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: Conrad Stephen Volney (Director)

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 (Non-Derivative)

Security	Shares	Ownership
Common Stock	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: 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.