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White Plains, NY, October 11, 2005 U.S. Energy Systems, Inc. (Nasdaq:USEY), announced that it had entered into an agreement with VTEX Energy Inc. and Marathon Capital, LLC , pursuant to which the parties agreed to jointly acquire certain energy assets in the United Kingdom. The assets include gas field licenses (with provable and recoverable gas reserves estimated to exceed 60 billion cubic feet), gas gathering and processing systems and a related gas turbine power plant with a capacity ranging from 40-45 megawatts. The purchase price for these assets is estimated to be approximately $60 million, of which approximately $5 million will be funded by US Energy and additional funding will be provided through project financing secured by the acquired assets. No assurance can be given that the contemplated transaction will be completed or that if completed, will be profitable to US Energy.
About U.S. Energy Systems, Inc.
U.S. Energy Systems, Inc is an owner of generating facilities and a provider of energy outsourcing services for large retail customers, including industrial, commercial and institutional end users. USEY owns and operates energy projects in the United States that generate electricity and thermal energy and use renewable fuels.
For further information contact:
Investor Relations Department
U.S. Energy Systems, Inc.
750 Lexington Avenue
15th Floor
New York, NY 10022
212-588-8901
info@useyinc.com
Certain matters discussed in this press release are forward-looking statements, and certain important factors may affect the Company's actual results and could cause actual results to differ materially from any forward-looking statements made in this release, or which are otherwise made by or on behalf of the Company. Such factors include, but are not limited to, changes in market conditions, the inability to commence planned projects in a timely manner, the impact of competition, the ability to complete acquisitions, risks associated with acquisitions, as well as other risks detailed from time to time in US Energy's Securities and Exchange Commission filings, including its Annual Report on Form 10-K for the year ended December 31, 2004, as amended. We do not undertake to update any of the information set forth in this press release.
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