U.S. Energy Development Corporation Adds Additional Corporate Governance with Transition to Majority of Independent Board of Directors
Progressive Vision from Board Provides Value Creation to the Firm and its Stakeholders
Arlington, Texas – November 8, 2020 – U.S. Energy Development Corporation (U.S. Energy), an exploration & production (E&P) firm which designs and manages direct investments in energy, announces the appointment of Josh Sherman as an independent, non-executive director to its board and the promotion of current director, Robert Woody, to lead independent director. Longtime independent director Christer Rundlof remains on U.S. Energy’s board. The addition of Sherman officially transitions the firm’s board to a majority of independent directors.
“As we continue to enhance our firm’s corporate governance, policies and procedures, the decision to move to a board with a majority of independent directors was made to keep the company accountable and ensure there were appropriate checks and balances in place,” said Jordan Jayson, chairman and CEO of U.S. Energy. “Robert, Christer and Josh’s guidance offers diverse, yet complementary, strengths to support the organization in its next phase of strategic growth.”
Woody will now serve as lead independent director for U.S. Energy, after serving three years as an independent board member. His background includes energy, private equity, insurance and legal experience. During his career, Woody served as counsel to the U.S. Senate Committee on Commerce and helped draft the Pearson-Bentson Bill, a natural gas deregulation bill, now the Natural Gas Policy Act of 1978. He also served as special counsel to the U.S. Delegation to the 33rd General Assembly to the United Nations.
“The opportunity to assist and work with a firm through change management in terms of operations, physical office location and leadership transitions, is why I agreed to join the board and serve as the lead independent director,” said Robert Woody. “I am looking forward to helping guide U.S. Energy’s continued growth as a leading firm in the energy industry.”
Sherman brings his extensive experience in technical accounting research, capital markets and SEC reporting to U.S. Energy. He is a partner at Opportune LLP, where he leads all financial statement and disclosure aspects of the IPO process for more than two dozen clients within the E&P, midstream, oilfield service and power sectors.
“Solidifying our corporate governance and adding a majority of independent directors was a big move for a firm our size,” said Matthew Iak, executive vice president and director of U.S. Energy. “We want to leverage the advice of independent experts and promote idea sharing.”
The board was constructed around the current and future needs of the firm and will focus on best management practices, vision and progressive growth.
About U.S. Energy Development Corporation
U.S. Energy Development Corporation is a privately held oil and gas operator established in 1980 which provides direct investments in energy for accredited investors and institutional partners. Over the past 40 years, U.S. Energy has invested in, operated and/or drilled more than 2,400 wells in 13 states and Canada. The firm has deployed more than $1.5 billion on behalf of its partners. Today, U.S. Energy is one of the largest sponsors of direct energy investments with offices located in Arlington, Texas and Amherst, New York. More information is available at http://www.usedc.com/.
This information contained in this document is for informational purposes only. It does not constitute an offer to sell or a solicitation of an offer to buy any security. Such offers can only be made by a Private Placement Memorandum to accredited investors. Oil and gas investments involve a high degree of risk and are not suitable for all investors. You should purchase these securities only if you can afford a complete loss of your investment. Please refer to the Risk Factors section of any specific Private Placement Memorandum. The equipment pictured in this brochure is not owned by, and will not be owned by U.S. Energy Development Corporation or its partnership(s), unless otherwise noted. The assets pictured within this brochure accurately represent the assets U.S. Energy or its partnerships may own. Please refer to the Areas of Operation section of any specific Private Placement Memorandum. Past performance is not an indication of future results. Securities sponsored by U.S. Energy Development Corporation are offered through Westmoreland Capital Corporation (CRD 11469), Member FINRA/SIPC – an affiliate of U.S. Energy Development Corporation.