US ENERGY CORP — Director's Dealing 2008

Oct 2, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US ENERGY CORP (USEG)
CIK: 0000101594
Period of Report: 2008-09-29

Reporting Person: WINTERS ALLEN SWAIN (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-09-29	Director/ Option(rtb)	$2.52	A	30000	Acquired	2018-09-21	U.S. Energy Common Stock (30000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	2600	Direct

Footnotes

F1: Includes shares held directly by the Reporting Person.

F2: Stock options granted under the Issuer's 2008 SOP for the Independent Directors and Advisory Board Members which vest in three (3) equal annual installments beginning September 22, 2009.