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US Energy Corp. Shuffles Management; Relocates HQ

Share Print Bookmark    |    Wednesday,September 23,2015

U.S. Energy Corp. 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:

1. Relocation of the Company’s corporate headquarters to Denver, Colorado.
2. Reduction of current staff from eleven to four employees.
3. Reduction of the current number of directors from seven to five.

Subsequent to the board meeting the following additional actions have taken place:

1. 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.
2. The Board accepted the resignation of Mr. Keith G. Larsen, Chief Executive Officer and Chairman of the Board, effective September 25, 2015.
3. 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.”