X0303 4 2009-01-12 0000101594 US ENERGY CORP USEG 0001065876 LORIMER R SCOTT 877 N 8TH ST W RIVERTON WY 82501 1 1 TREASURER & CFO Common Stock 2009-01-12 4 A 0 14389 1.64 A 88366 I By Esop Common Stock 339958 D Stock Options (Right to Buy) 2.40 2001-01-10 2011-01-09 Common Stock 80233 80233 D Stock Options (Right to Buy) 3.90 2001-12-07 2011-12-06 Common Stock 100000 100000 D Stock Options (Right to Buy) 2.25 2002-08-08 2011-12-07 Common Stock 52556 52556 D Stock Options (Right to Buy) 2.46 2004-07-01 2014-06-30 Common Stock 59350 59350 D Stock Options (Right to Buy) 3.86 2005-10-14 2015-10-13 Common Stock 100000 100000 D Stock Options (Right to Buy) 4.97 2008-01-01 2017-07-26 Common Stock 150000 150000 D Stock Option (Right to Buy) 2.52 2009-09-22 2018-09-21 Common Stock 75000 75000 D Shares issued in the U.S. Energy Corp. Employee Stock Ownership Plan (the 'ESOP') in an account established for the benefit of the Reporting Person. 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. Includes shares held directly by the Reporting Person. Includes stock options granted under the Issuer's 1998 Incentive Stock Option Plan and exempt under Rule 16b-3. Includes stock options granted under the Issuer's 2001 Incentive Stock Option Plan and exempt under Rule 16b-3. Stock options granted under the Issuer's 2001 Incentive Stock Option Plan with a 5 year vesting schedule and exempt under Rule 16b-3. Stock options granted under the Issuer's 2001 Incentive Stock Option Plan which vest in three (3) equal annual installments beginning September 22, 2009. /s/ Robert Scott Lorimer 2009-01-13