$USEG Support and Resistance

NASDAQ:USEG   U.S. Energy Corp.
U.S. Energy's new assets to nearly quadruple production
Acquisition News- U.S. Energy Corp. Announces Entry Into Definitive Agreements In Connection With Transformative Acquisitions

U.S. Energy (NASDAQ:USEG) +23.7% pre-market after agreeing to acquire oil and gas assets from Lubbock Energy Partners, Synergy Offshore and entities controlled by Sage Road Capital for $99.5M in cash and stock.
U.S. Energy will issue more than 19.9M common shares, pay $1.25M in cash and assume $3.3M of debt from the sellers.
Upon the deal completion, the sellers will own 80.8% and existing U.S. Energy shareholders will own 19.2% of the company's outstanding common stock.
The acquired assets from the Rockies, West Texas, Eagle Ford and Mid-Continent increase the company's estimated average daily production by 377% to 1,814 boe/day.
Ryan Smith will continue as CEO of U.S. Energy, John Weinzierl, an owner of one of the sellers, will become the new chairman.
At June 30, U.S. Energy had $6.6M in cash, no existing debt and 4.7M shares outstanding.

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