U.S. Energy Corp. (NASDAQ:USEG) Q3 2024 Earnings Conference Call November 12, 2024 9:00 AM ET
Company Participants
Mason McGuire - Vice President, Finance
Ryan Smith - President & Chief Executive Officer
Mark Zajac - Chief Financial Officer
Conference Call Participants
Jesse Sobelson - D. Boral Capital
John Davenport - Johnson Rice
Tom Kerr - Zacks Investment Research
Operator
Good day, and welcome to the U.S. Energy Corporation Third Quarter 2024 Results Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to questions. [Operator Instructions] Please note, today's event is being recorded.
I would now like to turn the conference over to Mason McGuire, Vice President of Finance. Please go ahead.
Mason McGuire
Thank you, operator, and good morning, everyone. Welcome to U.S. Energy Corp.'s third quarter 2024 results conference call. Ryan Smith, our Chief Executive Officer, will provide an overview of our operating results and discuss the company's strategic outlook; and our Chief Financial Officer, Mark Zajac will give a more detailed review of our financial results.
After the market closed yesterday, U.S. Energy issued a press release summarizing operating and financial results for the quarter ended September 30, 2024. The press release, together with accompanying presentation materials are available in our Investor Relations section of our website at www.usnrg.com.
Today's discussion may contain forward-looking statements about the future business and financial expectations. Actual results may differ significantly from those projected in today's forward-looking statements due to the various risks and uncertainties, including the risks described in our periodic reports filed with the Securities and Exchange Commission. Except as required by law, we undertake no obligation to update our forward-looking statements.
Further, please note that non-GAAP financial measures may be disclosed during this call. A full reconciliation of GAAP to non-GAAP measurements are available in our latest quarterly earnings release and conference call presentation.
With that, I would like to turn the conference call over to Ryan Smith.
Ryan Smith
Good morning, everyone, and thank you for joining us today. I'm pleased to share with you our results from this quarter as well as provide an update on our strategic outlook.
Turning to our quarterly results. These reflect the dedication and resilience of our operational team, as well as the positive momentum from our recent business development efforts. Focusing on our recently acquired Montana project, we made significant progress this quarter with the completion of our first industrial gas well in late October. We're currently evaluating the results and finalizing plans to target what we believe are economically promising production zones, which have been independently tested to show non-hydrocarbon helium concentrations of up to 1.5%.