New Horizon Acquisition
10-K - Mar 28, 2022
On March 1, 2020, the Company acquired all the issued and outstanding equity interests of New Horizon. Its assets include acreage and operated producing properties in North Dakota (the “New Horizon...
SE‑ClusterEnvironmental Services
Tear SheetSource: SEC EDGAR
US Energy Corp.
USEGDelistedCIK 101594 · Environmental Services Adjacency
N/A
Market data as of N/A
Financials: LTM / latest available company filings
Sources: FMP, USEG filings, SEC EDGAR
$32
Market cap ($MM)
$24
Enterprise value ($MM)
$7
Revenue · LTM ($MM)
($11)
EBITDA · LTM ($MM)
NM
EBITDA margin
3.6x
EV / revenue
NM
EV / EBITDA
NM
Net debt / EBITDA
Coverage
Coverage view
The analytical read on the name and the balance-sheet capacity behind the program.
Key points
- 01USEG is a scaled public consolidator in Adjacency, a benchmark for how the sub-sector buys, pays, and trades.
- 02The relevant peer set is RBA, KEX, DCI, GRC, CHE, AQN.
Balance sheet & capacity
Indicative capacity read: public-market scale of $24.4MM enterprise value against $6.8MM revenue.
$10
Cash & equiv. ($MM)
$2
Total debt ($MM)
($9)
Net debt ($MM)
NM
Net debt / EBITDA
Valuation
Where it trades against its peer set
USEG versus the scaled public Environmental Services Adjacency comparables.
Indexed share-price performance
USEG versus available Environmental Services Adjacency peers and SPY.
-76%
USEG
N/A
Peer med.
+79%
SPY
Indexed to 100 from May 28, 2021 through May 26, 2026. Source: FMP month-end close history.
| Company | Ticker | Revenue ($MM) | EBITDA ($MM) | Margin | Market cap ($MM) | EV ($MM) | EV / rev | EV / EBITDA | Net debt / EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| US Energy Corp. | USEG | $7 | ($11) | NM | $32 | $24 | 3.6x | NM | NM |
Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.
M&A program
A sustained, programmatic tuck-in cadence
USEG's disclosed acquisition footprint and the deals behind it.
Disclosed acquisitions
68
Active years
15
Named deals
10
Avg / active year
4.5
Acq. cash outflow ($MM)
N/A
Banker read
- 01USEG reads as a programmatic acquirer: 68 disclosed acquisitions across 15 active years, or 4.5 per active year. The chart shows activity in 4 of the last 4 visible years.
- 02In the last three years, the file shows 8 acquisitions versus 2 in the prior three; recent activity is running above the prior three-year period.
- 03Spend is not clean enough for the visual yet, so the banker read should lean on cadence, named deals, and management language.
Annual acquisition count
count named deal
USEG cadence shown by annual acquisition count because verified spend is N/A.
Program diagnostics
Recent / prior
8 / 2
Last three years is up 300% vs prior three.
Peak count year
FY10
3 disclosed acquisitions in the peak visible year.
Spend check
N/A
Disclosed spend is not clean enough for the chart.
Named evidence
10 rows
15% selected source-cited transaction coverage.
Selected transactions
| Date | Target | Segment | Consideration ($MM) | Strategic rationale | Source |
|---|---|---|---|---|---|
| Mar 1, 2020 | New Horizon | Adjacency and edge-case industrials | $0 | On March 1, 2020, the Company acquired all the issued and outstanding equity interests of New Horizon. Its assets include acreage and operated producing properties in North Dako... | 10-K† |
| Mar 1, 2020 | New Horizon Resources | Adjacency and edge-case industrials | $0 | On March 1, 2020, the Company acquired all the issued and outstanding equity interests of New Horizon. Its assets include acreage and operated producing properties in North Dako... | 10-K† |
| Jan 5, 2022 | January 2022 Acquisition | Adjacency and edge-case industrials | $66 | On January 5, 2022 (the “Closing Date”), the Company closed the acquisitions (the “Acquisition”) contemplated by three separate Purchase and Sale Agreements (the “Purchase Agree... | 10-K† |
| Jun 1, 2005 | Rocky Mountain Gas, Inc. | Adjacency and edge-case industrials | $20 | On June 1, 2005, all of the outstanding stock of RMG was sold to Enterra US Acquisitions Inc. (“Acquisitions”), a privately-held Washington corporation organized by Enterra Ener... | 10-K† |
| Apr 11, 2005 | Rocky Mountain Gas, Inc. (RMG) | Adjacency and edge-case industrials | $20 | As of April 11, 2005, the company and its subsidiary Rocky Mountain Gas, Inc. (“RMG”) has entered into a binding agreement with Enterra Energy Trust (“Enterra”) for the acquisit... | 10-K† |
| Jul 27, 2022 | ETXENERGY, LLC | Adjacency and edge-case industrials | $12 | On July 27, 2022, the Company closed a purchase and sale agreement for the acquisition of properties from ETXENERGY, LLC (“ETXENERGY”). The properties are located in Henderson a... | 10-K† |
| Jul 27, 2022 | ETXEnergy Assets acquisition | Adjacency and edge-case industrials | $12 | The PSA closed on July 27, 2022, at which time we acquired the ETXEnergy Assets in consideration for the initial base purchase price of $11.875 million in cash. The effective da... | 10-K† |
| Dec 1, 2010 | Zavanna, LLC | Adjacency and edge-case industrials | $11 | In December 2010, we signed two agreements with Zavanna, a private oil and gas company based in Denver, Colorado, and other parties. The Company paid $11.0 million in cash to ac... | 10-K† |
Acquisitions disclosed/extracted from SEC filings; not necessarily full M&A history. Disclosed acquisition cash outflow is cumulative "payments for acquisitions, net of cash acquired" from the 10-K cash-flow statements (a cash outflow, not deal value). Built on 16 SEC-backed facts across 9 cited filings.
