US Energy (USEG) Emerging Growth Virtual Conference summary

Business highlights and strategic positioning

• Presented a new investor overview, emphasizing recent achievements and a pivotal growth phase through 2026.

• Owns a vast, long-life asset base in Montana, including helium, CO2, and oil, with minimal third-party dependencies.

• Ryder Scott certified 1.3 billion cubic feet of helium and 440 billion cubic feet of CO2, supporting a multi-decade production outlook.

• Phase one development targets $92 million in 45Q tax credits over 12 years, with first revenues expected in Q1 2027.

• Construction, permitting, and offtake agreements are sequenced with key milestones over the next 9–12 months.

Financial outlook and revenue streams

• Projected to generate $15 million EBITDA in 2027, scaling to low $20 million as infrastructure expands.

• Trades at 2.5x enterprise value to 2027 EBITDA, significantly below industry M&A multiples of 7–12x.

• Three revenue pillars: helium, CO2 management, and oil, all leveraging shared infrastructure for margin expansion.

• $100 million legacy reserve value before development, with $22 million invested to date.

• Close to $100 million in 45Q federal credits expected over 12 years.

Operational advantages and market positioning

• Holds 170+ Class II injection well permits and will be the only Montana entity with key EPA MRV approvals by summer 2026.

• Westernmost large-scale helium and CO2 hub in the U.S., with decades of proven geology and low decline rates.

• First mover in a multi-trillion dollar emerging CCUS market, with significant upside from CO2-enhanced oil recovery.

• Fully integrated value chain from wellhead to CCUS, retaining all margin in-house.

• Major rail and highway access supports future CO2 sales and market expansion.