XML 36 R27.htm IDEA: XBRL DOCUMENT
v3.22.1

COMMODITY DERIVATIVES (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2022
Commodity Derivatives |
SCHEDULE OF COMMODITY DERIVATIVE CONTRACTS | SCHEDULE OF COMMODITY DERIVATIVE CONTRACTS
|  | Collars |  |  | Fixed Price Swaps |
|  | Quantity |  |  |  |  |  |  |  |  | Quantity |  |  |  |
Commodity/ Index/ |  | Crude oil-(Bbls) Natural |  |  | Weighted Average Prices |  |  | Crude oil- (Bbls) Natural |  |  | Weighted Average |
Maturity Period |  | Gas-(Mmbtu) |  |  | Floors |  |  | Ceilings |  |  | Gas-(Mmbtu) |  |  | Price |
NYMEX WTI |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Crude Oil 2022 Contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Second quarter 2022 |  |  | 74,500 |  |  | $ | 60.05 |  |  | $ | 80.66 |  |  |  | 9,000 |  |  | $ | 49.99 |
Third quarter 2022 |  |  | 73,400 |  |  | $ | 59.97 |  |  | $ | 80.54 |  |  |  | 9,000 |  |  | $ | 49.99 |
Fourth quarter 2022 |  |  | 71,800 |  |  | $ | 59.86 |  |  | $ | 80.34 |  |  |  | 9,000 |  |  | $ | 49.99 |
Total Remaining 2022 |  |  | 219,700 |  |  | $ | 59.96 |  |  | $ | 80.52 |  |  |  | 27,000 |  |  | $ | 49.99 |
Crude Oil 2023 Contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
First quarter 2023 |  |  | 66,200 |  |  | $ | 57.73 |  |  | $ | 76.00 |  |  |  | 6,000 |  |  | $ | 59.20 |
Second quarter 2023 |  |  | 53,500 |  |  | $ | 60.00 |  |  | $ | 81.04 |  |  |  | 6,000 |  |  | $ | 59.20 |
Third quarter 2023 |  |  | 52,600 |  |  | $ | 60.00 |  |  | $ | 81.04 |  |  |  | - |  |  | $ | - |
Fourth quarter 2023 |  |  | 51,200 |  |  | $ | 60.00 |  |  | $ | 81.04 |  |  |  | - |  |  | $ | - |
Total 2023 |  |  | 223,500 |  |  | $ | 59.33 |  |  | $ | 79.55 |  |  |  | 12,000 |  |  | $ | 59.20 |
NYMEX Henry Hub |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Natural Gas 2022 Contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Second quarter 2022 |  |  | - |  |  | $ | - |  |  | $ | - |  |  |  | 60,000 |  |  | $ | 2.96 |
Third quarter 2022 |  |  | - |  |  | $ | - |  |  | $ | - |  |  |  | 60,000 |  |  | $ | 2.96 |
Fourth quarter 2022 |  |  | - |  |  | $ | - |  |  | $ | - |  |  |  | 60,000 |  |  | $ | 2.96 |
Total remaining 2022 |  |  | - |  |  | $ | - |  |  | $ | - |  |  |  | 180,000 |  |  | $ | 2.96 |
Natural Gas 2023 Contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
First quarter 2023 |  |  | - |  |  | $ | - |  |  | $ | - |  |  |  | 60,000 |  |  | $ | 2.96 |
SCHEDULE OF FAIR VALUE OF COMMODITY DERIVATIVE CONTRACTS | SCHEDULE OF FAIR VALUE OF COMMODITY DERIVATIVE CONTRACTS
|  | March 31, 2022 |  |  | December 31, 2021 |
|  | (in thousands) |
Derivative liabilities: |  |  |  |  |  |  |  |
Current liabilities |  | $ | 6,478 |  |  | $ | - |
Non-current liabilities |  |  | 1,867 |  |  |  | - |
Total derivative liabilities |  | $ | 8,344 |  |  | $ | - |
SCHEDULE OF DERIVATIVE SETTLEMENT GAIN LOSS | The following table summarizes the commodity components of the derivative settlement gain (loss) as well as the components of the net derivative loss line-item presentation in the accompanying condensed consolidated statement of operations: SCHEDULE OF DERIVATIVE SETTLEMENT GAIN LOSS
|  | 2022 |  |  | 2021 |
|  | Three Months Ended March 31, |
|  | 2022 |  |  | 2021 |
|  | (in thousands) |
Derivative settlement gain (loss) |  |  |  |  |  | $ |  |
Oil contracts |  | $ | (1,547 | ) |  |  | (2 | )
Gas contracts |  |  | (97 | ) |  |  | - |
Total net derivative settlement gain (loss) |  | $ | (1,644 | ) |  | $ | (2 | )
Total net derivative gain (loss) |  |  |  |  |  | $ |  |
Oil contracts |  | $ | (6,296 | ) |  |  | 107 |
Gas contracts |  |  | (541 | ) |  |  | - |
Total net derivative gain (loss) |  | $ | (6,837 | ) |  | $ | 107 |

X
- References No definition available. + Details
Name: | USEG_DisclosureCommodityDerivativesAbstract
Namespace Prefix: | USEG_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative liabilities at fair value. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDerivativeLiabilitiesAtFairValueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration