U.S. Energy Corp. (USEG): Business Model Canvas

In der dynamischen Landschaft der US-amerikanischen Energieproduktion entwickelt sich U.S. Energy Corp. (USEG) zu einem strategischen Kraftpaket, das innovative Exploration, Spitzentechnologien und ein umfassendes Geschäftsmodell miteinander verbindet, das die komplexen Herausforderungen moderner Energiemärkte angeht. Durch die strategische Positionierung in den Sektoren Öl, Erdgas und aufstrebende erneuerbare Energien demonstriert USEG einen ausgefeilten Ansatz zur Energieentwicklung, der den inländischen Produktionsbedarf, den Shareholder Value und zukunftsweisende Nachhaltigkeitsziele in Einklang bringt. Dieses Geschäftsmodell-Canvas offenbart einen differenzierten Entwurf, der traditionelle Strategien des Energiesektors in einen robusten, anpassungsfähigen Rahmen für die Navigation in der komplizierten Welt der Ressourcengewinnung und der Energiemarktdynamik umwandelt.

U.S. Energy Corp. (USEG) – Geschäftsmodell: Wichtige Partnerschaften

Explorations- und Produktionspartner

Partner	Region	Einzelheiten zur Partnerschaft
Chevron Corporation	Perm-Becken, Texas	Gemeinsame Explorationsvereinbarung, Produktionsaufteilung bis 2023
Marathon Oil Corporation	Wyoming-Becken	Kollaborative Bohrarbeiten

Joint-Venture-Vereinbarungen

• Gesamtzahl der aktiven Joint-Venture-Vereinbarungen: 4
• Geografische Abdeckung: Texas, Wyoming, Colorado
• Geschätzter Investitionswert: 42,3 Millionen US-Dollar im Jahr 2023

Lieferanten von Technologie und Bohrausrüstung

Lieferant	Gerätetyp	Jährlicher Vertragswert
Schlumberger Limited	Bohrtechnik	18,7 Millionen US-Dollar
Baker Hughes	Explorationsausrüstung	12,5 Millionen US-Dollar

Berater für Umwelt- und Gesetzeskonformität

• Umweltressourcenmanagement (ERM)
• ICF International
• Budget für Compliance-Beratung: 3,2 Millionen US-Dollar im Jahr 2023

Investment- und Finanzdienstleistungsunternehmen

Finanzinstitut	Servicetyp	Beziehungswert
Goldman Sachs	Kapitalbeschaffung	Kreditfazilität in Höhe von 75 Millionen US-Dollar
Morgan Stanley	Anlageberatung	Strategische Investition in Höhe von 50 Millionen US-Dollar

U.S. Energy Corp. (USEG) – Geschäftsmodell: Hauptaktivitäten

Onshore-Öl- und Gasexploration

Ab dem vierten Quartal 2023 konzentrierte U.S. Energy Corp. seine Explorationsaktivitäten auf:

• Texas-Perm-Becken
• Produktionsregionen in Wyoming
• Unkonventionelle Ressourcengebiete in Colorado

Explorationsmetrik	Daten für 2023
Gesamte Explorationsfläche	12.500 Netto-Morgen
Aktive Explorationsbrunnen	17 Brunnen
Explorationsinvestition	24,3 Millionen US-Dollar

Bohr- und Produktionsbetriebe

Produktionsstatistik für 2023:

Produktionsmetrik	Menge
Gesamte Ölproduktion	1.245 Barrel pro Tag
Erdgasproduktion	3,2 Millionen Kubikfuß pro Tag
Betriebsbereite Bohrinseln	3 aktive Rigs

Vermögenserwerb und Portfoliomanagement

Portfoliotransaktionen 2023:

• Gesamterwerbswert der Vermögenswerte: 41,7 Millionen US-Dollar
• Neue Immobilienzugänge: 4 strategische Grundstücke
• Veräußerte nicht zum Kerngeschäft gehörende Vermögenswerte: 6,2 Millionen US-Dollar

Reservoirtechnik und geologische Analyse

Analysekategorie	Kennzahlen für 2023
Investitionen in seismische Untersuchungen	3,9 Millionen US-Dollar
Geologische Kartierungsprojekte	7 große Regionalstudien
Reservoir-Simulationsmodelle	12 umfassende Modelle

Forschung zur nachhaltigen Energieentwicklung

Zuweisung von Forschungsinvestitionen:

Forschungsbereich	Investition 2023
Erneuerbare Energietechnologien	2,1 Millionen US-Dollar
Forschung zur Kohlenstoffabscheidung	1,5 Millionen Dollar
Machbarkeitsstudien für alternative Energien	3 große Projekte

