U.S. Energy +9% on initial results from drilling program

U.S. Energy (USEG +9.5%) surges after saying its new dual-lateral well in Zavala County, Tex., averaged 1,046 barrels of oil and 1,085M cf of natural gas during its first 24 hours of production.

USEG says cumulative daily production grew to 7,200 boe after eight days with an 81% oil cut, in-line with the output from some of the upper-tier wells recently completed in the Georgetown formation.

USEG says the success establishes development potential on its adjacent acreage position in Dimmit County, where up to four additional wells may be drilled.

Nguồn: seekingalpha.com