04:35 PM EST, 12/31/2024 (MT Newswires) -- U.S. Energy ( USEG ) said Tuesday it has closed the sale of assets in East Texas.

The company said the cash proceeds of about $6.8 million will be used to fund the development of its industrial gas project in Montana.

"U.S. Energy ( USEG ) is now poised with greater liquidity and a stronger balance sheet, enabling us to focus on our growth into a leading industrial gas company," said Chief Executive Officer Ryan Smith.