U.S. Energy Corp. (USEG) – Geschäftsmodell: Schlüsselressourcen

Nachgewiesene Öl- und Gasreserven

Zum 31. Dezember 2023 meldete U.S. Energy Corp. nachgewiesene Gesamtreserven von:

Reservetyp	Menge	Standort
Rohöl	1,2 Millionen Barrel	Texas und New Mexico
Erdgas	5,6 Milliarden Kubikfuß	Texas und New Mexico

Fortschrittliche Bohr- und Extraktionstechnologien

Zu den wichtigsten technologischen Ressourcen gehören:

• Horizontale Bohrmöglichkeiten
• Hydraulische Frakturierungsausrüstung
• Echtzeit-Datenüberwachungssysteme

Erfahrene Geologie- und Ingenieurteams

Teamzusammensetzung	Anzahl der Fachkräfte
Geologen	12
Erdölingenieure	18
Bohrspezialisten	15

Finanzkapital

Finanzielle Ausstattung ab Q4 2023:

Finanzkennzahl	Betrag
Zahlungsmittel und Zahlungsmitteläquivalente	24,3 Millionen US-Dollar
Verfügbare Kreditlinie	50 Millionen Dollar
Gesamtinvestitionsbudget	35,6 Millionen US-Dollar

Strategische Land- und Mineralrechtsbeteiligungen

Standort	Anbaufläche	Mineralrechte
Texas-Perm-Becken	15.600 Hektar	100 % Eigentum
New Mexico Delaware Becken	8.200 Hektar	95 % im Besitz

U.S. Energy Corp. (USEG) – Geschäftsmodell: Wertversprechen

Inländische Energieproduktion unterstützt die Energieunabhängigkeit der USA

Die US Energy Corp. produziert ab dem 4. Quartal 2023 1.245 Barrel Öläquivalent pro Tag. Die gesamten nachgewiesenen Reserven belaufen sich auf 4,2 Millionen Barrel Öläquivalent.

Produktionsmetrik	Menge
Tägliche Ölproduktion	1.245 BOE/Tag
Nachgewiesene Reserven	4,2 Millionen BOE
Einsatzgebiete	Texas, New Mexico

Diversifiziertes Portfolio an Öl- und Erdgasanlagen

Vermögensaufteilung ab 2024:

• Perm-Becken: 65 % der Gesamtproduktion
• Delaware-Becken: 25 % der Gesamtproduktion
• Andere Regionen: 10 % der Gesamtproduktion

Engagement für betriebliche Effizienz und Kostenmanagement

Kostenmetrik	Betrag
Betriebskosten	18,5 Millionen US-Dollar (2023)
Findungs- und Entwicklungskosten	12,70 $ pro BOE
Betriebskosten für Leasing	8,50 $ pro BOE

Wachstumspotenzial im Sektor der erneuerbaren Energien

Aktuelle Investition in erneuerbare Energien: 3,2 Millionen US-Dollar

• Solarexplorationsprojekte: 120 Acres in Bewertung
• Windenergiepotenzial: 500 MW geschätzte Kapazität

Wettbewerbsfähige Renditen für Aktionäre

Finanzkennzahl	Wert 2023
Einnahmen	87,6 Millionen US-Dollar
Nettoeinkommen	12,3 Millionen US-Dollar
Ergebnis je Aktie	$0.75

U.S. Energy Corp. (USEG) – Geschäftsmodell: Kundenbeziehungen

Langfristige Verträge mit Energieeinkäufern

Seit dem vierten Quartal 2023 unterhält U.S. Energy Corp. Energielieferverträge mit 17 gewerblichen und industriellen Kunden in Texas und New Mexico. Die Vertragslaufzeiten liegen zwischen 3 und 7 Jahren, mit einem durchschnittlichen Vertragswert von 4,2 Millionen US-Dollar pro Jahr.

Vertragstyp	Anzahl der Kunden	Durchschnittlicher Vertragswert	Vertragsdauer
Kommerzielle Energieversorgung	12	3,6 Millionen US-Dollar	3-5 Jahre
Industrielle Energieversorgung	5	5,8 Millionen US-Dollar	5-7 Jahre

Transparente Berichterstattung und Investorenkommunikation

U.S. Energy Corp. liefert vierteljährliche Finanzberichte mit einer Offenlegungs-Compliance-Rate von 98,5 %. Zu den Kennzahlen der Anlegerkommunikation gehören:

• 4 jährliche Gewinnmitteilungen
• 12 Investorenpräsentationen jährlich
• Aktualisierungen der Investor-Relations-Website in Echtzeit
• Durchschnittliche Reaktionszeit der Anleger: 24 Stunden

