Past year: ▲ 16%(88.0c – 1.52 USD)
Each one in plain English, with the numbers worked through for a shareholder.
11 July 2011drilling progress report▼ Bad
USE's new Colorado exploration well reached total depth but found no hydrocarbons in its target formation and was plugged and abandoned, with no further drilling planned on that acreage - a clean dry hole after the company's first operated well there.
5 July 2011farm in farm out agreement▲ GoodMajor
USE entered a second Eagle Ford participation deal with Crimson Exploration, acquiring 30% of Crimson's working interest in about 7,186 acres (2,156 net to USE) in Zavala and Dimmit Counties, Texas - bringing USE's total Eagle Ford position to roughly 11,861 gross acres with up to 70 potential drilling locations, complementing its existing Leona River acreage with the same partner.
28 June 2011drilling progress report▲ GoodMajor
USE's Rough Rider Bakken wells with Brigham kept delivering strong results - four wells completed in Q2 2011 with initial rates as high as 2,375 BOE/d, and all 15 spacing units now held by production - though unusually severe North Dakota flooding disrupted access to some sites; separately, USE spudded its first well on a new operated Colorado prospect.
7 Apr 2011drilling progress report▲ GoodMajor
USE's Bakken position with Brigham Exploration was accelerating - four wells nearing completion, offsetting a well that had already delivered the company's best-ever initial rate of over 4,000 BOE/d - while its non-operated Zavanna wells saw its working interests bumped up (other partners declining to participate); separately, BNP Paribas raised USE's credit facility borrowing base from $12 million to $22.5 million.
8 Feb 2011drilling progress report▲ Good
USE gave a routine update on its scattered small-working-interest Gulf Coast drilling program with four different partners (PetroQuest, Yuma, Houston Energy and Southern Resources): 2010 production exited the year at 535 BOE/d, a new Louisiana well just began producing, and several more modest-interest wells were spudding or about to spud on a $3.8 million 2011 budget.
27 July 2009drilling progress report▲ Good
USE spudded a third well with Houston Energy, this time taking a larger 25% working interest in a Louisiana oil prospect, while its first well from the partnership was on track to begin producing by mid-September 2009.
11 May 2009drilling progress report● Neutral
USE spudded its first well under a new participation deal with Houston Energy, taking a 10% working interest in a Matagorda County, Texas oil and gas prospect for a modest ~$216,000 commitment to the casing-point decision.
