X0303 4 2011-02-14 0000101594 US ENERGY CORP USEG 0001065880 FRASER H RUSSELL 877 N 8TH ST W RIVERTON WY 82501 1 Common Stock 2011-02-14 4 M 0 10000 3.90 A 31363 D Common Stock 2011-02-14 4 D 0 10000 6.50 D 21363 D Common Stock 1300 I By Spouse Stock Options (Right to Buy) 3.90 2011-02-14 4 M 0 10000 0 D 2001-12-07 2011-12-07 Common Stock 10000 5000 D Stock Options (Right to Buy) 2.25 2002-08-08 2011-12-06 Common Stock 10000 10000 D Stock Options (Right to Buy) 2.46 2005-07-01 2014-06-30 Common Stock 50000 50000 D Stock Options (Right to Buy) 3.86 2005-10-14 2015-10-13 Common Stock 25000 25000 D Director/ Option(rtb) 2.52 2009-09-22 2018-09-21 U.S. Energy Common Stock 30000 30000 D Includes shares held directly by the Reporting Person. Includes 1,000 shares held in joint tenancy with the Reporting Person's wife. Includes 4,000 shares held in an Individual Retirement Account (IRA) for the benefit of the Reporting Person. Options purchased and sold under the Reporting Person's 10(b) 5-1 Plan dated November 15, 2010. Includes 1,300 shares held in an IRA established for the benefit of the Reporting Person's wife. The Reporting Person disclaims any beneficial interest in these shares. Options issued to Reporting Person as a member of the Issuer's Board of Directors. Stock options granted under the Issuer's 2008 SOP for the Independent Directors and Advisory Board Members granted on June 25, 2010 which vest in three (3) equal annual installments beginning June 25, 2011. /s/ Robert Scott Lorimer, attorney-in-fact 2011-02-15