U.S. Energy Corp.
USEG, (the "Company," "we" or "us") today announced that in light
of the ongoing oil price environment the Company has taken measures to
reduce general and administrative costs by approximately 20%. The cost
reductions include a 15% reduction in workforce and a significant reduction
in annual compensation for all remaining employees. All officers and
directors of the Company have agreed to take a 20% cut in salaries and fees,
respectively. The total compensation savings is in excess of $600,000 on an
annualized basis. The Company also anticipates a further reduction of
approximately $500,000 in G&A costs by the end of 2015.
CEO Statement:
"We believe that cutting our general and administrative costs is a prudent
business decision in light of the current price of oil. We will also
continue to evaluate other cost saving measures going forward which should
have meaningful impact to our bottom line," stated Keith Larsen, CEO of the
Company. "These measures are part of our forward looking plan that will
allow us to continue to participate in our ongoing drilling programs, while
we continue to evaluate several potentially accretive transactions in this
price environment," he added.
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