US ENERGY CORP — Director's Dealing 2011

Jul 11, 2011

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: US ENERGY CORP (USEG)
CIK: 0000101594
Period of Report: 2011-07-01

Reporting Person: MOWRY BRYON G (Principal Accounting Officer)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	14411	Direct
Common Stock	43307	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Option	$2.25	2011-12-07	U.S. Energy Common Stock (5000)		Direct
Employee Option	$2.46	2014-06-30	U.S. Energy Common Stock (50000)		Direct
Employee Option	$4.97	2017-07-26	U.S. Energy Common Stock (75000)		Direct
Employee Option	$2.52	2018-09-21	U.S. Energy Common Stock (30000)		Direct

Footnotes

F1: Includes shares held directly by the Reporting Person.

F2: 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.

F3: Includes stock options granted under the Issuer's 2001 Incentive Stock Option Plan and exempt under Rule 16b-3.

F4: Stock options granted under the Issuer's 2001 Incentive Stock Option Plan with a 5 year vesting schedule and exempt under Rule 16b-3.

F5: Stock options granted under the Issuer's 2001 Incentive Stock Option Plan which vest in three (3) equal annual installments beginning September 22, 2009.