Actionable news
0
All posts from Actionable news
Actionable news in CVE: CENOVUS ENERGY Inc,

Cenovus Energy: U.S. Energy Corp. Provides Corporate Update

The following excerpt is from the company's SEC filing.

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

Accepts resignation from Keith G. Larsen, Chief Executive Officer and Chairman of the Board

Accepts resignations from Steve Richmond, Chief Financial Officer and Bryon Mowry, Principal Accounting Officer and Corporate Secretary

– U.S. Energy Corp. (NASDAQ Capital Market: "USEG") (the "Company"), today provided a corporate update and announced several changes in the ma nagement 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

Press Release

Page 2 of 3

in order to begin the transition process for the Company's...


More