US ENERGY CORP — Director's Dealing 2011

Nov 18, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US ENERGY CORP (USEG)
CIK: 0000101594
Period of Report: 2011-11-17

Reporting Person: MOWRY BRYON G (Principal Accounting Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-11-17	Common Stock	M	5000	$2.25	Acquired	19411	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-11-17	Employee Option	$2.25	M	5000	Disposed	2011-12-07	U.S. Energy Common Stock (5000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	43307	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Option	$2.46	2014-06-30	U.S. Energy Common Stock (50000)	50000	Direct
Employee Option	$4.97	2017-07-26	U.S. Energy Common Stock (75000)	75000	Direct
Employee Option	$2.52	2018-09-21	U.S. Energy Common Stock (30000)	30000	Direct

Footnotes

F1: 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.

F2: Includes stock options granted under the Issuer's 2001 Incentive Stock Option Plan and exempt under Rule 16b-3.

F3: Stock options granted under the Issuer's 2001 Incentive Stock Option Plan with a 5 year vesting schedule and exempt under Rule 16b-3.

F4: Stock options granted under the Issuer's 2001 Incentive Stock Option Plan which vest in three (3) equal annual installments beginning September 22, 2009.