/ Source: The Associated Press
Diversified natural resource company U.S. Energy Corp. on Monday posted a net profit of $1.5 million during the first quarter, reversing a year-ago loss as revenue rose.
Shares rose 35 cents, or 6.9 percent, to $5.45 in midday trading.
The company's profit came to 5 cents per share for the three months ended March 31, versus a loss of $3.5 million $3.5 million, or 11 cents per share, in the same quarter last year.
Revenue rose more than fivefold to $7.5 million.
The company said its first-quarter production totaled 88,326 barrels. Daily production averaged 1,290 barrels of oil equivalent.