{"url_path":"/sec/useg/10-k/2026/item-15","section_key":"item-15","section_title":"Item 15 **–**Exhibits and Financial Statement Schedules**","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":1584,"has_tables":true,"body_markdown":"**Item 15**–**Exhibits and Financial Statement Schedules**\n\n \n\n*(a)(1) and (a)(2) Financial Statements and Financial Statement Schedules:*\n\n \n\nThe following financial statements are included in Item 8 of this report under “Financial Statements and Supplementary Data”:\n\n \n\n \nPage\n\n[Report of Independent Registered Public Accounting Firm (Weaver and Tidwell, L.L.P., Houston, Texas, PCAOB ID 410)](#report)\n[67](#report)\n\n[Consolidated Balance Sheets as of December 31, 2025 and 2024](#bs)\n[70](#bs)\n\nFinancial Statements\n \n\n[Consolidated Statements of Operations for the Years Ended December 31, 2025 and 2024](#ops)\n[71](#ops)\n\n[Consolidated Statements of Changes in Shareholders' Equity for the Years Ended December 31, 2025 and 2024](#se)\n[72](#se)\n\n[Consolidated Statements of Cash Flows for the Years Ended December 31, 2025 and 2024](#cf)\n[73](#cf)\n\n[Notes to Consolidated Financial Statements](#notes)\n[74](#notes)\n\n \n\nAll schedules are omitted because the required information is not applicable or is not present in amounts sufficient to require submission of the schedule or because the information required is included in the Consolidated Financial Statement and Notes thereto.\n\n \n\n*(b) Exhibits*. The following exhibits are filed or furnished with or incorporated by reference into this report on Form 10-K:\n\n \n\n \n \n \n \n\n**Incorporated by Reference**\n\n \n \n\n**Exhibit**\n\n**No.**\n\n \n\n**Description**\n\n \n\n**Form**\n\n \n\n**File No.**\n\n \n\n**Exhibit**\n\n \n\n**Filing**\n\n**Date**\n\n \n\n**Filed**\n\n**Herewith**\n\n1.1\n \n[Underwriting Agreement, dated January 22, 2025, by and between U.S. Energy Corp. and Roth Capital Partners, LLC](http://www.sec.gov/Archives/edgar/data/101594/000143774925001631/ex_768481.htm)\n \n8-K\n \n000-06814\n \n1.1\n \n1/23/2025\n \n \n\n3.1\n\n \n\n[Certificate of Transfer, filed with the Secretary of State of Wyoming on August 3, 2022, and effective on August 3, 2022](http://www.sec.gov/Archives/edgar/data/101594/000149315222021362/ex3-4.htm)\n\n \n\n8-K\n\n \n\n000-06814\n\n \n\n3.4\n\n \n\n8/3/2022\n\n \n \n\n3.2\n\n \n\n[Certificate of Conversion, filed with the Secretary of State of Delaware and effective August 3, 2022](http://www.sec.gov/Archives/edgar/data/101594/000149315222021362/ex3-1.htm)\n\n \n\n8-K\n\n \n\n000-06814\n\n \n\n3.1\n\n \n\n8/4/2022\n\n \n \n\n3.3\n\n \n\n[Certificate of Incorporation of U.S. Energy Corp, Delaware, filed with the Secretary of State of Delaware and effective, August 3, 2022](http://www.sec.gov/Archives/edgar/data/101594/000149315222021362/ex3-2.htm)\n\n \n\n8-K\n\n \n\n000-06814\n\n \n\n3.2\n\n \n\n8/4/2022\n\n \n \n\n3.4\n\n \n\n[Amended and Restated Bylaws of U.S. Energy Corp, Delaware, effective August 3, 2022](http://www.sec.gov/Archives/edgar/data/101594/000149315222021362/ex3-3.htm)\n\n \n\n8-K\n\n \n\n000-06814\n\n \n\n3.3\n\n \n\n8/4/2022\n\n \n \n\n3.5\n\n \n\n[Wyoming Certificate of Transfer, effective August 3, 2022](http://www.sec.gov/Archives/edgar/data/101594/000149315222021362/ex3-4.htm)\n\n \n\n8-K\n\n \n\n000-06814\n\n \n\n3.4\n\n \n\n8/4/2022\n\n \n \n\n4.1\n\n \n\n[Description of Securities of the Registrant](http://www.sec.gov/Archives/edgar/data/101594/000149315223012144/ex4-1.htm)\n\n \n10-K\n \n000-06814\n \n4.1\n \n4/13/2023\n \n\n \n\n10.1†\n\n \n\n[U.S. Energy Corp. Amended and Restated 2012 Equity Performance and Incentive Plan](http://www.sec.gov/Archives/edgar/data/101594/000149315220010927/ex10-1.htm)\n\n \n\n8-K\n\n \n\n000-06814\n\n \n\n10.1\n\n \n\n6/10/2020\n\n \n \n\n10.2†\n\n \n\n[Form of Grant to the 2012 Equity and Performance Incentive Plan](http://www.sec.gov/Archives/edgar/data/101594/000010159413000008/exhibit10-5_1.htm)\n\n \n\n10-K\n\n \n\n000-06814\n\n \n\n10.5.1\n\n \n\n3/18/2013\n\n \n \n\n10.3†\n\n \n\n[Form of 2012 Equity and Performance Plan Option Agreement between U.S. Energy Corp. and its directors](http://www.sec.gov/Archives/edgar/data/101594/000149315218004053/ex10-8i.htm)\n\n \n\n10-K\n\n \n\n000-06814\n\n \n\n10.8(i)\n\n \n\n3/28/2018\n\n \n \n\n10.4†\n\n \n\n[Form of 2012 Equity and Performance Plan Incentive Option Agreement between U.S. Energy Corp. and its executive officers](http://www.sec.gov/Archives/edgar/data/101594/000149315218004053/ex10-8j.htm)\n\n \n\n10-K\n\n \n\n000-06814\n\n \n\n10.8(j)\n\n \n\n3/28/2018\n\n \n \n\n10.5†\n\n \n\n[U.S. Energy Corp. 2021 Equity Incentive Plan](http://www.sec.gov/Archives/edgar/data/101594/000149315221015546/ex10-1.htm)\n\n \n\n8-K\n\n \n\n000-06814\n\n \n\n10.1\n\n \n\n6/29/2021\n\n \n \n\n \n\n100\n\n[Table of Contents](#toc)\n\n \n\n10.6†\n\n \n\n[Form of Stock Option Agreement (2021 Equity Incentive Plan)](http://www.sec.gov/Archives/edgar/data/101594/000149315221031138/ex10-2.htm)\n\n \n\nS-8\n\n \n\n333-261600\n\n \n\n10.2\n\n \n\n12/10/2021\n\n \n \n\n10.7†\n\n \n\n[Form of Restricted Stock Grant Agreement (2021 Equity Incentive Plan)](http://www.sec.gov/Archives/edgar/data/101594/000149315221031138/ex10-3.htm)\n\n \n\nS-8\n\n \n\n333-261600\n\n \n\n10.3\n\n \n\n12/10/2021\n\n \n \n\n10.8\n\n \n\n[Registration Rights Agreement dated January 5, 2022, by and between U.S. Energy Corp., Banner Oil & Gas, LLC, Woodford Petroleum, LLC, Llano Energy LLC, Lubbock Energy Partners LLC and Synergy Offshore LLC](http://www.sec.gov/Archives/edgar/data/101594/000149315222000753/ex10-1.htm)\n\n \n\n8-K\n\n \n\n000-06814\n\n \n\n10.1\n\n \n\n1/10/2022\n\n \n \n\n10.9\n\n \n\n[Nominating and Voting Agreement dated January 5, 2022, by and