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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0000912282-08-001552.txt : 20081027
<SEC-HEADER>0000912282-08-001552.hdr.sgml : 20081027
<ACCEPTANCE-DATETIME>20081027203658
ACCESSION NUMBER:		0000912282-08-001552
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20081024
FILED AS OF DATE:		20081027
DATE AS OF CHANGE:		20081027

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			US GEOTHERMAL INC
		CENTRAL INDEX KEY:			0001172136
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		IRS NUMBER:				841472231
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0331

	BUSINESS ADDRESS:	
		STREET 1:		1505 TYRELL LANE
		STREET 2:		SUITE B
		CITY:			BOISE
		STATE:			ID
		ZIP:			83706
		BUSINESS PHONE:		208-424-1027

	MAIL ADDRESS:	
		STREET 1:		1505 TYRELL LANE
		STREET 2:		SUITE B
		CITY:			BOISE
		STATE:			ID
		ZIP:			83706

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Glaspey Douglas J
		CENTRAL INDEX KEY:			0001427832

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34023
		FILM NUMBER:		081143337

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		208-424-1027

	MAIL ADDRESS:	
		STREET 1:		C/O US GEOTHERMAL INC.
		STREET 2:		1505 TYRELL LANE
		CITY:			BOISE
		STATE:			ID
		ZIP:			83706
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>usgeo-glaspey4_102708ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2008-10-24</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001172136</issuerCik>
        <issuerName>US GEOTHERMAL INC</issuerName>
        <issuerTradingSymbol>HTM</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001427832</rptOwnerCik>
            <rptOwnerName>Glaspey Douglas J</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O US GEOTHERMAL INC.</rptOwnerStreet1>
            <rptOwnerStreet2>1505 TYRELL LANE</rptOwnerStreet2>
            <rptOwnerCity>BOISE</rptOwnerCity>
            <rptOwnerState>ID</rptOwnerState>
            <rptOwnerZipCode>83706</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Chief Operating Officer</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2008-10-24</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>11067</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>.4717</value>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>509557</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Employee Stock Option (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>.4717</value>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2008-10-24</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>22134</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2004-02-04</value>
            </exerciseDate>
            <expirationDate>
                <value>2009-02-04</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>22134</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F2"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">The exercise price was converted from Canadian dollars using the noon foreign exchange rate on the date of exercise.</footnote>
        <footnote id="F2">The reporting person holds one-half of the options for the benefit of his ex-spouse pursuant to a divorce decree.  The
 reporting person disclaims any beneficial ownership in the common stock acquired on behalf of his ex-spouse.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Kerry D. Hawkley, as Attorney-in-Fact for Douglas J. Glaspey</signatureName>
        <signatureDate>2008-10-24</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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