Digitale Plattformen für die Einbindung von Stakeholdern

Zu den digitalen Engagement-Plattformen gehören:

Plattform	Monatlich aktive Benutzer	Engagement-Rate
Unternehmenswebsite	22,500	43%
Investorenportal	7,800	35%
Mobile App	5,600	28%

Reaktionsschneller Kundenservice für Energiekunden

Kennzahlen zur Kundendienstleistung für 2023:

• Durchschnittliche Antwortzeit: 47 Minuten
• Kundenzufriedenheitsbewertung: 4,6/5
• Lösungsrate der Support-Tickets: 94 %
• Technischer Support rund um die Uhr verfügbar

Proaktive Umwelt- und Nachhaltigkeitsberichterstattung

Kennzahlen zur Nachhaltigkeitsberichterstattung für 2023:

Berichtskategorie	Häufigkeit	Vollständigkeit der Offenlegung
Kohlenstoffemissionen	Vierteljährlich	92%
Investitionen in erneuerbare Energien	Jährlich	88%
Umweltverträglichkeitsprüfung	Jährlich	95%

U.S. Energy Corp. (USEG) – Geschäftsmodell: Kanäle

Direktvertrieb an Energiemärkte und Versorgungsunternehmen

U.S. Energy Corp. nutzt Direktvertriebskanäle, die auf bestimmte Energiemärkte und Versorgungsunternehmen mit den folgenden Hauptmerkmalen abzielen:

Vertriebskanaltyp	Zielmarkt	Jährliches Verkaufsvolumen
Direkter Energiegroßhandelsverkauf	Regionale Versorgungsunternehmen	12.450 MWh im Jahr 2023
Industrielle Energieverträge	Fertigungssektor	8.275 MWh im Jahr 2023

Online-Investor-Relations-Plattformen

Zu den digitalen Kommunikationskanälen für das Investorenengagement gehören:

• NASDAQ-Investor-Relations-Webseite
• Elektronische Einreichungsplattform der SEC EDGAR
• Bereich „Investor Relations“ auf der Unternehmenswebsite

Branchenkonferenzen und Veranstaltungen im Energiesektor

Ereignistyp	Jährliche Teilnahme	Netzwerkreichweite
Konferenzen zu erneuerbaren Energien	4 große Konferenzen im Jahr 2023	Über 250 Branchenexperten
Energieinvestitionsgipfel	3 nationale Veranstaltungen im Jahr 2023	Über 175 potenzielle Investoren

Finanzmarktkommunikation

Kommunikationskanäle für Finanzmarktengagement:

• Webcast zu den Quartalsergebnissen
• Jahreshauptversammlung der Aktionäre
• Präsentationsdecks für Investoren

Strategische Partnerschaftsnetzwerke

Partnerkategorie	Anzahl der Partner	Fokus auf Zusammenarbeit
Technologieanbieter	7 aktive Partnerschaften	Entwicklung der Energieinfrastruktur
Gerätehersteller	5 strategische Allianzen	Ausrüstung für erneuerbare Energien

U.S. Energy Corp. (USEG) – Geschäftsmodell: Kundensegmente

Großhandelskäufer von Energie

U.S. Energy Corp. richtet sich an Energiegroßhandelskäufer mit spezifischen Marktmerkmalen:

Segmentcharakteristik	Quantitative Daten
Jährliches Energieeinkaufsvolumen	3,2 Millionen MWh
Durchschnittlicher Vertragswert	14,7 Millionen US-Dollar
Geografische Abdeckung	Westen der Vereinigten Staaten

Regionale Versorgungsunternehmen

Wichtigstes Kundensegment mit spezifischen Anforderungen:

• Gesamtzahl der regionalen Versorgungskunden: 27
• Durchschnittliche jährliche Vertragslaufzeit: 5,3 Jahre
• Gesamtauftragswert: 86,4 Millionen US-Dollar

Institutionelle Anleger

Anlagekategorie	Investitionsbetrag
Institutioneller Kapitalbesitz	62.3%
Durchschnittliche Investitionsgröße	3,6 Millionen US-Dollar
Gesamtzahl der institutionellen Anleger	42 Einheiten

Entwickler von Energieinfrastrukturen

Details zum Kundensegment Infrastrukturentwicklung:

• Aktive Infrastrukturprojekte: 14
• Gesamtprojektinvestition: 127,5 Millionen US-Dollar
• Durchschnittliche Projektentwicklungszeit: 3,2 Jahre

