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US ENERGY CORP Director's Dealing 2009

Jan 13, 2009

34687_dirs_2009-01-13_1b034da8-09d8-4b8f-8b0c-33a8bccb58f4.zip

Director's Dealing

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SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US ENERGY CORP (USEG)
CIK: 0000101594
Period of Report: 2009-01-12

Reporting Person: LORIMER R SCOTT (Director, TREASURER & CFO)

Non-Derivative Transactions

Date Security Code Shares Price A/D Holdings After Ownership
2009-01-12 Common Stock A 14389 $1.64 Acquired 88366 Indirect

Holdings (Non-Derivative)

Security Shares Ownership
Common Stock 339958 Direct

Holdings (Derivative)

Security Exercise Price Expiration Underlying Shares Ownership
Stock Options (Right to Buy) $2.40 2011-01-09 Common Stock (80233) 80233 Direct
Stock Options (Right to Buy) $3.90 2011-12-06 Common Stock (100000) 100000 Direct
Stock Options (Right to Buy) $2.25 2011-12-07 Common Stock (52556) 52556 Direct
Stock Options (Right to Buy) $2.46 2014-06-30 Common Stock (59350) 59350 Direct
Stock Options (Right to Buy) $3.86 2015-10-13 Common Stock (100000) 100000 Direct
Stock Options (Right to Buy) $4.97 2017-07-26 Common Stock (150000) 150000 Direct
Stock Option (Right to Buy) $2.52 2018-09-21 Common Stock (75000) 75000 Direct

Footnotes

F1: 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.

F2: 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.

F3: Includes shares held directly by the Reporting Person.

F4: Includes stock options granted under the Issuer's 1998 Incentive Stock Option Plan and exempt under Rule 16b-3.

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

F6: Stock options granted under the Issuer's 2001 Incentive Stock Option Plan with a 5 year vesting schedule and exempt under Rule 16b-3.

F7: Stock options granted under the Issuer's 2001 Incentive Stock Option Plan which vest in three (3) equal annual installments beginning September 22, 2009.