-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GfVOLG05eLp51kaYJ2ZYPDZa1mKRdaviup+uZ6B41I1wFjaskOUQyJrh7tvUjRTr V+jcCtyPIGcFd1hNlQ8sdQ== 0000101594-00-000032.txt : 20001205 0000101594-00-000032.hdr.sgml : 20001205 ACCESSION NUMBER: 0000101594-00-000032 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20001204 ITEM INFORMATION: FILED AS OF DATE: 20001204 FILER: COMPANY DATA: COMPANY CONFORMED NAME: US ENERGY CORP CENTRAL INDEX KEY: 0000101594 STANDARD INDUSTRIAL CLASSIFICATION: METAL MINING [1000] IRS NUMBER: 830205516 STATE OF INCORPORATION: WY FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-06814 FILM NUMBER: 782799 BUSINESS ADDRESS: STREET 1: 877 NORTH 8TH WEST STREET 2: GLEN L LARSEN BLDG CITY: RIVERTON STATE: WY ZIP: 82501 BUSINESS PHONE: 3078569271 MAIL ADDRESS: STREET 1: 877 NORTH 8TH WEST CITY: RIVERTON STATE: WY ZIP: 82501 FORMER COMPANY: FORMER CONFORMED NAME: WESTERN STATES MINING INC DATE OF NAME CHANGE: 19851229 8-K 1 0001.txt US ENERGY 8K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 and 15(d) of the Securities Exchange Act of 1934 Date of Report (date of earliest event reported): December 4, 2000 U.S. ENERGY CORP. - ------------------------------------------------------------------------------- Exact Name of Registrant as Specified in its Charter) Wyoming 0-6814 83-0205516 ------- ------ ---------- (State or other jurisdiction (Commission (I.R.S. Employer of incorporation) File No.) Identification No.) 877 North 8th West, Riverton, WY 82501 - ---------------------------------------------- ----------------------- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (307) 856-9271 Not Applicable - ------------------------------------------------------------------------------- (Former Name, Former Address or Former Fiscal Year, if Changed From Last Report) 1 Item 5. OTHER EVENTS (December 4, 2000) Registrant is filing its unaudited condensed consolidated balance sheet dated as of October 31, 2000 in response to a request by The Nasdaq Stock Market, Inc. to demonstrate Registrant's compliance with the listing maintenance (financial) requirements of the National Market System, and to show that Registrant has overcome a very brief period of noncompliance with those financial requirements. For complete historical financial information, please see Registrant's report on Form 10-Q for the three months ended August 31, 2000, and the Registrant's Form 10-K for the fiscal year ended May 31, 2000. Registrant's report on Form 10-Q for the six months ended on November 30, 2000 will be filed on or before January 14, 2001. SIGNATURES Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. U.S. ENERGY CORP. Dated: December 4, 2000 By: /s/ Daniel P. Svilar ------------------------------------ Daniel P. Svilar, Assistant Secretary 2 U.S. ENERGY CORP. & SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEET ASSETS October 31, 2000 ----------- (Unaudited) CURRENT ASSETS: Cash and cash equivalents $ 1,624,900 Accounts receivable Trade, net of allowance for doubtful accounts 1,881,200 Affiliates 83,100 Assets held for resale and other 1,034,700 Inventory 132,200 ------------- TOTAL CURRENT ASSETS 4,756,100 INVESTMENTS AND ADVANCES Affiliates 18,000 Restricted investments 9,434,900 ------------ Total Investments and Advances 9,452,900 PROPERTIES AND EQUIPMENT Land 1,409,600 Buildings and improvements 7,551,900 Machinery and equipment 10,051,500 Developed oil and gas properties, full cost method 1,773,600 Undeveloped coalbed methane gas properties 5,129,100 Other mineral properties and mine development costs 1,470,700 ------------ Total Property and Equipment 27,386,400 Less accumulated depreciation, depletion and amortization (10,733,200) ------------ Net Property and Equipment 16,653,200 OTHER ASSETS: Accounts and notes receivable: Real estate sales 51,800 Employees 309,200 Deposits and other 833,200 ------------- Total Other Assets 1,194,200 ------------- $32,056,400
See notes to condensed consolidated financial statements. 1 U.S. ENERGY CORP. & SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEET LIABILITIES AND SHAREHOLDERS' EQUITY October 31 2000 ----------- (Unaudited) CURRENT LIABILITIES: Accounts payable and accrued expenses $ 1,677,800 Current portion of long-term debt 371,200 Line of credit 850,000 ------------- TOTAL CURRENT LIABILITIES 2,899,000 LONG-TERM DEBT 1,058,200 RECLAMATION LIABILITY 8,906,800 OTHER ACCRUED LIABILITIES 2,902,100 DEFERRED TAX LIABILITY 1,144,800 MINORITY INTERESTS 1,171,400 COMMITMENTS AND CONTINGENCIES FORFEITABLE COMMON STOCK, $.01 par value; 396,608 shares issued and forfeitable until earned 2,584,600 PREFERRED STOCK, $.01 par value; 100,000 shares authorized 200 shares issued and outstanding 1,840,000 SHAREHOLDERS' EQUITY: Common stock, $.01 par value; 20,000 shares authorized; 8,763,155 shares issued and outstanding 87,700 Additional paid-in capital 37,797,700 Accumulated deficit (25,205,500) Treasury stock at cost, 944,725 shares (2,639,900) Unallocated ESOP contribution (490,500) ------------ TOTAL SHAREHOLDERS' EQUITY 9,549,500 ------------ $ 32,056,400
See notes to condensed consolidated financial statements. 2 U.S. ENERGY CORP. & SUBSIDIARIES Notes to Condensed Consolidated Financial Statements 1) The Condensed Consolidated Balance Sheet as of October 31, 2000, has been prepared by the Registrant without audit. In the opinion of the Registrant, the accompanying balance sheet contains all adjustments (consisting of only normal recurring accruals) necessary to present fairly the financial position of the Registrant as of October 31, 2000. 2) Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted. It is suggested that this balance sheet be read in conjunction with the Registrant's May 31, 2000 Form 10-K. 3) The condensed consolidated balance sheet of the Registrant includes 100% of the accounts of USECB Joint Venture ("USECB" or "USECC") which is owned 50% by the Registrant and 50% by the Registrant's subsidiary, Crested Corp. (Crested). The condensed consolidated balance sheet also reflects 100% of the accounts of its majority-owned and controlled subsidiaries: Energx Ltd. (90%), Crested (52%), Plateau Resources Limited (100%), Sutter Gold Mining Co. (63%), Yellow Stone Fuels Corp. ("YSFC") (35.9%), Four Nines Gold, Inc. (50.9%), Ruby Mining Company (91%), Northwest Gold, Inc. (96%) and Rocky Mountain Gas, Inc. (82%). All material intercompany balances have been eliminated. 4) Accrued reclamation obligations and standby costs of $11,891,600 are the reclamation liability at the SMP mining properties and the Shootaring Uranium Mill. The reclamation work may be performed over several years and is bonded with either cash or certain of the Registrant's real estate assets. 5) The Registrant is filing its unaudited condensed consolidated balance sheet dated as of October 31, 2000 in response to a request by The Nasdaq Stock Market, Inc. to demonstrate Registrant's compliance with the listing maintenance (financial) requirements of the National Market System, and to show that Registrant has overcome a very brief period of noncompliance with those financial requirements. See notes to condensed consolidated financial statements. 3
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