DENVER, April 23, 2019 (GLOBE NEWSWIRE) — U.S. Energy Corp. (NASDAQCM: USEG) (“U.S. Energy” or the “Company”) today announced that the NASDAQ Stock Market LLC (“NASDAQ”) notified the Company on April 17, 2019 that it is not in compliance with NASDAQ Listing Rule 5250(c)(1) for continued listing due to the delay in filing its Annual Report on Form 10-K for the year ended December 31, 2018 (the “Annual Report”).
The notification from NASDAQ notes that U.S. Energy is required to submit a plan to regain compliance with NASDAQ’s filing requirements for continued listing within 60 calendar days from the date of notification, or by June 17, 2019. Upon acceptance of the Company’s compliance plan, NASDAQ is permitted to grant an extension of up to 180 calendar days from the Annual Report’s filing due date, or until October 14, 2019, for the Company to regain compliance with NASDAQ’s filing requirements for continued listing. The notice has no immediate effect on the listing of the Company’s Common Stock on the NASDAQ’s exchange.
The Annual Report was not filed with the Securities and Exchange Commission within the prescribed time period because of the ongoing litigation as described in the previously filed Form 12b-25 and the Company’s Forms 8-K, filed February 26, 2019, March 27, 2019 and April 17, 2019.
U.S. Energy is working to complete the Annual Report and intends to file it within the time frame required to regain compliance with NASDAQ’s listing standards.
About U.S. Energy Corp.
We are an independent energy company focused on the lease acquisition and development of oil and gas producing properties in the continental United States. Our business is currently focused in the Williston Basin of North Dakota and South Texas. We continue to focus on increasing production, reserves, and cash flow from operations while maintaining low levels of leverage. More information about U.S. Energy Corp. can be found at www.usnrg.com.