US Energy Corp (NASDAQ: USEG) is an oil and natural gas exploration and production company that acquires and develops oil and natural gas properties. Revenue comes from selling crude oil and natural gas produced from its working interest properties, with oil representing the dominant stream. In FY2025, total revenue was $7.4 million, down 64% from $20.6 million in FY2024, as production fell to 451 BOE per day from 1,136 BOE per day and average oil prices declined to $56.54 per barrel from $70.91 per barrel. The company also holds unproved industrial gas properties not subject to amortization, indicating a secondary development-stage asset class. As of March 6, 2026, USEG employed 20 people and operated as a smaller reporting company on the Nasdaq Capital Market. The company accounts for oil and natural gas properties under the full cost method and uses commodity derivatives to manage price exposure. CFO is Mark L. Zajac; the board includes John A. Weinzierl and four additional directors.

Revenue model

Transactional revenue from the sale of crude oil and natural gas produced from working interest properties. Oil sales were $6.4 million (87% of total revenue) and gas sales were $975,000 (13%) in FY2025. Revenue is a direct function of production volumes and realized commodity prices.

Products and services

Crude oil production (112,797 Bbls in FY2025), natural gas and liquids production (311,729 Mcfe in FY2025), and unproved industrial gas properties held for future development. The company holds working interests in oil and natural gas leases and uses commodity derivatives for price risk management.

Customers and end markets

Oil and natural gas commodity markets. End buyers are not named in the filing excerpts. Revenue is exposed to spot and derivative-linked commodity prices for crude oil and natural gas.

Value-chain role

Upstream oil and gas producer. Holds working interests requiring payment of drilling and operating costs. Uses third-party pipelines for transportation under open-access, non-discriminatory common carrier tariffs regulated by state commissions and the FERC.

Geographic exposure

United States. Specific producing states are not named in the filing excerpts. Pipeline transportation references both interstate and intrastate regulatory frameworks, indicating operations in at least one U.S. state with intrastate pipelines.

Source: SEC 10-K, filed 2026-03-13

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