U.S. Energy (USEG) Announces Spudding of Second Well With PetroQuest (PQ)
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U.S. Energy Corp. (Nasdaq: USEG) today announced that PetroQuest Energy L.L.C. (NYSE: PQ) has spudded the Highlands Prospect in Louisiana.
U.S. Energy Corp. is participating in this well as a 20% working interest partner with PetroQuest. This initial well will be drilled to a depth of about 13,700 feet, and PetroQuest believes it is targeting a resource of 12 BCFE. This well is the second of the previously announced three well drilling program. Drilling is expected to be completed in Q408.
U.S. Energy Corp. engages in the acquisition, exploration, holding, sale, and/or development of mineral properties. Its principal mineral interests are in molybdenum, oil, gas, and gold.
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