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USEG > SEC Filings for USEG > Form 8-K on 16-Sep-2013All Recent SEC Filings

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Completion of Acquisition or Disposition of Assets, Financial Statements and Exhib

Section 2.01: Completion of Acquisition or Disposition of Assets

Item 2.01. Completion of Acquisition or Disposition of Assets

On September 11, 2013, U.S. Energy Corp. (the "Company") through its wholly owned subsidiary Remington Village LLC, completed the sale of the Remington Village Apartment Complex in Gillette Wyoming ("Remington Village") to an affiliate of the Miller Frishman Group, LLC for $15.0 million. The $9.5 million balance on the commercial note due on Remington Village was paid in full at closing. After deduction of payment of the note, commission and other closing costs, the net proceeds to the Company were approximately $5.0 million, which will be used to further the development of the Company's oil and gas business, reduction of debt or for general corporate purposes.

A copy of the press release issued by the Company on September 16, 2013 relating to the completion of the sale of Remington Village is filed herewith as Exhibit 99.1.

Item 9.01. Financial Statements and Exhibits.

(b) Unaudited Pro Forma Financial Information

The assets and liabilities of Remington Village were reported as assets and liabilities held for sale, and the results of operations of Remington Village were reported as discontinued operations, in the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2012 and in the unaudited condensed consolidated financial statements and notes thereto included in the Company's Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2013 and June 30, 2013. Accordingly, the Company has not included pro forma financial statements in this Item 9.01.

Exhibit 99.1. Press Release dated September 16, 2013.

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