US ENERGY CORP — Director's Dealing 2012

Mar 26, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US ENERGY CORP (USEG)
CIK: 0000101594
Period of Report: 2012-03-22

Reporting Person: LORIMER R SCOTT (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-03-26	Common Stock	J	106080	—	Disposed	0	Indirect
2012-03-26	Common Stock	J	106080	—	Acquired	611074	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-03-22	Director/ Option(rtb)	$2.85	A	15000	Acquired	2022-03-21	U.S. Energy Common Stock (15000)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option (Right to Buy)	$2.52	2018-09-21	Common Stock (25000)	25000	Direct
Stock Options (Right to Buy)	$4.97	2017-07-26	Common Stock (30000)	30000	Direct

Footnotes

F1: Transferred ESOP shares to an Individual Retirement Account (IRA) 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: 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.

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.

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.