US ENERGY CORP — Director's Dealing 2008

Nov 22, 2008

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: US ENERGY CORP (USEG)
CIK: 0000101594
Period of Report: 2008-11-10

Reporting Person: Corriente Advisors, LLC (10% Owner)
Reporting Person: Hart Mark L III (10% Owner)

Holdings (Non-Derivative)

Security	Shares	Ownership
COMMON STOCK	2258294	Indirect

Footnotes

F1: This statement is jointly filed by and on behalf of each of Corriente Advisors, LLC and Mark L. Hart III. Corriente Advisors
acts as an investment adviser to, and manages investment and trading accounts of, other persons, including Corriente Master
Fund, L.P. Corriente Advisors may be deemed, through investment advisory contracts or otherwise, to beneficially own
securities owned by other persons, including Corriente Master Fund, L.P. Mr. Hart is the Chairman and Chief Executive
Officer of Corriente Advisors, LLC and may be deemed to beneficially own securities owned by Corriente Advisors.

F2: These shares of the issuer's common stock, par value $.01 per share ("Shares") are held for the account Corriente Master
Fund, L.P. Reporting persons hold approximately 10.09% (2,258,294 Shares of the issuer). Reporting persons exceeded the
10% threshold due to a change in the number of the issuer's total shares outstanding as a result of the issuer's
repurchases. As per the information provided by the issuer on its most recently filed quarterly report on Form 10-Q, there
were 22,389,050 shares outstanding.

F3: Each reporting person states that neither the filing of this statement nor anything herein shall be deemed an admission that
such person is, for purposes of Section 16 of the Act or otherwise, the beneficial owner of any securities covered by this
statement. Each reporting person disclaims beneficial ownership of the securities covered by this statement, except to the
extent of the pecuniary interest of such person in such securities.

F4: Each reporting person may be deemed to be a member of a group with respect to the issuer or securities of the issuer for the
purposes of Section 13(d) or 13(g) of the Act. Each reporting person declares that neither the filing of this statement nor
anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) or 13(g) of the
Act or any other purpose, (i) acting (or has agreed or is agreeing to act) with any other person as a partnership, limited
partnership, syndicate, or other group for the purpose of acquiring, holding, or disposing of securities of the issuer or
otherwise with respect to the issuer or any securities of the issuer or (ii) a member of any syndicate or group with respect
to the issuer or any securities of the issuer.