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: FRASER H RUSSELL (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-11-26	U.S. Energy Common Stock	J	3944	—	Acquired	25413	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
U.S. Energy Common Stock	1300	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Director Option 1 (Right to Buy)	$2.88	2008-09-24	U.S. Energy Common Stock (12500)	12500	Direct
Director Option 2 (Right to Buy)	$2.40	2011-01-09	U.S. Energy Common Stock (10000)	10000	Direct
Director Option 3 (Right to Buy)	$3.90	2011-12-07	U.S. Energy Common Stock (20000)	20000	Direct
Director Option 4 (Right to Buy)	$2.25	2011-12-06	U.S. Energy Common Stock (10000)	10000	Direct
Director Option 6 (Right to Buy)	$3.86	2015-10-13	U.S. Energy Common Stock (25000)	25000	Direct
Director/ Option(RTB)	$2.46	2014-06-30	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 2 shares of Crested Corp. See Form S-4 filed with the Securities and Exchange Commission.

F2: Includes 20,413 shares held directly by the Reporting Person.

F3: Includes 1,000 shares held in joint tenancy with the Reporting Person's wife.

F4: Includes 4,000 shares held in an Individual Retirement Account (IRA) for the benefit of the Reporting Person.

F5: Includes 1,300 shares held in an IRA established for the benefit of the Reporting Person's wife. The Reporting Person disclaims any beneficial interest in these shares.

F6: Options issued to Reporting Person as a member of the Issuer's Board of Directors.