million cash and $25 million worth of real estate, the real estate being profitable and easily marketable. Thus, $70 million liquidity can be deducted from the current $140 million.

On October 20, 2009, the company registered $100M worth of securities. The registrant is registering an indeterminate number of the identified securities up to a proposed maximum aggregate offering price of $100,000,000, which may be offered from time to time at indeterminate prices. The registrant has estimated the proposed maximum aggregate offering price solely for the purpose of calculating the registration fee pursuant to Rule 457(o) under the Securities Act.

The adjusted picture is as follows:



Real estate.


Shelf registration




Based on the current 22M shares, the current base is $7.50 cash per share.

This forms USEG's banking assets:

Total market:

$120M + $100M =


Total banking assets:



Operating values:



Thus, the entire oil, gas, molybdenum registration, which is currently worth $100M, or multiple value, is only on the books for $50M.

Historically and presently, the company has changed its asset base so that at any one time, the various commodity holdings would increase in value and therefore increase the market capitalization of the company. As of today, U.S. Energy has a basic position in molybdenum, uranium, and a growing oil and gas exploration division.

It is, of course, known that the entire natural gas industry is solidifying and increasing.

Crude oil/barrel

Natural gas/
million BTU's










Oil 2009



USEG, in partnership with Brigham, is participating in six exploration wells and has partnerships with other major oil companies.

Williston Base - Bakken Drilling Program

The Brad Olson 9-16 #1H flowed at an initial 24-hour production test rate of approximately 1,805 barrels of oil and 1.84 MMCF of natural gas per day or 2,112 BOE/D. The well was completed with swell packers and 28 fracture stimulation stages. USE's initial working interest in this well is approximately 61% (~48% net revenue interest), and sales from this well are expected to commence immediately. The Company believes this well is the first successful 28 stage fracture stimulation completion in the Williston Basin.

As a result, it is anticipated that the first six wells of the previously announced Drilling Participation Agreement with Brigham Exploration Company (Nasdaq:BEXP) will be drilled before the end of the year and that at least four of the six wells will have been completed by this time.

Gulf Coast

The Bluffs well, partnered with Petro Quest Energy, L.L.C. (NYSE:PQ) and located in Louisiana, is currently producing approximately 13,000 MCF and 325 barrels of oil per day or an equivalent of approximately 15,000 MCFE/D (2,500 BOE/D). U.S. Energy Corp. has a 15% working interest in this well and an approximate 10.4% net revenue interest. Therefore, U.S. Energy Corp.'s current net daily production for this well is approximately 250 BOE/D.

On August 17, 2009, USE entered into a new participation agreement with Petro Quest Energy to acquire a 4.2% working interest in an oil and gas prospect located in south Louisiana. The prospect is a 13.7 BCFE target. Under the terms of the agreement, USE has paid sunk land costs and a prospect fee of approximately $53,000 and will be responsible for 4.2% of the costs to drill an initial test well (ITW) to earn an 3.6% after casing point (ACP) and 3.2% after payout (APO) working interest. The initial commitment under the agreement is approximately $300,000 to the casing point. Spudding of the well is expected to take place in October 2009 with an initial planned drilling depth of approximately 15,000 feet.

The Stoddard # 1 well, partnered with Houston Energy, L.P. and located in Southeast Texas, commenced sales in early October. The well is producing approximately 140 barrels of oil per day and 1,800 MCF/D or an equivalent of 2,650 MCFE/D (440 BOE/D). USE currently has an 8.5% after casing point (ACP) working interest (6.2% net revenue interest) in this well. Our anticipated net initial daily production rate from this well is expected to be approximately 28 BOE/D.

"U.S. Energy and Brigham continue to leverage the latest in multi-stage frac technology to drive improvements in production and our initial results at the Brad Olson 9-16 #1H well demonstrates the value of this approach," stated Keith Larsen, CEO of U.S. Energy Corp. "Our primary focus in the near term will be advancing our Bakken drilling program with Brigham in the Williston Basin. However, we continue to make progress with our oil and gas partners in both the Rocky Mountain and Gulf Coast regions, with the goal of expanding our portfolio and expeditiously ramping up our production," he added.

The natural gas industry is likely to recover from a few years of decline and the current and future stock price structure is illustrated below:


Oct. 8, 2008

Dec 2008

June 2009

August 2009

Sept 2009

Oct. 22, 2009







It is, of course, obvious that natural gas will be more and more important in America's energy policy, and therefore we can assume that a favorable price structure at $6 per MCF is likely to prevail for several years.

This not only represents a solid cash flow for U.S. Energy, but at the same time it provides an incentive for further drilling.

For the molybdenum property:

  • The ability to obtain permits required to initiate mining and processing operations, and Thompson Creek Metals' continued participation as operator of the property.

  • Completely of a feasibility study base on a comprehensive mine plan, which indicates that the property warrants construction and operation of mine and processing facilities, taking into account projected capital expenditures and operating costs in the context of molybdenum price trends.

  • The company is paying the annual costs to operate and maintain the water treatment plant, approximately $1.7 million, at the Mount Emmons Project until such time as Thompson Creek Metals elects to acquire an interest. Thereafter, it would be responsible for paying its share of plant costs. Even if Thompson Creek Metals elects to participate in the Mount Emmons Project up to the 75% level, U.S. Energy thereafter would be responsible for its 25% share of development and operating costs after Thompson Creek Metals has expended a total of $400 million on the property. 

