US ENERGY CORP — Director's Dealing 2015

Feb 2, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US ENERGY CORP (USEG)
CIK: 0000101594
Period of Report: 2015-01-29

Reporting Person: MOWRY BRYON G (Principal Accounting Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-01-29	Common Stock	A	16106	$1.48	Acquired	84841	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	109590	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option (Right to Buy)	$1.50	2025-01-01	Common Stock (69395)	69395	Direct
Employee Option	$2.08	2023-06-30	U.S. Energy Common Stock (40000)	40000	Direct
Employee Option	$2.32	2022-07-10	U.S. Energy Common Stock (25000)	25000	Direct
Employee Option	$2.52	2018-09-21	U.S. Energy Common Stock (30000)	30000	Direct
Employee Option	$4.97	2017-07-26	U.S. Energy Common Stock (75000)	75000	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: 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 option granted under the issuer's 2012 Equity Plan which vest in three (3) equal annual instalments beginning one year from the grant date.

F4: Stock options granted under the Issuer's 2001 Incentive 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.