between U.S. Energy Corp., Banner Oil & Gas, LLC, Woodford Petroleum, LLC, Llano Energy LLC, Lubbock Energy Partners LLC and Synergy Offshore LLC](http://www.sec.gov/Archives/edgar/data/101594/000149315222000753/ex10-2.htm)\n\n \n\n8-K\n\n \n\n000-06814\n\n \n\n10.2\n\n \n\n1/10/2022\n\n \n \n\n10.10\n\n \n\n[Credit Agreement dated as of January 5, 2022, among U.S. Energy Corp., as borrower, Firstbank Southwest, as Administrative Agent and the Lenders party thereto](http://www.sec.gov/Archives/edgar/data/101594/000149315222000753/ex10-6.htm)\n\n \n\n8-K\n\n \n\n000-06814\n\n \n\n10.6\n\n \n\n1/10/2022\n\n \n \n\n10.11\n\n \n\n[Note dated January 5, 2022 in connection with January 5, 2022, Credit Agreement](http://www.sec.gov/Archives/edgar/data/101594/000149315222000753/ex10-7.htm)\n\n \n\n8-K\n\n \n\n000-06814\n\n \n\n10.7\n\n \n\n1/10/2022\n\n \n \n\n10.12\n\n \n\n[Unconditional Guaranty dated January 5, 2022, by and between Firstbank Southwest and Energy One LLC, New Horizon Resources LLC and BOG – OSAGE, LLC](http://www.sec.gov/Archives/edgar/data/101594/000149315222000753/ex10-8.htm)\n\n \n\n8-K\n\n \n\n000-06814\n\n \n\n10.8\n\n \n\n1/10/2022\n\n \n \n\n10.13\n\n \n\n[Security Agreement dated January 5, 2022, by and between U.S. Energy Corp., Energy One LLC, New Horizon Resources LLC and BOG – OSAGE, LLC and Firstbank Southwest](http://www.sec.gov/Archives/edgar/data/101594/000149315222000753/ex10-9.htm)\n\n \n\n8-K\n\n \n\n000-06814\n\n \n\n10.9\n\n \n\n1/10/2022\n\n \n \n\n10.14\n\n \n\n[Intercreditor Agreement dated January 5, 2022, by and between Nextera Energy Marketing, LLC, each Swap Counterparty thereto, U.S. Energy Corp. and Firstbank Southwest](http://www.sec.gov/Archives/edgar/data/101594/000149315222000753/ex10-10.htm)\n\n \n\n8-K\n\n \n\n000-06814\n\n \n\n10.1\n\n \n\n1/10/2022\n\n \n \n\n10.15\n\n \n\n[ISDA 2002 Master Agreement between Nextera Energy Marketing, LLC and U.S. Energy Corp., and related Schedule and form of Guaranty.](http://www.sec.gov/Archives/edgar/data/101594/000149315222000753/ex10-11.htm)\n\n \n\n8-K\n\n \n\n000-06814\n\n \n\n10.11\n\n \n\n1/10/2022\n\n \n \n\n10.16†\n\n \n\n[Form of U.S. Energy Corp. Notice of Restricted Stock Grant and Restricted Stock Grant Agreement (2021 Equity Incentive Plan)(officer and employee awards – January 2022)](http://www.sec.gov/Archives/edgar/data/101594/000149315222001952/ex10-12.htm)\n\n \n\n8-K/A\n\n \n\n000-06814\n\n \n\n10.12\n\n \n\n1/21/2022\n\n \n \n\n10.17†\n\n \n\n[Form of U.S. Energy Corp. Notice of Restricted Stock Grant and Restricted Stock Grant Agreement (2021 Equity Incentive Plan)(non-executive director awards – January 2022)](http://www.sec.gov/Archives/edgar/data/101594/000149315222001952/ex10-13.htm)\n\n \n\n8-K/A\n\n \n\n000-06814\n\n \n\n10.13\n\n \n\n1/21/2022\n\n \n \n\n10.18\n\n \n\n[Borrowing Base Increase Letter Agreement dated July 26, 2022, between