Would have blogged about this earlier, but I got a late start today and was on the go. Shares of U.S. Energy Corp. (Nasdaq: USEG) were up 21.68% today, mainly on the announcement of positive results at the second of its Bakken wells:
U.S. Energy Corp. Announces Initial Production Rate of Approximately 1,776 BOE/D From the BCD Farms 16-21 #1H Bakken Well.
Also, the Wall Street Journal reported Monday that "market talk" suggested that Standard Steam Trust planned to raise a minimum of C$50 million in an IPO. Recall that USEG purchased 25% of the privately-held geothermal company for about $3.5 million at the end of last year. Recall also USEG CEO Keith Larsen's comments to us about Standard Steam back in August:
Keith Larsen predicted that USEG's investment in Standard Steam Trust would be a ten-bagger within two years. He noted the advantages of Geothermal versus other alternatives such as solar and wind (Geothermal's always on, so it doesn't need a back up power source), and mentioned that a Canadian geothermal company, Magma Energy recently raised over $100 million in an IPO.