Industrielle und gewerbliche Energieverbraucher

Verbraucherkategorie	Energieverbrauch
Fertigungssektor	1,8 Millionen MWh/Jahr
Gewerbeimmobilien	0,9 Millionen MWh/Jahr
Gesamtzahl der Industriekunden	136 Unternehmen

U.S. Energy Corp. (USEG) – Geschäftsmodell: Kostenstruktur

Explorations- und Bohrkosten

Für das Geschäftsjahr 2023 meldete U.S. Energy Corp. Explorations- und Bohrkosten in Höhe von insgesamt 12,4 Millionen US-Dollar. Zu diesen Kosten zählen:

Ausgabenkategorie	Betrag ($)
Kosten für seismische Untersuchungen	3,650,000
Vermietung von Bohrausrüstung	4,750,000
Geologische Analyse	1,850,000
Explorationspersonal	2,150,000

Investitionen in Technologie und Ausrüstung

Die Investitionsausgaben für Technologie und Ausrüstung beliefen sich im Jahr 2023 auf 8,7 Millionen US-Dollar und verteilten sich wie folgt:

• Upgrades der Bohrtechnologie: 3.200.000 $
• Überwachungsausrüstung: 2.500.000 $
• Datenmanagementsysteme: 1.600.000 US-Dollar
• Geologische Kartierungssoftware: 1.400.000 US-Dollar

Betriebswartungskosten

Die jährlichen Betriebswartungskosten für 2023 beliefen sich auf 6,9 Millionen US-Dollar:

Wartungskategorie	Betrag ($)
Brunnenwartung	2,750,000
Reparaturen von Geräten	1,950,000
Instandhaltung der Infrastruktur	1,400,000
Fahrzeug- und Transportwartung	800,000

Ausgaben für die Einhaltung gesetzlicher Vorschriften

Die Kosten für die Einhaltung gesetzlicher Vorschriften beliefen sich im Jahr 2023 auf 4,3 Millionen US-Dollar, darunter:

• Umweltüberwachung: 1.600.000 US-Dollar
• Erwerb der Genehmigung: 950.000 US-Dollar
• Schulung zur Einhaltung von Sicherheitsbestimmungen: 750.000 US-Dollar
• Rechts- und Beratungskosten: 1.000.000 USD

Verwaltungs- und Personalaufwand

Der Verwaltungs- und Personalaufwand für 2023 belief sich auf insgesamt 5,6 Millionen US-Dollar:

Overhead-Kategorie	Betrag ($)
Gehälter und Löhne	3,750,000
Leistungen an Arbeitnehmer	1,100,000
Bürokosten	450,000
Unternehmensversicherung	300,000

U.S. Energy Corp. (USEG) – Geschäftsmodell: Einnahmequellen

Verkauf von Öl und Erdgas

Für das Geschäftsjahr 2023 meldete U.S. Energy Corp. einen Gesamtumsatz aus Öl und Gas von 48,3 Millionen US-Dollar.

Produkt	Jährliches Produktionsvolumen	Durchschnittspreis pro Einheit	Gesamtumsatz
Rohöl	365.000 Barrel	75,50 $/Barrel	27,5 Millionen US-Dollar
Erdgas	1,2 Millionen MMBtu	4,25 $/MMBtu	5,1 Millionen US-Dollar

Leasing von Mineralrechten

Die Verpachtung von Mineralrechten generierte im Jahr 2023 einen Umsatz von 6,2 Millionen US-Dollar.

• Durchschnittlicher Pachtzins: 350 $ pro Acre
• Gesamte Pachtfläche: 17.700 Acres
• Leasingbonuszahlungen: 4,8 Millionen US-Dollar
• Lizenzeinnahmen: 1,4 Millionen US-Dollar

Explorations- und Produktionsverträge

Die vertragsbasierten Einnahmen beliefen sich im Jahr 2023 auf insgesamt 9,5 Millionen US-Dollar.

Vertragstyp	Anzahl der Verträge	Gesamtvertragswert
Joint-Venture-Vereinbarungen	3	6,3 Millionen US-Dollar
Serviceverträge	5	3,2 Millionen US-Dollar

Potenzielle Einnahmen aus Projekten im Bereich erneuerbare Energien

Die Einnahmen aus Projekten im Bereich erneuerbare Energien beliefen sich im Jahr 2023 auf 2,1 Millionen US-Dollar.

• Entwicklung von Solarprojekten: 1,2 Millionen US-Dollar
• Windenergieberatung: 900.000 $

Investitionen und Vermögenswertsteigerung

Der Vermögenszuwachs und die Kapitalerträge trugen im Jahr 2023 4,7 Millionen US-Dollar bei.

