U.S. Energy Corp. receives US$1.1 from Standard Steam Trust
U.S. Energy Corp. announced that it has received a cash distribution of $1.1 million from Standard Steam Trust.
According to a release by the company, “U.S. Energy Corp. announced that it has received a cash distribution of $1.1 million from Standard Steam Trust (“SST”).
SST notified USE that the management committee approved a $5 million aggregate distribution on April 1, 2010. USE’s 22.8 % share of the distribution was $1.1 million. The distribution resulted from a sale by SST of one of their eight projects to an undisclosed third party for an undisclosed amount.
“Less than 18 months after becoming involved with SST, we have been able to begin generating a return on our geothermal investment,” stated Keith G. Larsen, CEO of U.S. Energy Corp. “SST retains a strong portfolio of assets and we expect them to create additional value in the future,” he added.”
Source: release via Marketwatch