US ENERGY CORP — Director's Dealing 2007

Nov 28, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US ENERGY CORP (USEG)
CIK: 0000101594
Period of Report: 2007-11-26

Reporting Person: YOUNGBAUER STEVEN R (Secretary & General Counsel)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-11-26	U.S. Energy Common Stock	J	6574	—	Acquired	56574	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
U.S. Energy Common Stock	7763	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employe Option 7 (RTB)	$4.97	2017-07-26	U.S. Energy Common Stock (100000)	100000	Direct
Employee Option 5 (Right to Buy)	$2.46	2014-06-30	U.S. Energy Common Stock (25000)	25000	Direct
Employee Option 6 (Right to Buy)	$3.86	2015-10-13	U.S. Energy Common Stock (50000)	50000	Direct

Footnotes

F1: Shares received pursuant to the merger agreement with Crested Corp. on an exchange ratio of 1 share of issuer common stock for two shares of Crested Corp. See Form S-4 filed with the Securities and Exchange Commission.

F2: Includes 56,574 shares held directly by the Reporting Person.

F3: Includes 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.

F4: Stock options granted under the Issuer's 2001 Incentive Stock Option Plan with a 5 year vesting schedule and exempt under Rule 16b-3.

F5: Includes stock options granted under the Issuer's 2001 Incentive Stock Option Plan and exempt under Rule 16b-3.