US ENERGY CORP — Director's Dealing 2007

Feb 7, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US ENERGY CORP (USEG)
CIK: 0000101594
Period of Report: 2006-02-08

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-02-05	U.S. Energy Common Stock	J	4418	—	Acquired	7763	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
U.S. Energy Common Stock	3345	Indirect
U.S. Energy Common Stock	50000	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Option 5 (Right to Buy)	$2.460	2014-06-30	U.S. Energy Common Stock (25000)	25000	Direct
Employee Option 6 (Right to Buy)	$3.860	2015-10-13	U.S. Energy Common Stock (50000)	50000	Direct

Footnotes

F1: ESOP share initially indirectly held by Reporting Person before becoming an Officer of USE.

F2: 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.

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: Includes 50,000 shares held directly by the Reporting Person.

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