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    Tom Kurtz

    Managing Director and Senior Research Analyst at Investment Research

    Tom Kurtz is a Managing Director and Senior Research Analyst at Investment Research, specializing in financial sector equities with a particular focus on large-cap regional banks and asset management companies. He covers firms such as JPMorgan Chase, Wells Fargo, Bank of America, and Goldman Sachs, and is recognized for his consistent outperformance, achieving a success rate close to 68% and an average annualized return exceeding 14% on his recommendations according to third-party analyst ranking platforms. Beginning his career in investment research in 2004, Kurtz previously held analyst positions at Piper Sandler and Baird before joining Investment Research in 2017. He holds active FINRA Series 7, 63, 86, and 87 licenses, and has been acknowledged in industry rankings for both his in-depth sector knowledge and the long-term value generated for institutional clients.

    Tom Kurtz's questions to US ENERGY (USEG) leadership

    Tom Kurtz's questions to US ENERGY (USEG) leadership • Q3 2024

    Question

    Tom Kurtz from Investment Research asked about the potential revenue or EBITDA contribution from the helium program over the next 12 months, the expected cost per well, the current state and outlook for helium pricing, and the latest PV10 value for the oil and gas assets.

    Answer

    CEO Ryan Smith provided a conservative annual EBITDA estimate of $5-6 million for the first nitrogen-based plant. He stated that while the first well cost was high at $1.8 million, future wells are expected to cost around $1-1.1 million. For pricing, he noted they model the low end of the $450-$600/Mcf range but aim for the higher end by contracting directly with end-users. He also clarified the current oil and gas PV10 value is approximately $51 million.

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