X0306 4 2014-04-03 0000101594 US ENERGY CORP USEG 0001065872 LARSEN KEITH G 877 N 8TH ST W RIVERTON WY 82501 1 1 CHAIRMAN & CEO Common Stock 2014-04-03 4 S 0 25000 4.88 D 441513 I Family Trust Common Stock 476031 D Common Stock 122651 I By Esop Common Stock 238740 I By Immediate Family Stock Option (Right to Buy) 2.08 2014-07-01 2023-06-30 Common Stock 65000 65000 D Stock Option (Right to Buy) 2.52 2009-09-22 2018-09-21 Common Stock 75000 75000 D Stock Options (Right to Buy) 4.97 2008-01-01 2017-07-26 Common Stock 150000 150000 D Stock Options (Right to Buy) 3.86 2005-10-14 2015-10-13 Common Stock 100000 100000 D The price reported in Column 4 is a weighted average price. The reporting person undertakes to provide to the issuer, any security holder of the issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this Form 4. These shares were sold in multiple transactions at prices ranging from $4.86 to $4.96, inclusive. As a result of the settlement of Mr. John L. Larsen's Estate, shares of U.S. Energy common stock were put into a Family Trust. Keith Larsen is John L. Larsen's son and serves as the Co-Trustee of a Family Trust. 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 in ESOP accounts established to benefit members of the Reporting Persons 'Immediate Family', as that term is defined in Rule 16a-1(e), in accordance with Rule 16a-8(b)(2). Stock options granted under the Issuer's 2012 Equity Plan which vest in three (3) equal annual installments beginning one year from the grant date. Stock options grated under the Issuer's 2001 Incentive Stock Option Plan which vest in three (3) equal annual installments beginning September 22, 2009. Stock options granted under the Issuer's 2001 Incentive Stock Option Plan with a 5 year vesting schedule 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. /s/ Steven R. Youngbauer, attorney-in-fact 2014-04-07