U.S. Energy To Cut 15% Workforce As Part Of Cost Cutting Measures - Quick Facts

(RTTNews) - U.S. Energy Corp. (USEG) announced that in light of the ongoing oil price environment it has taken measures to reduce general and administrative costs by about 20 percent, including a 15 percent reduction in workforce.

The cost reductions also include a significant reduction in annual compensation for all remaining employees.

The company said all of its officers and directors have agreed to take a 20 percent 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 about $500,000 in general and administrative costs by the end of 2015.