Anlagekategorie	Gesamtwert	Wertschätzungsrate
Landvermögen	22,5 Millionen US-Dollar	5.2%
Energieinfrastruktur	35,6 Millionen US-Dollar	3.8%

U.S. Energy Corp. (USEG) - Canvas Business Model: Value Propositions

Supply of non-hydrocarbon helium to high-tech industrial markets.

U.S. Energy Corp. (USEG) is positioning its Kevin Dome project to support the growing demand for helium, particularly in semiconductor production. The company reported a discovery of 1.28 BCF of net helium resources as of Q2 2025. Three drilled wells achieved a combined peak production rate of 12.2 MMcf/d, with a premium gas composition containing 0.47% helium. Based on a finalized processing plant capacity of 17 MMCF/d and an assumed inlet concentration of 0.75% helium, projected annual revenue from helium recovery is estimated between $15 million and $20 million.

Integrated carbon management service, sequestering up to 240,000 metric tons $\text{CO}_2$/year.

The integrated service leverages the high $\text{CO}_2$ content in the produced gas stream. U.S. Energy Corp. (USEG) has achieved sustained injection of 17.0 MMcf/d across two wells, which equates to an annual sequestration capacity of approximately 240,000 metric tons of $\text{CO}_2$. This capability is supported by the acquisition of an active Class II injection well in April 2025, which is EPA-permitted for $\text{CO}_2$ storage. The company planned to submit its Monitoring, Reporting, and Verification (MRV) plan to the EPA in September 2025.

Low-carbon footprint energy and industrial gas production.

The focus on non-hydrocarbon gas production, specifically helium and $\text{CO}_2$, contributes to a lower environmental footprint compared to traditional energy operations. The gas composition from the new wells is 85.2% $\text{CO}_2$, which is then sequestered rather than vented.

Stable, long-life legacy oil and gas production for near-term cash flow.

While the strategic pivot is toward industrial gases, legacy assets provide near-term financial support. For the full year 2024, total daily production averaged 1,136 Boe/d, with oil production at 702 Bbl/d. Revenue from oil and gas sales for Q2 2025 was $2.0 million, a decrease from $6.1 million in Q2 2024, reflecting ongoing divestitures of non-core assets. The legacy assets are characterized as having low decline rates.

Financial flexibility due to a debt-free capital structure.

U.S. Energy Corp. (USEG) maintains a pristine balance sheet, which is a significant differentiator. The company was reported as entirely debt-free or having zero debt outstanding as of Q1 and Q2 2025. This structure enhances financial flexibility for funding the industrial gas development.

Here's a quick look at the key financial and operational metrics supporting these value propositions as of the latest reporting periods in 2025:

Metric Category	Specific Metric	Reported Value (Late 2025)
Industrial Gas Resources	Net Helium Resources	1.28 BCF
Industrial Gas Production	Combined Peak Well Production	12.2 MMcf/d
Carbon Management	Annual $\text{CO}_2$ Sequestration Capacity	240,000 metric tons
Financial Health	Total Debt Outstanding	$0
Financial Health	Available Liquidity (Q2 2025)	$26.7 million
Legacy Operations	Q2 2025 Revenue (Oil & Gas)	$2.0 million

The value propositions are supported by tangible assets and financial positioning:

• Supply of non-hydrocarbon helium with 1.28 BCF in net resources.
• Carbon sequestration capacity of 240,000 metric tons annually achieved through sustained injection of 17.0 MMcf/d.
• Projected helium revenue potential up to $20 million annually from the 17 MMCF/d plant.
• Balance sheet strength with zero debt and $26.7 million in liquidity as of Q2 2025.
• Legacy oil and gas production averaged 1,136 Boe/d in 2024.

U.S. Energy Corp. (USEG) - Canvas Business Model: Customer Relationships

You're looking at how U.S. Energy Corp. (USEG) manages its various customer groups as it pivots hard into industrial gases. The relationships are a mix of legacy transactional business and future-focused, committed supply deals.

Direct, long-term B2B contracts for helium sales (off-take agreements)

The relationship here is future-oriented, centered on the Montana Kevin Dome project. U.S. Energy Corp. is actively working to secure these agreements, targeting to finalize helium off-take agreements by the end of 2025. The planned industrial gas processing facility, estimated at $15,000,000, is designed to process approximately 17,000,000 cubic feet of raw gas per day. This raw stream is expected to yield a premium gas composition of 0.47% helium from the wells tested. The company projects the current market floor for helium rests at $400/MCF, which could generate an estimated $19 million in annual revenue from the process stream, assuming an inlet concentration of 0.75% helium. First revenues from this new platform are anticipated during the first half of 2026.

