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U.S. Energy Sets Capital 2013 Program, Awaits Eagle Ford Results
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U.S. Energy Corp reported its 2013 Oil and Gas and Mount Emmons Capital Expenditure budgets and provided an operational update on its oil and gas initiatives.
In December 2012 the Company's Board of Directors approved a $27.1 million oil and gas capital expenditure budget for 2013. The Company has allocated an estimated $7.1 million to be spent in the Williston Basin of North Dakota under its three current drilling programs. This amount is subject to upward adjustment depending on the pace of development with operators other than Brigham and Zavanna. Additionally, the Company has budgeted $20.0 million for the acquisition of producing properties with associated proven reserves in 2013 with a primary focus on the Williston Basin.
At this time, the Company has not budgeted any capital for…
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