X0201 4 2003-08-03 0 0000025657 CRESTED CORP cbag 0001065873 HERRON HAROLD F 1 1 0 1 President and Chairman 10% owner thru indirect shares $.001 Par Value Common Stock 2003-08-03 4 J 0 0 0 A 6932 D $.001 Par Value Common Stock 2003-08-03 4 J 0 0 0 A 12024733 I By U.S. Energy $.001 Par Value Common Stock 2003-08-03 4 J 0 0 0 A 60000 I By Plateau Consists of shares held by U.S. Energy Corp. ("USE"), the parent of Crested Corp. ("Crested"). The Reporting Person is a director and officer of USE and the Reporting Person became an officer and director of the Registraunt as of August 3, 2003. Pursuant to SEC Rule 16a-1(a)(2), information on USE is not required, however, Registrant has undertaken comprehensive disclosure and reports shares held by USE as indirectly owned by the Reporting Person. The Reporting Person is not a controlling shareholder and does not have a pecuniary interest in the Crested shares held by USE under Rule 16a-1(a)(2)(iii) and disclaims any beneficial interest in the Crested share held by USE. This Form 4 is filed only to report change of Reporting Person's status. Consists of shares held by Plateau Resources Limited, a wholly-owned subsidiary of USE. The Reporting Person is a director and officer of Plateau. Pursuant to SEC Rule 16a-1(a)(2), information on Plateau is not required, however, Registrant has undertaken comprehensive disclosure and reports shares held by Plateau as indirectly owned by the Reporting Person. The Reporting Person is not a controlling shareholder and does not have a pecuniary interest in the Crested shares held by Plateau under Rule 16a-1(a)(2)(iii) and disclaims any beneficial interest in the Crested shares held by Plateau. Harold F. Herron 2003-08-04