Risks associated with development of the Mount Emmons Project

The Mount Emmons molybdenum property is located on fee property within the boundary of U.S. Forest Service (USFS) land. Although mining of the mineral resource will occur on the fee property, associated ancillary activities will occur on USFS land. U.S. Energy and Thompson Creek Metals expect to submit as Plan of Operations to the USFS in 2010 for USFS approval, which must be approved before initiating construction, and mining and processing can occur. Under the procedures mandated by the National Environmental Protection Act (NEPA), the USFS will prepare an environmental analysis in the form of an Environmental Assessment and/or an Environmental Protection Act Statement to evaluate the predicted environmental and socio-economic impacts of the proposed development and mining of the property. The NEPA process provides for public review and comment of the proposed plan.

The USFS is the lead regulatory agency in the NEPA process, and coordinates with the various Federal and State agencies in the review and approval of the Plan of Operations. Various Colorado state agencies will have primary jurisdiction over certain areas. For example, enforcement of the Clean Water Act in Colorado is delegated to the Colorado Department of Public Health and Environment and a water discharge permit under the National Pollution Discharge Elimination System (NPDES) is required before the USFS can approve the Plan of Operations. The company currently has a NPDES permit from the State of Colorado for the operation of the water treatment plant; however, this permit may need to be updated.

In addition, the Colorado Division of Reclamation, Mining and Safety issues mining and reclamation permits for mining activities, pursuant to the Colorado Mined Land Reclamation Act, and otherwise exercises supervisory authority over mining in the state. As part of obtaining a permit to mine, U.S. Energy and Thompson Creek Metals will be required to submit a detailed reclamation plan for the eventual mine closure, which must be reviewed and approved by the agency. In addition, U.S. Energy and Thompson Creek Metals will be required to provide financial assurance that the reclamation plan will be achieved (by bonding and/or insurance) before the mining permit will be issued.

Although the company is confident that it will obtain the permits needed for the Mount Emmons Project to move forward, the timing and cost, and ultimate success of the mining operation cannot be predicted.

Reliance on Thompson Creek Metals. Thompson Creek Metals is the operator of the Mount Emmons Project and has an option to acquire up to a 75% interest by performing and paying for the work to get the project permitted and operational, and making option payments. Though the company believes Thompson Creek Metals is committed to Mount Emmons on a long-term basis as a major mine project for future supply, in spite of recent volatility in commodity prices, Thompson Creek could exit that agreement at any time without penalty. Should the company be unable to find a replacement partner in due course, U.S. Energy would have to fund the considerable permitting and development costs thereafter.

Before an attempt is made to evaluate the oil and gas division, one should look at the structure of the company's participation in the future of U.S. molybdenum. About a year ago, U.S. Energy sold its ownership of molybdenum to T.C. Molybdenum prices have already recovered from $5 to $10, which is much lower than the all-time high of $30 per pound.

The future, of course, is tied to steel, and if the company's assumption of the growth of the international steel industry is correct, there can be a major value in U.S. Energy's contract with T.C. For a period of ten years the company would benefit from 15 to 20 million pounds of molybdenum production. Although the production may not start until 2013, the valuation and discounted value appear below.


Molybdenum property

Belongs to U.S. Energy

Total value

800 lbs. (approximately)

TC operations

a 75% retention

Opening delivery


Estimated price




10-year value




Per share


Assuming the molybdenum business is worth $75 to $100 million, the following overall assumption of the company's various assets appears in the following pages.

Management believes that the value of a stock and the value of a market capitalization is not related entirely to a static figure. (1) The company can also borrow against its assets and enter into new assets; (2) the company put assets into new publicly-owned subsidiaries and thereby increased its leverage; (3) a commodity-oriented company can always benefit from higher prices and more exploration and even multiply the asset base. U.S. Energy is unique for its success, but it is also unique in its success with what I call a commodity merchant bank with positive cash flow and growing assets.

Unlike the United Kingdom or South Africa, the United States has few merchant banks and commodity holding companies.

The future success of U.S. Energy may bring in a new era, the 21st century with its component of the right commodities and its commendable management.


per annum

Cash - current and reserve

44  + 100

Cash flow - oil and gas


Real estate



$500M - $1,500

The future, however, can create an entirely new asset value. The market value of the company is less than $200M. U.S. Energy -- the profile of the company of the future.

By monetizing $1,500 molybdenum, $25M worth of real estate and current market value of $160M, it creates a cash-rich oil and gas company. It has a value of $200M. With the additional $100M self-registration, the energy company eventually reaches $300M.

U.S. Energy current

$40M cash


$120 Market Cap

U.S. Energy Oil/Gas

Futuristic Value


$500 to $1,500

$200M value


$6 per share + $100M cash

$16 - $32


Information contained herein is based on data obtained from recognized statistical services, issuers reports or communications or other sources believed to be reliable. However, such information has not been verified by us and we do not make any representation to its accuracy or completeness. Any statement non-factual in nature constitutes only current opinions which are subject to change. BERAL INC. or their officers, directors, analysts or employees may have positions in the securities or commodities referred to herein, and may as principal or agent buy and sell such securities or commodities. An employee, analyst, officer or a director of BERAL INC. may serve as a director for companies mentioned in this report. Neither the information nor any comment expressed shall constitute an offer to sell or a solicitation of an offer to buy any securities or commodities mentioned herein. There may be instances when fundamental, technical and competitive opinions may not be in concert. This firm may from time to time perform investment banking or other services for or which investment banking or other businesses from any company mentioned in this report.



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Andrew Racz. 300 East 54 Street, Suite 26C, New York, NY 10022
Phone: (212) 319-6949 Fax: (212) 753-1944. E-mail:

Copyright © 2011 Andrew Racz. All Rights Reserved.