US ENERGY CORP

MANAGEMENT COMMENTS

“U.S. Energy delivered another quarter of meaningful operational progress in Q3 2025 as we advanced our Montana industrial gas project,” said Ryan Smith, CEO. “With disciplined execution across upstream development, infrastructure build-out, and carbon management, the Kevin Dome’s scale and strategic location continue to position us as a first mover in a rapidly expanding segment of the energy market. Design of our initial processing facility is now complete, with construction commencing in the coming months—unlocking new revenue streams from both industrial gas production and carbon initiatives. The capture of recycled CO₂ will support carbon management and enhanced oil recovery across legacy assets, creating an integrated platform that maximizes value realization. Our consistent performance, capital discipline, and long-term strategy continue to drive scalable growth and build sustainable shareholder value.”