US ENERGY CORP — Director's Dealing 2016

Feb 19, 2016

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: US ENERGY CORP (USEG)
CIK: 0000101594
Period of Report: 2016-02-11

Reporting Person: FREEPORT-MCMORAN INC (10% Owner)
Reporting Person: Mt. Emmons Mining Co (10% Owner)

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Series A Convertible Preferred Stock	$		Common Stock (4000000)		Indirect

Footnotes

F1: On February 11, 2016, Mt. Emmons Mining Company, an indirect wholly owned subsidiary of Freeport-McMoRan Inc., purchased 50,000 shares of the Issuer's Series A Convertible Preferred Stock (the "Preferred Stock"). The Preferred Stock is convertible at any time, at the holder's election, into 4,000,000 shares of the Issuer's common stock, and has no expiration date. This initial conversion rate shall be adjusted each quarter to reflect accrued dividends, provided that the Preferred Stock shall not be converted into more than a maximum of 4,760,095 shares of the Issuer's common stock, subject to applicable anti-dilution adjustments.