U.S. ENERGY CORP. AND CRESTED CORP. APPOINT NEW DIRECTORS AND GENERAL COUNSEL AND SECRETARY
Riverton, Wyoming (January 30, 2007) - U.S. Energy Corp. (NASDAQ Capital Market: “USEG”) and Crested Corp. (OTCBB: “CBAG”) d/b/a USECC announced that on January 23, 2007, the boards of directors of U.S. Energy Corp. (“USE”) and Crested Corp. (“Crested”) elected one new director each and appointed a new General Counsel and Secretary. (i) Allen S. Winters was appointed to the Board of Directors of USE to fill the vacancy as the result of the retirement of Don C. Anderson; (ii) Robert Scott Lorimer was appointed to the Board of Directors of Crested to fill the vacancy as a result of the retirement of Daniel P. Svilar and (iii) Steven R. Youngbauer was appointed by the Board of Directors of USE and Crested as Secretary and General Counsel to fill the vacancy as a result of the retirement of Daniel P. Svilar. All three appointments were upon the unanimous recommendation of the Company’s Nominating Committee, which consists entirely of independent members of the Board of Directors.
Mr. Winters has over 40 years of experience in mining industry including Vice President and General Manager with Homestake Mining Company. Mr. Winters has a B.S. in Mining Engineering and a M.S. in Geological Engineering.
Robert Scott Lorimer is currently the Chief Financial Officer, Vice President of Finance and Treasurer for both USE and Crested and has held these positions for more than the past fifteen years. Mr. Lorimer received a B.S. in Finance, Accounting, Economics and German from Brigham Young University. Prior to joining USE and Crested, Scott served as Controller of all uranium production for Federal American Partners, a joint venture between Tennessee Valley Authority, Federal Resources and American Nuclear.
Steven R. Youngbauer has over 24 years experience in the legal profession and 30 years in the mining industry. Prior to joining USE in February 2004, Mr. Youngbauer was the President and CEO of Hi-Pro Production, LLC and was also previously employed for 25 years for Amax Coal Company as Vice President, General Counsel and Assistant Secretary. Mr. Youngbauer received a Juris Doctorate Degree from the University of Wyoming Law School and also served as a Wyoming State Senator, Chairman of the Wyoming Environmental Quality Council and on the Board of Directors of the Wyoming Mining Association.
Keith G. Larsen, CEO of USE and Co-Chairman of Crested stated: "These are exciting times for USE and Crested. Management's strategic plan for aggressively growing our business is working and we couldn't have achieved this success without the advice and support of our seasoned board members.
Don Anderson's sage advice to the Companies over the past 17 years has been invaluable. His keen insight and experience in the uranium industry helped chart the course of the Companies involvement in the uranium business. Fortunately, his expertise will be available over the next year in an advisory capacity and his friendship will last well into the future.
We are extremely fortunate to have Al Winters replace the vacancy created with Don's retirement. Al's hands on experience running all operations of Homestake Mining in North America will prove invaluable as the Companies and Kobex move forward with the development of the Lucky Jack molybdenum project. Al is also certain to be a great resource in evaluating future mineral acquisitions.
The retirement of Mike Svilar as general counsel and secretary of the Companies after over 30 years of exemplary service to USE and its subsidiaries is the culmination of what can only be described as a brilliant legal and business career. He will be sorely missed. Mike has been a mentor and a lifelong friend to me personally and to all members of the USE/Crested team.
Steve Youngbauer will be replacing Mike as general counsel and secretary of USE and Crested. Management has had the opportunity to work with Mr. Youngbauer for the past few years as Assistant General Counsel for the Companies. Steve has clearly demonstrated his legal and business ability and we welcome him as the new General Counsel and Secretary for the Companies. Steve’s experience working as a state senator and his tenure with AMAX Coal gives the Companies a big boost in developing our growing mineral business.
Adding the Companies CFO, Scott Lorimer, to the Crested Board brings a wealth of accounting and finance expertise to Crested. His in-depth understanding of financing of complex projects, SEC accounting rules, contemporary GAAP requirements as well as SOX compliance and requirements will be a valuable addition to the Crested Board.
As we move forward with new representation, I am confident that the boards of USE and Crested are made up of the right disciplines to lead the Companies towards future growth and sound business decisions.”
