U.S. Energy's upstream properties are located in the Bakken, Eagle Ford, and onshore Gulf Coast. The company didn't provide well results, but did give an update on the progress of two wells:
The initial well at the Booth Tortuga prospect, the Beeler #1H well, has been completed with 20 fracture stimulation stages and initial well flow back operations have commenced. The operator plans to evaluate initial well results over the course of the coming weeks. The Company has an approximate 30% WI and 22.5% NRI in this well.
The KM Ranch #2H well has been drilled to depth and it is anticipated that fracing operations will commence in February 2012. The Company has an approximate 30% WI and 22.5% NRI in this well.
PetroQuest's Eagle Ford operations will include the drilling of 2-3 wells in 2012. The company will allocate less than 10% of its capital to the Eagle Ford.
In South Texas, the Company completed two non-operated Eagle Ford Shale wells (NRI - 19 %) located in La Salle County. The wells achieved 24 hour maximum gross daily production rates of 725 Boe/d (70 % oil) and 505 Boe/d (69% oil), respectively. The Company expects to drill two to three Eagle Ford Shale wells during 2012 in La Salle County.