Update from the lawsuit in US
The lawsuit filed by US Energy LLC, as previously reported, is scheduled for a temporary injunction hearing on December 11, 2015. At that hearing, the judge will decide whether the relief previously granted at the temporary restraining order hearing will be extended pending resolution of the other issues involved in the case.
In preparation for that temporary injunction hearing, the parties are planning to take depositions on December 9 or 10, 2015. The depositions will be of a representative of the company, as well as Mr. Trippon individually and as a representative of the defendants.
The parties are also scheduled for a voluntary mediation proceeding on December 7, 2015. This will be a settlement conference mediated by a third-party neutral mediator, John Coselli. It is possible that the parties may resolve their lawsuit at that settlement conference. If so, then the depositions and the temporary injunction hearing will not be necessary. If the parties do not resolve their dispute at this mediation proceeding, then the parties will proceed with the depositions and the hearing as described above.
In addition, the defendants in the case have moved to compel arbitration and have set that motion for hearing on December 14, 2015. They are taking the position that all of the disputes raised in the lawsuit should be arbitrated before an arbitrator instead of decided by the court system. The company has not yet filed a response to the motion.
For further information:
Chairman of the Board
Phone: +46(0)70 588 74 15
Phone: +1 713 859 9597 / +46(0)70 688 65 36
About US Energy Group AB
US Energy Group AB (publ), listed on AktieTorget under the ticker USE B, is a Swedish oil- and gas company that are investing in a numbers of drilling projects and producing wells. The company today got the most of its assets in Texas, USA. Investments will be made in politically stable areas where infrastructure is well-developed, provision for derived products available. The company’s headquarters are in Borlänge, Sweden.