U.S. Energy Corp. (USEG)

[Picassa]

Joel Musante, CK Cooper (5/2/11) "At an implied acreage valuation of ~$5,700/acre, USEG has significant upside potential; the company's core Bakken/3F leasehold was/is earned through JV partnership agreements with BEXP and privately held Zavanna, LLC. The majority of USEG's leases are located in McKenzie County, ND, in close proximity to some of the best well results on the west side of the Bakken play. . .we think that USEG's acreage is of very high quality and there is a low risk of lease expiration."