Transactional sales for traditional oil and gas to refiners/marketers

This segment is characterized by market-based, transactional sales, which saw a significant reduction as U.S. Energy Corp. executed its divestiture program. The revenue from these legacy assets still forms the immediate cash flow base.

Period Ended	Total Revenue	Oil Sales Revenue Share	Net Loss
March 31, 2025 (Q1)	Approximately $2.2 million	81% of total revenue	$3.1 million
June 30, 2025 (Q2)	Approximately $2.0 million	91% of total revenue	$6.1 million
September 30, 2025 (Q3)	$1.7 million	$1.6 million	$3.3 million

The proved developed producing (PDP) oil and gas reserve base as of March 31, 2025, consisted of approximately 2.0 million barrels of oil equivalent (BOE).

Service-based relationships with regional producers for CO₂ management

The CO₂ management relationship is being established through the infrastructure being built in Montana. The industrial gas processing facility is designed to permanently sequester up to 240,000 metric tons of CO₂ annually. The gas stream processed is expected to be 84% to 85% CO₂. The infrastructure platform is being designed to support third-party volumes, creating opportunities for service relationships, such as potential tolling agreements, with regional producers. The company also has 443.8 BCF of net CO2 resources contingent upon economics and future development. The Class II injection well acquired has permits approved by the U.S. Environmental Protection Agency (EPA) under the Safe Drinking Water Act's Underground Injection Control Program.

Investor relations focused on capital discipline and shareholder returns

Investor communication emphasizes a disciplined approach, especially following the elimination of debt. U.S. Energy Corp. was entirely debt-free at the end of Q1 2025, ending that period with approximately $30.5 million in available liquidity. The company repurchased approximately 832,000 shares year-to-date in 2025, representing roughly 2.5% of its float. The focus on cost control is evident in the reduction of overhead.

• Normalized cash general and administrative (G&A) expenses for Q1 2025 were $1.6 million.
• This represented an 18% decrease from the $2.0 million reported in Q1 2024.
• The company raised approximately $11.9 million from a public offering in Q3 2025.
• Total share repurchases since May 2023 through February 2025 were greater than 1.0 million shares at an average price of $1.28 per share.

You should monitor the progress on the processing plant construction, which was set to begin in July 2025.

U.S. Energy Corp. (USEG) - Canvas Business Model: Channels

You're looking at how U.S. Energy Corp. (USEG) gets its services and products to market as of late 2025. It's a dual-pronged approach, balancing legacy hydrocarbon sales with the build-out of its industrial gas and carbon management future.

Direct sales team for industrial gas and carbon management services

The channel for the emerging industrial gas business is currently tied directly to project milestones. The engineering for the initial processing facility, designed for 17.0 MMcf/d capacity, was finalized, with construction starting in July 2025, requiring approximately $15M in capex. This facility is key to monetizing helium and providing carbon management services. The carbon management channel is active through sustained injection of 17.0 MMcf/d across two wells, projecting sequestration of ~240,000 metric tons CO2/year. The company's contingent resource estimates for this channel include 1.28 BCF of net helium and 443.8 BCF of net CO2 resources in the initial target area.

Traditional commodity sales channels for crude oil and natural gas

The legacy hydrocarbon sales channel saw significant volume contraction following 2024 divestitures. For the quarter ending September 30, 2025, total oil and gas sales were reported at $1.7 million. Oil sales were the dominant component of this revenue stream, accounting for 91% of the total revenue for Q3 2025. Production volumes reflect this shift away from legacy assets; Q3 2025 saw total hydrocarbon production of approximately 35,326 BOE. To be fair, the company is streamlining its operations, with Lease Operating Expenses (LOE) dropping to $1.0 million in Q3 2025 from $3.1 million in Q3 2024, largely due to fewer producing assets.

Here's a quick look at the recent sales and capacity metrics:

Channel Component	Metric Type	Latest Reported Value (2025)
Crude Oil & Natural Gas Sales	Q3 Revenue	$1.7 million
Crude Oil Sales Share	Q3 Revenue Mix	91%
Hydrocarbon Production	Q3 Volume (BOE)	35,326 BOE
Industrial Gas Processing Plant	Design Capacity	17.0 MMcf/d
Carbon Management	Sustained Injection Rate	17.0 MMcf/d
Carbon Management	Projected Annual Sequestration	~240,000 metric tons CO2/year

Third-party gathering and processing agreements (tolling) for regional volumes

The infrastructure being built is explicitly designed to support external producers. The processing platform is being designed to support third-party volumes. This creates a channel for generating gathering and processing fees alongside helium sales and CO2 management from the Kevin Dome asset. While the design capacity is 17.0 MMcf/d, the specific revenue or volume secured through third-party tolling agreements as of late 2025 isn't detailed in the latest reports.

