SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person* LARSEN MARK J (Last) (First) (Middle) 877 N. 81ST W (Street) RIVERTON WY 82501 (City) (State) (Zip)	2. Date of Event Requiring Statement (Month/Day/Year) 10/16/2003	3. Issuer Name and Ticker or Trading Symbol US ENERGY CORP [ useg ]
		4. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director 10% Owner Officer (give title below) X Other (specify below) President - Rocky Mountain Gas	5. If Amendment, Date of Original Filed (Month/Day/Year)
			6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
U.S. Energy Common Stock	15,103	D
U.S. Energy Common Stock	4,600	I	By Custodian For Child(1)
U.S. Energy Common Stock	25,674	I	By ESOP(2)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Employee Option	12/04/1998	09/05/2008	U.S. Energy Common Stock	27,782	$2.875	D
Employee Option	01/10/2001	01/09/2011	U.S. Energy Common Stock	41,248	$2.4	D
Employee Option	12/07/2001	12/06/2011	U.S. Energy Common Stock	100,000	$3.9	D
Employee Option	08/08/2002	12/07/2011	U.S. Energy Common Stock	44,444	$2.25	D
Employee Option	08/08/2002	12/07/2011	U.S. Energy Common Stock	52,556	$2.25	D

Explanation of Responses:

1. Indirectly held by the reporting person as Custodian over shares held for the children of his brother-in-law, Hal Herron, under the Wyoming Uniform Trasfers to Minors Act.

2. Consists of shares held in the U.S. Energy Corp. Employee Stock Ownership Plan (the "ESOP") in an account established for the benefit of the Reporting Person. The transaction date (12/31/02) reflects USEG's fiscal year end date, which date is used to determine the total number of shares contributed to the ESOP, however, the individual contriution amounts are not available until after audit of the Company's payroll.

	Mark J. Larsen	10/16/2003
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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