U.S. Energy Corp. Announces Successful Three Forks Test Well (USEG)
U.S. Energy Corp. (Nasdaq: USEG) today announced the initial production rate from its State 36-1 #2H well which was recently completed with Brigham Exploration Company (Nasdaq: BEXP) in the Williston Basin of North Dakota, and provided an update on its oil and gas drilling initiatives in the Williston Basin.
The State 36-1 #2H well, the first Three Forks test well completed under the Drilling Participation Agreement ("DPA") with Brigham in the Rough Rider acreage area, produced approximately 1,872 barrels of oil and 2.91 MMCF of natural gas per day or 2,356 BOE/D during an early 24-hour flow back period. The well was completed with swell packers and 31 fracture stimulation stages.
U.S. Energy's initial working interest in this well is approximately 17% (~13% net revenue interest). The original well in the unit was the State 36-1 #1H, which had an initial production rate of 3,807 BOE/D in the Bakken formation. Oil sales from this well have commenced.
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