X0303 4 2011-05-02 0000101594 US ENERGY CORP USEG 0001065876 LORIMER R SCOTT 877 N 8TH ST W RIVERTON WY 82501 1 1 TREASURER & CFO Common Stock 2011-05-02 4 S 0 50000 5.57 D 499994 D Common Stock 97586 I By Esop Stock Options (Right to Buy) 4.97 2008-01-01 2017-07-26 Common Stock 30000 30000 D Stock Option (Right to Buy) 2.52 2009-09-22 2018-09-21 Common Stock 25000 25000 D The sale reported in this Form 4 was made pursuant to the terms of a Rule 10b5-1 Trading Plan adopted by the Reporting Person in December 2010. The Plan was adopted by the Reporting Person to diversify his personal assets in anticipation of his retirement on June 30, 2011 after more that 30 years service to U.S. Energy Corp. The sale reported above is the first sale under the Plan. Includes shares held directly by 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. 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 2011-05-02