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U.S. Energy Corp. announced that the Company's President and COO Mark J. Larsen has notified the Board of Directors that he will retire from his positions as President and Chief Operating Officer effective December 31, 2014.
Mr. Larsen has been employed by the Company since June 1984 and he was appointed as its President and COO in August 2005. Under his leadership, the Company has transitioned from predominantly pursuing mining interests to being a growing oil and gas producer. At the request of the Company's Board of Directors, Mr. Larsen will remain in an advisory role during 2015 to oversee the advancement of the Mount Emmons molybdenum project. Mr. Larsen will continue to be a member of the Board of Directors through his current term which expires in June 2016.
Keith Larsen, CEO of the Company, commented: "The Board of Directors and all members of management want to express their sincere appreciation and thanks to Mark for over 30 years of a job well done. His contribution as President and COO has helped the Company expand its oil and gas interests while advancing the Mount Emmons molybdenum project. We are all pleased that Mark has agreed (on a consulting basis) to continue to assist management in the marketing of Mount Emmons and advancing the Plan of Operation for the mine. The Company plans to initiate a search for a Chief Operating Officer in the near term."