RIVERTON, Wyo., Sept. 22, 2008 (GLOBE NEWSWIRE) -- U.S. Energy Corp. (Nasdaq:USEG) ("USE" or the "Company"), a natural resources exploration and development company with interests in molybdenum, oil and gas, and real estate, today announced that its board of directors has approved an expanded stock buyback program. The original buyback program had a maximum limit of $5 million while the new buyback program has been expanded by $3 million to a total aggregate of $8 million.
The original plan, effective June 22, 2007, called for the purchase of up to $5 million in U.S. Energy stock. As of September 19, 2008, 891,595 shares have been purchased under the plan for an aggregate price of $3,186,400. The number, price and timing of the repurchases shall be at the discretion of the broker and, accordingly, the plan will not be subject to blackout periods. All shares repurchased under the plan will be retired. The plan will be conducted in compliance with the requirements of Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934.
"Our Board's decision to authorize this repurchase initiative underscores the continued confidence we have in U.S. Energy's strong financial position and execution of our strategy," said Keith Larsen, CEO of U.S. Energy Corp. "In addition, we strongly believe that at the current price, the purchase of our own stock is an appropriate use of our cash and will further enhance long-term shareholder value."
About U.S. Energy Corp.
U.S. Energy Corp. is a diversified natural resource company with interests in molybdenum, oil and gas, and real estate. The Company is headquartered in Riverton, Wyoming and its common stock is listed on The NASDAQ Capital Market under the symbol "USEG".
The U.S. Energy Corp. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5043
Disclosure Regarding Mineral Resources Under SEC and Canadian Regulations; and Forward-Looking Statements
The Company owns or may come to own stock in companies which are traded on foreign exchanges, and may have agreements with some of these companies to acquire and/or develop the Company's mineral properties. An example is Sutter Gold Mining Inc. These other companies are subject to the reporting requirements of other jurisdictions.
United States residents are cautioned that some of the information available about our mineral properties, which is reported by the other companies in foreign jurisdictions, may be materially different from what the Company is permitted to disclose in the United States.
This news release includes statements which may constitute "forward-looking" statements, usually containing the words "believe," "estimate," "project," "expect," or similar expressions. These statements are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, future trends in mineral prices, the availability of capital, competitive factors, and other risks. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revision or changes after the date of this release.
For further information on the differences between the reporting limitations of the United States, compared to reports filed in foreign jurisdictions, and also concerning forward-looking statements, please see the Company's Form 10-K ("Disclosure Regarding Forward-Looking Statements"; "Disclosure Regarding Mineral Resources under SEC and Canadian Regulation"; and "Risk Factors"); and similar disclosures in the Company's Forms 10-Q.