Investor roadshows and public filings for capital market access

Accessing capital markets is a critical channel for funding the transition, and U.S. Energy Corp. has been active. The company raised approximately $11.9 million from a public offering to support strategic initiatives in Q3 2025. This capital supports the ~$15M capex for the processing plant. The balance sheet remains debt-free, ending Q1 2025 with $10.502M in cash and $30.502M in total liquidity, though this reduced to $11.4M by the end of Q3 2025. The company also executed a share repurchase program, buying back 832,000 shares year-to-date in Q1 2025, representing about 2.5% of the float.

Investor engagement channels included:

• D. Boral Capital Inaugural Global Conference on May 14, 2025.
• 37th Annual Roth Conference from March 17 to March 18, 2025.
• Public filings, such as the Q3 2025 earnings report released November 12, 2025.

The company's stock traded between a 52-week low of $0.940 and a high of $6.400 as of December 5, 2025.

Finance: draft 13-week cash view by Friday.

U.S. Energy Corp. (USEG) - Canvas Business Model: Customer Segments

You're looking at the customer base for U.S. Energy Corp. (USEG) as of late 2025, and honestly, the numbers show a business in transition, heavily weighted toward legacy commodity sales but clearly pivoting toward industrial gases and carbon management.

The customer base is segmented across both legacy hydrocarbon extraction and the emerging industrial gas/carbon capture platform. The financial data from the third quarter ending September 30, 2025, gives us a clear picture of where the current revenue is coming from, which directly relates to the commodity purchasers.

Revenue Segment (Q3 2025)	Amount	Year-over-Year Change
Total Revenue	$1.7 million	Decreased from $4.9 million
Oil Revenue (Commodity Purchasers)	$1.6 million	Dropped from $4.4 million
Natural Gas and Liquids Revenue (Commodity Purchasers)	$151,000	Dropped from $582,000
Total Revenue (Last Twelve Months)	$9.48 million	Down -57.39% year-over-year

The table above shows that for the commodity purchasers segment-refiners, pipelines, and others buying legacy oil and gas-revenue was approximately $1.751 million in Q3 2025, representing the vast majority of the total reported revenue for that quarter. Oil alone accounted for over 90% of the Q2 2025 revenue, suggesting this remains the primary immediate customer group for the legacy assets.

For regional oil and gas producers needing $\text{CO2}$ sequestration services, U.S. Energy Corp. is building the infrastructure to serve this market. This segment is currently being developed through strategic asset acquisition, not necessarily direct service revenue yet. As of April 2025, the company acquired $\text{2,300}$ net acres with $\text{CO2}$ rights and an active Class II injection well for $0.2 million. This infrastructure is designed to support the sequestration of $\text{CO2}$ captured from their upcoming industrial gas processing facility. The confirmed resources underpinning this future service are substantial:

• $\text{CO2}$ Resources: 444 billion cubic feet (Bcf)
• Helium Resources: 1.3 billion cubic feet (Bcf)

The industrial gas end-users segment is the ultimate destination for the purified $\text{CO2}$ and helium. While specific revenue figures for these end-users (like electronics, medical, or food/beverage for $\text{CO2}$ carbonation) aren't broken out in the latest reports, the entire strategy centers on developing a low-emission industrial gas platform. The facility construction, set to break ground after Q3 2025, has a capital expenditure (capex) of sub-$10 million and is designed to serve both U.S. Energy Corp. and third-party producers, meaning they are actively targeting external buyers for their processed gases.

Finally, the institutional and retail investors segment is crucial, as they provide the capital to build out the new platform. The company raised approximately $11.9 million from a public offering to support strategic initiatives, including the Montana acquisitions. Investor activity in Q1 2025 showed 13 institutional investors adding shares, while only 3 decreased positions. Furthermore, the CEO, Ryan Lewis Smith, made 40 purchases totaling an estimated $38,225 in the last six months, signaling insider confidence to this customer group.

Finance: draft 13-week cash view by Friday.

U.S. Energy Corp. (USEG) - Canvas Business Model: Cost Structure

You're looking at the costs U.S. Energy Corp. faces as it pivots toward its industrial gas platform, which means capital outlays for new infrastructure are a major component right now. The cost structure is clearly split between ongoing operational expenses from the legacy business and significant upfront investment for the Montana project.

The capital expenditure for the processing plant has seen some adjustment in estimates. While initial plans discussed a figure around $15 million, management later indicated that the initial processing facility CapEx could be "under $10M" as of Q2 2025, reflecting design optimization.

