US Energy (USEG) Investor presentation summary

Strategic platform and asset overview

• Fully integrated helium and CO₂ hub in the Northwest U.S. with 1.3 BCF helium and 444 BCF CO₂ resources, all 100% owned and operated.

• Vertically integrated operations span extraction, processing, transportation, and carbon management, eliminating third-party dependencies.

• 50+ year reserve life with low decline rates and over 170 permitted Class II injection wells.

• Big Sky Carbon Hub is one of the largest industrial gas structures in the U.S., positioned for rapid expansion and regional impact.

• Strategic infrastructure provides direct access to premium markets via rail and highway networks.

Revenue streams and economics

• Three independent revenue streams: helium, carbon management (CCUS), and oil, each supported by contracts or federal policy.

• $92MM in 45Q federal tax credits expected over 12 years for Phase 1, with $85/ton credit bankable and independent of commodity prices.

• Projected $15MM run-rate Phase 1 EBITDA, with significant compounding as Phase 2 comes online.

• Helium offtake agreement expected to close in Q1 2026, providing revenue visibility from day one.

• Oil operations offer ~70 MMbbl of incremental recovery potential with a steady 8% decline rate, much lower than shale.

Competitive advantages and market positioning

• First-mover in a $3 trillion emerging CCUS market, with two MRVs filed and approvals expected by summer 2026.

• Only U.S. CCUS project in the top 20 not reliant on fossil fuels, ethanol, or DAC; CO₂ feedstock is a byproduct of helium extraction.

• Shared infrastructure across gas streams drives margin expansion and self-funded growth.

• Modular plant design and scalable platform enable capital-efficient expansion.

• Trading at a significant discount to intrinsic value, with 2.5x EV/2027E EBITDA versus 7-10x for peers.