U.S. Energy Corp. (Nasdaq: USEG) released its 10-Q today for the quarter ending in September. A few notes on this:
- Net cash and Treasuries totaled $58.2 million1, so given the company's current market cap of $53 million, its shares are still trading for less than its net cash and Treasuries.
- Rental revenues from the company's Gillette, WY real estate development increased $497,100 from $288,600 in the previous quarter.
- No revenues appear from the oil and gas projects yet, as the well with PetroQuest hadn't gone into production by the end of the quarter.
1The company had a total of $74.6 million in cash and Treasuries including $4.9 million in restricted Treasuries pledged as collateral on a construction loan for the Gillette project of about $16.4 million.