Orlando, FL 1/4/12 (StreetBeat) -- U.S. Energy Corp. (Nasdaq:USEG) ("U.S. Energy" or the "Company"), today announced results from the initial test well in the San Joaquin Basin with Cirque Resources ("Cirque").San Joaquin Basin, California, Moose Prospect: The Tupman 16X-13 well, located in the Kern County, California, was drilled by Cirque and reached its total depth of 13,403 feet the last week of December 2011. The Stevens Sands objective target was encountered and had hydrocarbon shows, but did not have the porosity or permeability to be deemed productive. The Company has agreed with the operator's recommendation to plug and abandon the well, and those initiatives are taking place at this time. The operator is evaluating deeper objectives on the block but no further drilling is anticipated at this time.
Keith Larsen, CEO of U.S. Energy Corp. stated, "Although we are disappointed with the results of the test well in the San Joaquin basin, we remain committed to our core drilling programs and look forward to announcing the upcoming Eagle Ford and Bakken well completions with Crimson, Zavanna, and Brigham in the coming weeks."
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