US ENERGY CORP — Director's Dealing 2011

Aug 29, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US ENERGY CORP (USEG)
CIK: 0000101594
Period of Report: 2011-08-26

Reporting Person: Conrad Stephen Volney (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-08-26	Common Stock	P	30000	$2.47	Acquired	50000	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Director/ Option(rtb)	$5.04	2020-06-24	U.S. Energy Common Stock (10000)	10000	Direct

Footnotes

F1: Reflects the weighted average price of 30,000 shares of common stock of the Issuer purchased by the Reporting Person in multiple transactions on August 26, 2011 with the purchase price ranging from $2.42 to $2.51 per share. The Reporting Person undertakes to provide upon request by the Staff of the U.S. Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares purchased at each separate price.

F2: Includes shares held directly by the Reporting Person.

F3: 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 one year from the grant date.