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.
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Exact Name of Registrant as Specified in its Charter)
Wyoming 0-6814 83-0205516
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File No.) Identification No.)
877 North 8th West, Riverton, WY 82501
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (307) 856-9271
Not Applicable
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(Former Name, Former Address or Former Fiscal Year,
if Changed From Last Report)
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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
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Daniel P. Svilar, Assistant Secretary
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U.S. ENERGY CORP. & SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
ASSETS
<TABLE>
<S> <C>
October 31,
2000
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(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
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TOTAL CURRENT ASSETS 4,756,100
INVESTMENTS AND ADVANCES
Affiliates 18,000
Restricted investments 9,434,900
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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
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Total Property and Equipment 27,386,400
Less accumulated depreciation,
depletion and amortization (10,733,200)
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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
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Total Other Assets 1,194,200
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$32,056,400
</TABLE>
See notes to condensed consolidated financial statements.
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U.S. ENERGY CORP. & SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
LIABILITIES AND SHAREHOLDERS' EQUITY
<TABLE>
<S> <C>
October 31
2000
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(Unaudited)
CURRENT LIABILITIES:
Accounts payable and accrued expenses $ 1,677,800
Current portion of long-term debt 371,200
Line of credit 850,000
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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, $.01 par value; 20,000 shares authorized;
8,763,155 shares issued and outstanding 87,700
Additional paid-in capital 37,797,700
Accumulated deficit (25,205,500)
Treasury stock at cost, 944,725 shares (2,639,900)
Unallocated ESOP contribution (490,500)
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TOTAL SHAREHOLDERS' EQUITY 9,549,500
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$ 32,056,400
</TABLE>
See notes to condensed consolidated financial statements.
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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.
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