U.S. Energy Corp. and Firstbank Southwest, as Administrative Agent](http://www.sec.gov/Archives/edgar/data/101594/000149315222020474/ex10-3.htm)\n\n \n\n8-K\n\n \n\n000-06814\n\n \n\n10.3\n\n \n\n7/28/2022\n\n \n \n\n10.19†\n\n \n\n[Amended and Restated Nominating and Voting Agreement dated September 1, 2022, by and between U.S. Energy Corp., Banner Oil & Gas, LLC, Woodford Petroleum, LLC, Llano Energy LLC, Lubbock Energy Partners LLC, Synergy Offshore LLC, King Oil & Gas Company, Inc., WDM Family Partnership, LP, and Katla Energy Holdings LLC](http://www.sec.gov/Archives/edgar/data/101594/000149315222026081/ex10-1.htm)\n\n \n\n8-K\n\n \n\n000-06814\n\n \n\n10.1\n\n \n\n9/16/2022\n\n \n \n\n10.20†\n\n \n\n[Form of Officer and Director Indemnification Agreement](http://www.sec.gov/Archives/edgar/data/101594/000149315222024967/ex10-1.htm)\n\n \n\n8-K\n\n \n\n000-06814\n\n \n\n10.1\n\n \n\n9/2/2022\n\n \n \n\n10.21†\n\n \n\n[U.S. Energy Corp. 2022 Equity Incentive Plan](http://www.sec.gov/Archives/edgar/data/101594/000149315222017379/ex10-1.htm)\n\n \n\n8-K\n\n \n\n000-06814\n\n \n\n10.1\n\n \n\n6/21/2022\n\n \n \n\n \n\n101\n\n[Table of Contents](#toc)\n\n \n\n10.22†\n\n \n\n[Form of Stock Option Agreement (2022 Equity Incentive Plan)](http://www.sec.gov/Archives/edgar/data/101594/000149315222024990/ex4-2.htm)\n\n \n\nS-8\n\n \n\n333-267267\n\n \n\n4.2\n\n \n\n9/2/2022\n\n \n \n\n10.23†\n\n \n\n[Form of Restricted Stock Grant Agreement (2022 Equity Incentive Plan)](http://www.sec.gov/Archives/edgar/data/101594/000149315222024990/ex4-3.htm)\n\n \n\nS-8\n\n \n\n333-267267\n\n \n\n4.3\n\n \n\n9/2/2022\n\n \n \n\n10.24†\n\n \n\n[May 5, 2022 Employment Agreement between U.S. Energy Corp. and Ryan L. Smith](http://www.sec.gov/Archives/edgar/data/101594/000149315222012291/ex10-1.htm)\n\n \n\n8-K\n\n \n\n000-06814\n\n \n\n10.1\n\n \n\n5/5/2022\n\n \n \n\n10.25\n\n \n\n[Borrowing Base Increase Letter Agreement dated July 26, 2022, between U.S. Energy Corp. and Firstbank Southwest, as Administrative Agent](http://www.sec.gov/Archives/edgar/data/101594/000149315222020474/ex10-3.htm)\n\n \n\n8-K\n\n \n\n000-06814\n\n \n\n10.3\n\n \n\n7/28/2022\n\n \n \n\n10.26†\n \n[Offer Letter dated June 1, 2023, by and between U.S. Energy Corp. and Mark Zajac](http://www.sec.gov/Archives/edgar/data/101594/000149315223020112/ex10-2.htm)\n \n\n8-K\n\n \n000-06814\n \n10.2\n \n6/5/2023\n \n \n\n10.27†\n \n[Separation and Release Agreement, dated July 31, 2023, by and between U.S. Energy Corp. and Donald A. Kessel](http://www.sec.gov/Archives/edgar/data/101594/000149315223026325/ex10-1.htm)\n \n8-K\n \n000-06814\n \n10.1\n \n8/1/2023\n \n \n\n10.28†\n \n[U.S. Energy Corp. Form of Restricted Stock Grant Agreement – Ryan L. Smith (170,000 shares grant – March 19, 2024) (2022 Equity Incentive Plan)](http://www.sec.gov/Archives/edgar/data/101594/000143774924008775/ex_642810.htm)\n \n8-K\n \n000-06814\n \n10.1\n \n3/21/2024\n \n \n\n10.29\n \n[Purchase and Sale Agreement by and between New Horizon Resources LLC, as seller, and Warwick-Artemis, LLC, as buyer, dated July 9, 2024](http://www.sec.gov/Archives/edgar/data/101594/000143774924022675/ex_697505.htm)\n \n8-K\n \n000-06814\n \n10.1\n \n7/14/2024\n \n \n\n10.30†\n \n[August 14, 2024, First Amended and Restated Employment Agreement between U.S. Energy Corp and Ryan L. Smith](http://www.sec.gov/Archives/edgar/data/101594/000143774924026950/ex_715229.htm)\n \n8-K\n \n000-06814\n \n10.1\n \n8/15/2024\n \n \n\n10.31\n \n[Purchase and Sale Agreement dated December 12, 2024, by and between U.S. Energy Corp. and New Horizon Resources LLC, as seller, and 84 Resources Holdings, LLC, as buyer, December 12, 2024](http://www.sec.gov/Archives/edgar/data/101594/000143774924037399/ex_756204.htm)\n \n8-K\n \n000-06814\n \n10.1\n \n12/13/2024\n \n \n\n10.32\n \n[Purchase and Sale Agreement dated January 7, 2025, by and between U.S. Energy Corp., as purchase and Synergy Offshore LLC, as seller](http://www.sec.gov/Archives/edgar/data/101594/000143774925000795/ex_762873.htm)\n \n8-K\n \n000-06814\n \n10.1\n \n1/10/2025\n \n \n\n10.33\n \n[Share Repurchase Agreement dated January 27, 2025, by and between U.S. Energy Corp., and Banner Oil & Gas, LLC, Woodford Petroleum, LLC, and Sage Road Energy II, LP](http://www.sec.gov/Archives/edgar/data/101594/000143774925002073/ex_771881.htm)\n \n8-K\n \n000-06814\n \n10.1\n \n1/29/2025\n \n \n\n10.34\n \n[First Amendment to Credit Agreement and Limited Waiver dated September 16, 2025, among U.S. Energy Corp., as borrower, Firstbank Southwest, as Administrative Agent and the enders party thereto](http://www.sec.gov/Archives/edgar/data/101594/000143774925029515/ex_862565.htm)\n \n8-K\n \n000-06814\n \n10.3\n \n09/19/2025\n \n \n\n10.35\n \n[Common Stock Purchase Agreement, dated as of October 9, 2025, by and between U.S. Energy Corp. and Roth Principal Investments, LLC](http://www.sec.gov/Archives/edgar/data/101594/000143774925030792/ex_866588.htm)\n \n8-K\n \n000-06814\n \n10.1\n \n10/9/2025\n \n \n\n10.36\n \n[Registration Rights Agreement, dated as of October 9, 2025, by and between U.S. Energy Corp, and Roth Principal Investments, LLC](http://www.sec.gov/Archives/edgar/data/101594/000143774925030792/ex_866589.htm)\n \n8-K\n \n000-06814\n \n10.2\n \n10/9/2025\n \n \n\n14.1†\n\n \n\n[Code of Ethics and Conduct](http://www.sec.gov/Archives/edgar/data/101594/000149315219011992/ex14-1.htm)\n\n \n\n8-K\n\n \n\n000-06814\n\n \n\n14.1\n\n \n\n8/5/2019\n\n \n \n\n16.1\n \n[Letter from Plante & Moran, PLLC, dated June 15, 2023](http://www.sec.gov/Archives/edgar/data/101594/000149315223021683/ex16-1.htm)\n \n8-K\n \n000-06814\n \n16.1\n \n6/16/2023\n \n \n\n19.1†\n \n[U.S. Energy Policy on Insider Trading](ex_890029.htm)\n \n8-K\n \n000-06814\n \n19.1\n \n3/13/2025\n \n \n\n21.1*\n\n \n[Subsidiaries of the Registrant](ex_890030.htm)\n \n \n \n \n \n \n \n \n \n\nX\n\n23.1*\n\n \n[Consent of Independent Registered Public Accounting Firm (Weaver and Tidwell, L.L.P.)](ex_890031.htm)\n \n \n \n \n \n \n \n \n \n\nX\n\n23.2*\n\n \n[Consent of Reserve Engineer (On Point Resources, Inc.)](ex_890032.htm)\n \n \n \n \n \n \n \n \n \n\nX\n\n31.1*\n\n \n[Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes – Oxley Act of 2002](ex_890033.htm)\n \n \n \n \n \n \n \n \n \n\nX\n\n31.2*\n \n[Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes – Oxley Act of 2002](ex_890034.htm)\n \n \n \n \n \n \n \n \n \nX\n\n32.1**\n\n \n[Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ex_890035.htm)\n \n \n \n \n \n \n \n \n \n\nX\n\n32.2**\n \n[Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ex_890036.htm)\n \n \n \n \n \n \n \n \n \nX\n\n97.1\n \n[U.S. Energy Corp. Policy for the Recovery of Erroneously Awarded Incentive-Based Compensation](http://www.sec.gov/Archives/edgar/data/101594/000143774923031623/ex_590917.htm)\n \n10-Q\n \n000-06814\n \n10.2\n \n11/13/2022\n \n \n\n99.1\n\n \n[Reserve Report Summary (On Point Resources, Inc.)](ex_890037.htm)\n \n \n \n \n \n \n \n \n \n\nX\n\n99.2\n\n \n\n[Plan of Conversion of U.S. Energy Corp. (a Wyoming corporation) to U.S. Energy Corp. (a Delaware corporation), dated July 27, 2022 and effective August 3, 2022](http://www.sec.gov/Archives/edgar/data/101594/000149315222021362/ex99-1.htm)\n\n \n\n8-K\n\n \n\n000-06814\n\n \n\n99.1\n\n \n\n8/4/2022\n\n \n \n\n101.INS*\n\n \n\nInline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document\n\n \n \n \n \n \n \n \n \n \n\nX\n\n101.SCH*\n\n \n\nInline XBRL Schema Document\n\n \n \n \n \n \n \n \n \n \n\nX\n\n101.CAL*\n\n \n\nInline XBRL Calculation Linkbase Document\n\n \n \n \n \n \n \n \n \n \n\nX\n\n101.DEF*\n\n \n\nInline XBRL Definition Linkbase Document\n\n \n \n \n \n \n \n \n \n \n\nX\n\n101.LAB*\n\n \n\nInline XBRL Label Linkbase Document\n\n \n \n \n \n \n \n \n \n \n\nX\n\n101.PRE*\n\n \n\nInline XBRL Presentation Linkbase Document\n\n \n \n \n \n \n \n \n \n \n\nX\n\n104*\n\n \n\nInline XBRL for the cover page of this Annual Report on Form 10-K, included in the Exhibit 101 Inline XBRL Document Set\n\n \n \n \n \n \n \n \n \n \n\nX\n\n \n\n*\n\nFiled herewith.\n\n \n\n \n\n**\n\nFurnished herewith.\n\n \n\n \n\n†\n\nExhibit constitutes a management contract or compensatory plan or agreement.\n\n \n\n \n\n#\n\nCertain schedules, annexes, and similar attachments have been omitted pursuant to Item 601(a)(5) of Regulation S-K. A copy of any omitted schedule or exhibit will be furnished supplementally to the Securities and Exchange Commission upon request; provided, however, that U.S. Energy Corp. may request confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended, for any schedule or exhibit so furnished."}