X0508 4 2026-03-04 0000101594 US ENERGY CORP USEG 0001903594 King Duane H C/O U.S. ENERGY CORP. 1616 S. VOSS, SUITE 725 HOUSTON TX 77057 1 1 Member of 10% owner group 0001938274 King Oil & Gas Company, Inc. 1401 LAKE PLAZA DR. SUITE 200-185 SPRING TX 77389 1 Director owned entity 0 Common Stock 193913 D Common Stock 2359728 D Non-Qualified Stock Option (right to buy) 1.11 2026-03-04 4 A 0 230000 0 A 2036-03-04 Common Stock 230000 230000 D Excludes shares of common stock relating to the voting group included under "Remarks". Represents shares of Common Stock, $0.01, held by King Oil & Gas Company, Inc. ("King Oil"), which is 100% owned by Duane K. King. The shares held by King Oil may be deemed to be beneficially owned by Mr. King due to his status as Chief Executive Officer of and ownership interests in King Oil. Mr. King disclaims beneficial ownership other than to the extent of his pecuniary interest therein. Nonqualified Stock Options granted on March 4, 2026 pursuant to the U.S. Energy Corp. 2022 Equity Incentive Plan. The options vest in two equal annual installments of 50% each: 115,000 options on July 1, 2026 and 115,000 options on January 2, 2027, subject to the Reporting Person's continued service with the Issuer on such vesting dates. Issued to the Reporting Person in consideration for services rendered and agreed to be rendered to the Issuer as a Director of the Issuer. By virtue of being party to a Nominating and Voting Agreement, dated as of January 5, 2022, as amended September 16, 2023 (the "Voting Agreement"), Mr. King and King Oil may be deemed to be a member of a "group" for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended. The reporting persons disclaim beneficial ownership of any securities owned by any of the other signatories to the Voting Agreement (and/or their control persons) and the filing of this Form 4 shall not be deemed an admission, for purposes of Section 16 of the Exchange Act or otherwise, that any of the reporting persons and any other person or persons constitute a "group" for purposes of Section 13(d)(3) of the Exchange Act or Rule 13d-5 thereunder. In addition, none of the reporting persons have any pecuniary interest in any of the securities beneficially owned by any of the other signatories to the Voting Agreement (and/or their control persons). /s/ Duane H. King 2026-03-06 /s/ Duane H. King, Chief Executive Officer of King Oil and Gas Company, Inc. 2026-03-06