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NEW YORK CITY AND NORTH YORKSHIRE, ENGLAND, Jan. 29, 2007 - U.S. Energy Systems, Inc. (Nasdaq: USEY or "the Company") and its UK Energy Systems, Ltd. (UKES) subsidiary today said that on January 23, 2007, UKES spudded the first of three planned wells in the Ebberston Moor gas field, the largest of six fields in UKES's North Yorkshire gas development project. UKES stated that it expects to reach total depth within 25 days, and to report the test results from the well thereafter.
UKES also said that 3D seismic acquisition over the Ebberston Moor field should be complete by March 2007 with the processed results due four to six weeks thereafter.
On January 26, 2007 the Company announced that it had completed Phase One of its UK natural gas exploration and production growth strategy more than two months ahead of schedule, with power generation and gas production levels exceeding initial estimates. The results surpassed milestone requirements under UKES's August 2006 financing agreement by a wide margin and, as a result, afforded UKES access to all of its capital in support of Phase Two of its strategy. Phase Two of the Company's UK natural gas exploration and production growth strategy includes the full development of proved and probable gas fields, the construction of a pipeline to connect the project to the National Transmission System ("NTS") network, situated approximately three miles away, as well as 3D seismic covering UKES's North Yorkshire fields and prospects.
USEY is a "clean and green" energy company that owns and operates renewable energy, clean energy and power generation businesses in the U.S. and UK.
Additional information is available on the Company's website at: http://www.useyinc.com.
About U.S. Energy Systems, Inc.
U.S. Energy Systems, Inc. is an owner of green power and clean energy and resources. USEY owns and operates energy projects in the United States and United Kingdom that generate electricity, thermal energy and gas production.
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, the effect of the USEB's Chapter 11 filing, access to needed financing or refinancing on acceptable terms, our ability to continue as a going concern, revisions in the initial estimates in the fair market value of the acquired assets, failure to realize the estimated savings or operating results of the acquisition, and other risks associated with acquisitions generally, including risks relating to managing and integrating acquired businesses, changes in market conditions, the impact of competition, changes in local or regional economic conditions, and the amount and rate of growth in expenses, dependence on management and key personnel, changes in federal or state laws and their interpretation with respect to regulation, energy policy and other business issues, the inability to commence planned projects in a timely manner, our ability to continue our growth strategy, and the ability to complete acquisitions, as well as other risks detailed from time to time in U.S. Energy's Securities and Exchange Commission filings, including its Annual Report on Form 10-K for the year ended December 31, 2005 as well as the 10-Q for the period ended September 30, 2006. We do not undertake to update any of the information set forth in this press release.
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