U.S. Energy. Corp. announced a $12.2 million sale Thursday of 16 producing wells and 285 acres to an undisclosed buyer in North Dakota’s Williston Basin.
The Riverton, Wyoming company purchased the land and eight of the producing wells for $1.4 million in 2012.
“This transaction allows the company to enhance our balance sheet and maintain a low debt profile as we continue to acquire additional acreage and pursue our drilling programs in South Texas,” U.S. Energy CEO Keith Larsen said in a statement.
“We currently have three drilling rigs running in South Texas and continue to anticipate that drilling will occur throughout the balance of the year.”
U.S. Energy’s proven reserves have jumped from 1.1 million barrels a day equivalent in 2009 to 3.9 billion barrel a day equivalent in 2013.
Revenue grew from $7.6 million in 2009 to $33.6 million last year.