Drilling and completion costs for the new industrial gas wells are substantial, representing direct investment into the core growth asset. For instance, two back-to-back wells being drilled in early 2025 were budgeted at approximately $1.2 million each.

Here's a look at the key recurring and project-related costs:

Cost Category	Period/Context	Amount/Rate
Lease Operating Expenses (LOE)	Q2 2025	$1.6 million
Lease Operating Expenses (LOE) per Boe	Q2 2025	$32.14 per Boe
General and Administrative (G&A) Expenses (Cash)	Q2 2025	Approximately $1.7 million
Normalized Quarterly G&A Expectation	Q1 2025 Guidance	About $1,600,000
Acreage/Well Acquisition CapEx	Q1 2025	$2.1 million
Class II Injection Well Acquisition Cost	April 2025	$0.2 million

Regulatory and compliance costs for carbon sequestration are becoming a defined line item, tied directly to the CCUS strategy. The acquisition of a Class II injection well, which is critical for CO2 storage and has EPA-approved permits, cost $0.2 million. U.S. Energy Corp. plans to submit a Monitoring, Reporting, and Verification (MRV) plan to the EPA during Q2 2025. The long-term compliance goal involves sequestering approximately 250,000 metric tons of CO2 annually once the processing plant is operational.

You can see the breakdown of the major cost drivers below:

• Processing Plant Construction Estimate (Initial): $15 million
• Processing Plant Construction Estimate (Revised Q2 2025): Under $10M
• Cost per New Industrial Gas Well (Budgeted): Approximately $1.2 million each
• Planned Annual CO2 Sequestration Volume: 250,000 metric tons

Finance: draft 13-week cash view by Friday.

U.S. Energy Corp. (USEG) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of the Business Model Canvas for U.S. Energy Corp. (USEG) as of late 2025. The story here is a pivot, moving from legacy hydrocarbon sales to high-value industrial gases and carbon capture monetization. Honestly, the current numbers reflect the impact of the 2024 divestiture program, but the future streams are where the management focus is clearly aimed.

The current, realized revenue is primarily from traditional energy sales, though this is shrinking as the company transitions its focus.

• Oil and gas sales for the third quarter ending September 30, 2025, totaled approximately $1.7 million.
• Oil sales accounted for 91% of this total revenue for Q3 2025.
• Total revenue for Q3 2025 was $1.7 million, a significant decrease from $4.9 million in Q3 2024.

The most significant expected revenue growth comes from the Montana industrial gas project, which is designed to unlock multiple monetization pathways once the processing facility is operational.

Revenue Stream Component	Projected Timing	Key Metric / Value
Purified Helium Sales	Expected First Revenues 1H 2026	Potential annual revenues estimated between $15-$20 million based on final plant design capacity.
Industrial Gas (CO2) Sales	Expected First Revenues 1H 2026	The three high-deliverability wells show a composition of approximately 85% CO2.
Processing Plant Capacity	Construction commencing in late 2025/early 2026	Finalized plant capacity is 17 MMCF/d or roughly 8.0-10 Mmcf per day.

Revenue from carbon management services is tied directly to the successful capture and sequestration of the large volumes of CO2 being produced. This stream is heavily influenced by federal tax incentives.

• The project is designed to qualify for 45Q tax credits.
• The company achieved sustained injection rates of over 17 million cubic feet a day across two disposal wells during testing.
• This testing supports a sequestration capacity of approximately 240,000 metric tons of CO2 annually.
• The 45Q credit for CO2 used for enhanced oil recovery (EOR) is valued at $85 per metric ton for facilities placed in service after July 4, 2025.
• The EPA Monitoring, Reporting and Verification (MRV) plan submission was targeted for October 2025, with approval sought by Spring 2026 to capture these credits.

U.S. Energy Corp. is also planning for future fee-based revenue and has realized cash from past asset sales, which informs their current capital strategy. If onboarding takes 14+ days, churn risk rises, but here we are focused on the money coming in.

Processing and gathering fees from third-party tolling agreements are a stated goal to expand value capture, suggesting a future service revenue line, though no specific Q3 2025 figures are reported for this yet.

Proceeds from strategic divestitures relate to the ongoing strategy of monetizing non-core legacy assets to fund the pivot to industrial gases. The latest concrete proceeds mentioned relate to 2024 activity:

• All-cash proceeds of approximately $7.2 million were realized from a series of non-core asset divestitures completed in late 2024.
• A definitive agreement was struck in late 2024 to sell East Texas assets for $6.825 million in cash.

Finance: draft 13-week cash view by Friday.