{"url_path":"/sec/useg/10-k/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-K","doc_date":"2026-03-13","source_url":"https://www.sec.gov/Archives/edgar/data/101594/0001437749-26-008057-index.html","accession_number":"0001437749-26-008057","cik":"0000101594","ticker":"USEG","issuer_name":"BIG SKY INDUSTRIAL INC.","edgar_url":"https://www.sec.gov/Archives/edgar/data/101594/0001437749-26-008057-index.html","primary_entity_key":"0000101594","primary_entity_name":"US ENERGY CORP"},"word_count":1520,"has_tables":true,"body_markdown":"useg20251231_10k.htm\n\n0000101594\nUS ENERGY CORP\nfalse\n--12-31\nFY\n2025\ntrue\ntrue\nThe Company’s Director of IT is primarily responsible for the day-to-day operation of the Company’s cybersecurity program and for identifying cybersecurity threats and incidents and managing the material risks associated with the cybersecurity threats. The Company’s Director of IT engages third-party vendors and cybersecurity consortiums periodically for cybersecurity-related guidance and certifications. In the event of a cybersecurity incident, the Company’s process calls for the Director of IT and Chief Financial Officer, to work to assess and respond to the incident and provide briefings to the Chief Executive Officer and the Audit Committee of the Board of Directors.\nThe Company’s Director of IT is primarily responsible for the day-to-day operation of the Company’s cybersecurity program and for identifying cybersecurity threats and incidents and managing the material risks associated with the cybersecurity threats. The Company’s Director of IT engages third-party vendors and cybersecurity consortiums periodically for cybersecurity-related guidance and certifications. In the event of a cybersecurity incident, the Company’s process calls for the Director of IT and Chief Financial Officer, to work to assess and respond to the incident and provide briefings to the Chief Executive Officer and the Audit Committee of the Board of Directors.\ntrue\ntrue\nThe Audit Committee is responsible for providing oversight over management's processes to identify and evaluate cybersecurity risks to which the Company is exposed and to implement processes and programs to manage cybersecurity risks and mitigate any incidents. The Audit Committee also reports material cybersecurity risks to the Board. We believe this risk management process provides visibility and oversight to allow the Board and executive leadership team to make timely, data-driven decisions ensuring that the Company, its employees, investors, and partners are adequately protected.\ntrue\nfalse\nfalse\nfalse\nfalse\nfalse\ntrue\ntrue\n\n0.01\n0.01\n245,000,000\n245,000,000\n34,405,143\n34,405,143\n27,903,197\n27,903,197\n899,099\n1\n1\n60\n20\n1,400,000\n2\n0\n0\n10\n10\n4\n3\n1\n0\n0\n245,000,000\n5,000,000\n0\n10\n0\n0\n0\n2021 2022 2023 2024 2025\n2020 2021 2022 2023 2024 2025\n380\n100\nIncludes amounts related to estimated asset retirement obligations of $300 thousand and $1.0 million for the years ended December 31, 2025 and 2024, respectively.\nDepletion expense was $2.3 million ($21.89 per barrels of oil equivalent (BOE) and $6.4 million ($19.64 per BOE) for the years ended December 31, 2025 and 2024, respectively.\nMcf equivalents (Mcfe) consist of natural gas reserves in mcf plus NGLs converted to mcf 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of Contents](#toc)\n\n \n\n**UNITED STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**Washington, D.C. 20549**\n\n \n\n**FORM 10-K**\n\n \n\n(Mark One)\n\n \n\n☒\n\n**ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE**** SECURITIES EXCHANGE ACT OF 1934**\n\n \n\n**For the Fiscal Year Ended December 31, 2025**\n\n \n\n☐\n\n**TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n \n\nFor the transition period from ________________ to _______________\n\n \n\nCommission File Number 000-06814\n\n \n\n \n\n**U.S. ENERGY CORP.**\n\n(Exact Name of Company as Specified in its Charter)\n\n \n\n**Delaware**\n \n**83-0205516**\n\n(State or other jurisdiction\n\nof incorporation or organization)\n \n(I.R.S. Employer\n\nIdentification No.)\n\n   \n\n**1616 S. Voss Rd., Suite 725, Houston, Texas**\n \n**77057**\n\n(Address of principal executive offices)\n \n(Zip Code)\n\n   \n\nRegistrant’s telephone number, including area code: **(346) 509-8734**\n\n \n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n \n\nTitle of each class\n \nTrading Symbol(s)\n \nName of exchange on which registered\n\n**Common Stock, $0.01 par value**\n \n**USEG**\n \n**Nasdaq Capital Market LLC**\n\n**(Nasdaq Capital Market)**\n\n \n\nSecurities registered pursuant to Section 12(g) of the Act: **None**\n\n \n\nIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒\n\n \n\nIndicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒\n\n \n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Company was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐\n\n \n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐\n\n \n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\n \n\nLarge accelerated filer ☐\n\nAccelerated filer ☐\n\nNon-accelerated filer ☒\n\nSmaller reporting company ☒\n\n \nEmerging growth company ☐\n\n \n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐\n\n \n\n \n\n[Table of Contents](#toc)\n\n \n\nIndicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐\n\n \n\nIf securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☒\n\n \n\nIndicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐\n\n \n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒\n\n \n\nThe aggregate market value of the voting and non-voting common equity held by non-affiliates of the Registrant, based upon the closing price of the shares of common stock on the Nasdaq Capital Market as of June 30, 2025, the last business day of the most recently completed second fiscal quarter, based on the closing sales price on such date of $1.40, was $19,139,919. For purposes of calculating the aggregate market value of shares held by non-affiliates, we have assumed that all outstanding shares are held by non-affiliates, except for shares held by each of our executive officers, directors and 5% or greater stockholders. In the case of 5% or greater stockholders, we have not deemed such stockholders to be affiliates unless there are facts and circumstances which would indicate that such stockholders exercise any control over our company, or unless they hold 10% or more of our outstanding common stock. These assumptions should not be deemed to constitute an admission that all executive officers, directors and 5% or greater stockholders are, in fact, affiliates of our company, or that there are not other persons who may be deemed to be affiliates of our company. Further information concerning shareholdings of our officers, directors and principal shareholders is included or incorporated by reference in Part III, Item 12 of this Annual Report on Form 10-K.\n\n \n\nThe Registrant had 44,269,192 shares of its $0.01 par value common stock outstanding as of March 6, 2026.\n\n \n\n**DOCUMENTS INCORPORATED BY REFERENCE**\n\n \n\nPortions of the registrant’s definitive proxy statement relating to its 2026 annual meeting of stockholders (the “2026 Proxy Statement”) are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. The 2026 Proxy Statement will be filed with the U.S. Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates.\n\n \n\n \n\n \n\n[Table of Contents](#toc)\n\n  \n\n \n\n \n\n**TABLE OF CONTENTS**\n\n \n\n \n\n**Page**\n\n[Cautionary Statement Regarding Forward-Looking Statements](#caution)\n\n[3](#caution)\n\n[Glossary of Oil, Natural and Industrial Gas Terms](#glossary)\n\n[4](#glossary)\n\n[**Part I**](#parti)"}