US ENERGY CORP — Director's Dealing 2014

Jan 22, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US ENERGY CORP (USEG)
CIK: 0000101594
Period of Report: 2014-01-21

Reporting Person: YOUNGBAUER STEVEN R (SECRETARY & GENERAL COUNSEL)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-01-21	Common Stock	A	6125	$3.76	Acquired	68470	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	166574	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option (Right to Buy)	$2.08	2023-06-30	Common Stock (50000)	50000	Direct
Stock Option (Right to Buy)	$2.52	2018-09-21	Common Stock (75000)	75000	Direct
Stock Options (Right to Buy)	$4.97	2017-07-26	Common Stock (100000)	100000	Direct
Stock Options (Right to Buy)	$3.86	2015-10-13	Common Stock (50000)	50000	Direct
Stock Options (Right to Buy)	$2.46	2014-06-30	Common Stock (25000)	25000	Direct

Footnotes

F1: Shares issued 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 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: Stock options granted under the Issuer's 2012 Equity Plan which vest in three (3) equal annual installments beginning one year from the grant date.

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

F5: Stock options granted under the Issuer's 2001 Incentive Stock Option Plan with a 5 year vesting schedule and exempt under Rule 16b-3.

F6: Includes stock options granted under the Issuer's 2001 Incentive Stock Option Plan and exempt under Rule 16b-3.