U.S. Energy Corp. Provides Corporate Update
September 23 2015 - 12:15PM
Appoints Mr. David Veltri, President and
Chief Operating Officer to the Additional Position of Chief
Executive Officer and Announces Move of Corporate Headquarters to
Denver, Colorado
U.S. Energy Corp. (NASDAQ:USEG) (the “Company”), today provided a
corporate update and announced several changes in the management
structure of the Company.
During a recent meeting, the Company’s Board of Directors has
approved the following initiatives to be implemented prior to the
end of the year:
- Relocation of the Company’s corporate headquarters to Denver,
Colorado.
- Reduction of current staff from eleven to four employees.
- Reduction of the current number of directors from seven to
five.
Subsequent to the board meeting the following additional actions
have taken place:
- The Board of Directors appointed Mr. David Veltri, President
& Chief Operating Officer to the additional position of Chief
Executive Officer. Mr. Veltri will implement and oversee the
Company’s transition to Denver.
- The Board accepted the resignation of Mr. Keith G. Larsen,
Chief Executive Officer and Chairman of the Board, effective
September 25, 2015.
- The Board accepted resignations from Mr. Steven Richmond, Chief
Financial Officer, and Mr. Bryon Mowry, Principal Accounting
Officer and Corporate Secretary, effective year end 2015 or earlier
contingent upon transition timelines. An effort to hire a suitable
replacement for Mr. Richmond as the Company’s Chief Financial
Officer is currently underway by the transition team and they are
looking to fill the position in the near term in order to begin the
transition process for the Company’s accounting function to the new
Denver, Colorado office.
Mr. David Veltri stated, “While difficult, we believe that in
light of the current commodity price, that these reductions in
staff and cost cutting measures are a necessary step in order to
continue to assure the viability of the Company during these
times. We intend for the move to enhance the Company’s
opportunity to grow the Company and enhance shareholder value
through attracting qualified technical personnel and to increase
our networking within our industry, with an emphasis on deal flow
and banking opportunities. We all want to extend our
gratitude to Keith and the Larsen family for their invaluable
contributions and leadership during the last 49 years in
business.”
Mr. Keith Larsen stated, “Riverton has been home for the Company
and its employees since its inception. I, along with Steve
and Bryon have chosen to remain in the community where we and our
families have deep roots. I would like to thank our community
for its support over the years, as we’ve had a good run. I am
optimistic for the opportunities that the move will bring and I
look forward to rooting for the team as they enter into a new era
of U.S. Energy Corp. I would like to thank Steve, Bryon and
the other departing employees for their years of loyal and
dedicated service to this Company and wish everyone the best of
luck in their new endeavors.”
About: U.S. Energy Corp.
U.S. Energy Corp. is a natural resource exploration and
development company with a primary focus on the exploration and
development of its oil and gas assets. The Company also owns
the Mount Emmons molybdenum deposit located in west central
Colorado. The Company is currently headquartered in Riverton,
Wyoming and trades on the NASDAQ Capital Market under the symbol
"USEG".
To view the Company's Financial Statements and Management's
Discussion and Analysis, please see the Company's 10-K for the
twelve months ended December 31, 2014 and its 10-Q for the three
months ended June 30, 2015, which are available at
www.sec.gov and www.usnrg.com.
The U.S. Energy Corp. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5043
Disclosure Regarding Forward-Looking
Statement
This news release includes statements which may constitute
"forward-looking" statements, usually containing the words “will,”
“anticipates,” "believe," "estimate," "project," "expect,"
"target," "goal," or similar expressions. Forward looking
statements in this release include, without limitation, statements
with respect to the Company's move to Denver and potential future
opportunities. Where we express an expectation or belief as to
future events or results, such expectation or belief is expressed
in good faith and believed to have a reasonable basis. However, our
forward-looking statements are based on current expectations and
assumptions that are subject to risks and uncertainties which may
cause actual results to differ materially from future results
expressed, projected or implied by those forward-looking
statements. The forward-looking statements are made pursuant
to the safe harbor provision of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements inherently
involve risks and uncertainties that could cause actual results to
differ materially from the forward-looking statements.
Factors that would cause or contribute to such differences include,
but are not limited to, dry holes and other unsuccessful
development activities, higher than expected expenses or decline
rates from production wells, future trends in commodity and/or
mineral prices, the availability of capital, competitive factors,
other factors affecting the trading price of the Company’s common
stock and other risks described in the Company's filings with the
SEC (including, without limitation, the Form 10-K for the year
ended December 31, 2014 and the 10-Q for the three months ended
June 30, 2015), all of which are incorporated herein by
reference. By making these forward-looking statements, the
Company undertakes no obligation to update these statements for
revision or changes after the date of this release.
For further information, please contact:
Reggie Larsen
Director of Investor Relations
U.S. Energy Corp.
1-800-776-9271
Reggie@usnrg.com
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