X0201 3 2003-10-16 0 0000101594 US ENERGY CORP useg 0001267115 LARSEN MARK J 877 N. 81ST W RIVERTON WY 82501 0 0 0 1 President - Rocky Mountain Gas U.S. Energy Common Stock 15103 D U.S. Energy Common Stock 4600 I By Custodian For Child U.S. Energy Common Stock 25674 I By ESOP Employee Option 2.875 1998-12-04 2008-09-05 U.S. Energy Common Stock 27782 D Employee Option 2.4 2001-01-10 2011-01-09 U.S. Energy Common Stock 41248 D Employee Option 3.9 2001-12-07 2011-12-06 U.S. Energy Common Stock 100000 D Employee Option 2.25 2002-08-08 2011-12-07 U.S. Energy Common Stock 44444 D Employee Option 2.25 2002-08-08 2011-12-07 U.S. Energy Common Stock 52556 D Indirectly held by the reporting person as Custodian over shares held for the children of his brother-in-law, Hal Herron, under the Wyoming Uniform Trasfers to Minors Act. Consists of 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. The transaction date (12/31/02) reflects USEG's fiscal year end date, which date is used to determine the total number of shares contributed to the ESOP, however, the individual contriution amounts are not available until after audit of the Company's payroll. Mark J. Larsen 2003-10-16