X0202 4 2008-02-21 0 0000101594 US ENERGY CORP USEG 0001267115 LARSEN MARK J 877 NORTH 8TH WEST RIVERTON WY 82501 1 1 0 0 PRESIDENT & COO U.S. Energy Common Stock 2008-02-21 4 J 0 5812 4.25 A 52272 I By ESOP U.S. Energy Common Stock 2008-02-21 4 J 0 14530 4.25 A 134281 I By Immediate Family U.S. Energy Common Stock 127772 D U.S. Energy Common Stock 4600 I By Custodian For Child Employe Option 7 (RTB) 4.97 2008-01-01 2017-07-26 U.S. Energy Common Stock 200000 200000 D Employee Option 1 (Right to Buy) 2.88 1998-12-04 2008-09-05 U.S. Energy Common Stock 27782 27782 D Employee Option 2 (Right to Buy) 2.40 2001-01-10 2011-01-09 U.S. Energy Common Stock 41248 41248 D Employee Option 3 (Right to Buy) 3.90 2001-12-07 2011-12-06 U.S. Energy Common Stock 100000 100000 D Employee Option 4 (Right to Buy) 2.25 2002-08-08 2011-12-07 U.S. Energy Common Stock 52556 52556 D Employee Option 5 (Right to Buy) 2.46 2004-07-01 2014-06-30 U.S. Energy Common Stock 98519 98519 D Employee Option 6 (Right to Buy) 3.86 2005-10-14 2015-10-13 U.S. Energy Common Stock 100000 100000 D Shares issued in the U.S. Energy Corp. Employee Stock Ownership Plan (the 'ESOP') in an account established for the benefit of 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. Includes shares distributed to the 'ESOP' accounts of the Reporting Persons 'Immediate Family' under the Terms of the Plan. Includes shares held in ESOP accounts established for the benefit of 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). Includes 127,772 shares held directly by the Reporting Person. Includes 4,600 shares indirectly held by the Reporting Person as Custodian for minor children under the Wyoming Uniform Transfers to Minors Act. The Reporting Person disclaims beneficial and pecuniary interest in these shares. 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 1998 Incentive Stock Option Plan 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. By: Robert Scott Lorimer Attorney in Fact 2008-02-22