The Law Office of Stephen E. Rounds

1544 York Street, Suite 110

Denver, Colorado USA 80206

Tel. 303.377.6997 Fax 303.377.0231

sercounsel@msn.com

Admin. Office T. 307.856.2467 F. 307.857.0319

sra@wyoming.com

April 22, 2005

Securities and Exchange Commission

Division of Corporation Finance

450 Fifth Street NW

Washington, D.C. 20549-0405

Re:  U.S. Energy Corp.

Registration Statement on Form S-3 - Initial Filing

Resale of Shares Issuable on Conversion

of Outstanding Debentures and Exercise of

Outstanding Warrants

Dear Commissioners:

We represent the issuer U.S. Energy Corp. in securities matters. On behalf of the issuer, we file a registration statement on Form S-3 to register the resale of shares of common stock issuable on conversion of outstanding debentures and exercise of outstanding warrants.

Please contact the undersigned if the staff has comments in the course of review.

Thank you.

Yours Sincerely,

/s/Stephen E. Rounds

SER/sra

Enc.

cc: U.S. Energy Corp.