US ENERGY CORP — Director's Dealing 2022

Jul 21, 2022

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US ENERGY CORP (USEG)
CIK: 0000101594
Period of Report: 2022-07-20

Reporting Person: King Duane H (Director, 10% Owner, Member of 10% owner group)
Reporting Person: Hightower Lee (Members of 10% owner group)
Reporting Person: Synergy Offshore LLC (10% Owner)
Reporting Person: King Oil & Gas Company, Inc. (Members of 10% owner group)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2022-07-20	Common Stock	J	6546384	—	Disposed	0	Direct
2022-07-20	Common Stock	J	2027399	—	Acquired	2027399	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	40000	Direct

Footnotes

F1: Excludes shares of common stock relating to the voting group included under "Remarks".

F2: Represents shares of common stock, $0.01 par value per share of the Issuer, held by Mr. Duane H. King.

F3: On July 20, 2022, Synergy Offshore LLC ("Synergy"), a Texas limited liability company, distributed all 6,546,384 shares of the common stock of the Issuer which it then held, for no consideration, to members of Synergy Producing Properties, LLC ("SPP"), a Texas limited liability company, which is the parent and 100% owner of Synergy (the "Distribution").

F4: Represents shares of common stock, $0.01 par value per share of the Issuer, held by Synergy. Shares held by Synergy may be deemed to be beneficially owned by Mr. King and Mr. Lee Hightower due to their status as Chief Executive Officer and Manager and President and Manager, respectively, of Synergy, and a result of their respective ownership and positions as Managers and Officers of the limited liability company that owns 100% of the membership interests of Synergy. Mr. King and Mr. Hightower, however, disclaim beneficial ownership of the securities reported herein except to the extent of their pecuniary interest therein.

F5: On July 20, 2022, King Oil and Gas Company, Inc. ("King Oil"), received 2,027,399 shares of common stock in the Distribution, for no consideration.

F6: Represents shares of common stock, $0.01 par value per share of the Issuer, held by King Oil, which is 100% owned by Duane K. King. The shares held by King Oil may be deemed to be beneficially owned by Mr. King due to his status as Chief Executive Officer of King Oil. Mr. King however, disclaims beneficial ownership of the securities reported herein except to the extent of his pecuniary interest therein.

F7: After the Distribution (see footnote 3), Reporting Person Synergy does not hold any ownership interest in the Issuer and Reporting Person Lee Hightower does not own any beneficial interest and both are no longer Reporting Persons.