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: ANDERSON MICHAEL THOMAS (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
U.S. Energy Common Stock	8087	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
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: 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.

F3: Options issued to Reporting Person as a member of the Issuer's Board of Directors.