Evidence
Source archive
A collapsed investigation trail for the SEC filings behind the financials, annual M&A cadence, named transactions, and management language.
Annual 10-Ks
17
Named deal filings
9
Recent SEC filings
0
Evidence clips
6
Annual 10-K M&A evidenceAccepted annual filings used for disclosed acquisition count and spend.17 rows+-
| Fiscal year | Filing date | Form | Status | Count | Cash spend | Purchase consideration | Source |
|---|---|---|---|---|---|---|---|
| FY2025 | Mar 13, 2026 | Annual M&A 10-K | accepted | 1 | $2.1MM | $5.0MM | SEC filing |
| FY2024 | Mar 13, 2025 | Annual M&A 10-K | accepted | 1 | $2.0MM | $5.1MM | SEC filing |
| FY2023 | Mar 26, 2024 | Annual M&A 10-K | warning (1 warn) | N/A | $12.6MM | N/A | SEC filing |
| FY2023 | Apr 13, 2023 | Annual M&A 10-K | accepted | N/A | $12.6MM | $67.7MM | SEC filing |
| FY2021 | Mar 28, 2022 | Annual M&A 10-K | quarantined (1 issue) | N/A | $2.2MM | $5.8MM | SEC filing |
| FY2020 | Mar 26, 2021 | Annual M&A 10-K | warning (1 warn) | 3 | $0.7MM | $0.9MM | SEC filing |
| FY2019 | Sep 16, 2019 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2017 | Apr 17, 2017 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2016 | Apr 14, 2016 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2013 | Mar 12, 2014 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2012 | Mar 18, 2013 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2011 | Mar 14, 2012 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2010 | Mar 14, 2011 | Annual M&A 10-K | warning (1 warn) | N/A | $11.0MM | N/A | SEC filing |
| FY2009 | Mar 12, 2010 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2008 | Mar 13, 2009 | Annual M&A 10-K | warning (1 warn) | N/A | $3.5MM | N/A | SEC filing |
| FY2007 | Apr 2, 2007 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2006 | Apr 11, 2006 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
Named transaction source filingsFilings behind selected named-deal rows and transaction excerpts.9 rows+-
| Filing date | Form | Targets / topics | Support | Source |
|---|---|---|---|---|
| Mar 26, 2024 | 10-K | January 2022 Acquisition; ETXENERGY, LLC | Annual M&ANamed deals | SEC filing |
| Apr 13, 2023 | 10-K | ETXEnergy Assets acquisition | Annual M&ANamed deals | SEC filing |
| Mar 28, 2022 | 10-K | New Horizon | Annual M&ANamed deals | SEC filing |
| Mar 26, 2021 | 10-K | New Horizon Resources | Annual M&ANamed deals | SEC filing |
| Mar 12, 2014 | 10-K | Zavanna, LLC | Annual M&ANamed deals | SEC filing |
| Mar 14, 2012 | 10-K | Zavanna, LLC | Annual M&ANamed deals | SEC filing |
| Apr 11, 2006 | 10-K | Rocky Mountain Gas, Inc. | Annual M&ANamed deals | SEC filing |
| Mar 12, 2015 | 10-K | Zavanna, LLC | Named deals | SEC filing |
| Apr 15, 2005 | 10-K | Rocky Mountain Gas, Inc. (RMG) | Named deals | SEC filing |
Recent SEC filingsThe latest profile filings, kept separate so someone can investigate beyond M&A.0 rows+-
No filing source clears this category.
Evidence clipsShort excerpts used on the page; expand only when you want the language.6 rows+-
Medium
New Horizon Acquisition
10-K - Mar 26, 2021
On March 1, 2020, the Company acquired all the issued and outstanding equity interests of New Horizon. Its assets include acreage and operated producing properties in North Dakota (the “New Horizon...
January 2022 Acquisition
10-K - Mar 26, 2024
On January 5, 2022 (the “Closing Date”), the Company closed the acquisitions (the “Acquisition”) contemplated by three separate Purchase and Sale Agreements (the “Purchase Agreements” and the “Clos...
Sale of Rocky Mountain Gas, Inc. (RMG)
10-K - Apr 11, 2006
On June 1, 2005, all of the outstanding stock of RMG was sold to Enterra US Acquisitions Inc. (“Acquisitions”), a privately-held Washington corporation organized by Enterra Energy Trust (“Enterra”)...
Acquisition of Rocky Mountain Gas, Inc. by Enterra Energy Trust
10-K - Apr 15, 2005
As of April 11, 2005, the company and its subsidiary Rocky Mountain Gas, Inc. (“RMG”) has entered into a binding agreement with Enterra Energy Trust (“Enterra”) for the acquisition of RMG by Enterr...
East Texas Acquisition
10-K - Mar 26, 2024
On July 27, 2022, the Company closed a purchase and sale agreement for the acquisition of properties from ETXENERGY, LLC (“ETXENERGY”). The properties are located in Henderson and Anderson Counties...
Annual M&A counts and disclosed spend are extracted from SEC acquisition disclosures and cash-flow statements; named-deal rows carry direct filing links where the filing identifies the target or consideration.