US ENERGY CORP — Director's Dealing 2024

Mar 20, 2024

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US ENERGY CORP (USEG)
CIK: 0000101594
Period of Report: 2024-03-19

Reporting Person: Batchelor Joshua Lane (Director, 10% Owner, Member of 10% owner group)
Reporting Person: Sage Road Capital, LLC (10% Owner, Member of 10% owner group)
Reporting Person: Banner Oil & Gas, LLC (10% Owner, Member of 10% owner group)
Reporting Person: Woodford Petroleum, LLC (Member of 10% owner group)
Reporting Person: Llano Energy LLC (Member of 10% owner group)
Reporting Person: Stamets Benjamin Andrew (10% Owner, Member of 10% owner group)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2024-03-19	Common Stock	A	60000	—	Acquired	108913	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	5668121	Direct
Common Stock	434130	Direct
Common Stock	688273	Direct

Footnotes

F1: Represents restricted stock shares subject to time-based vesting, which vest at the rate of 50% on June 2, 2024 and 50% on January 2, 2025, subject to the recipient's continued service to the Issuer.

F2: Excludes shares of common stock relating to the voting group included under "Remarks", except as described in footnotes (5), (6) and (7).

F3: Issued to the Reporting Person in consideration for services rendered and agreed to be rendered to the Issuer as a member of the Board of Directors of the Issuer.

F4: Represents shares of shares of common stock, $0.01 par value per share of the Issuer, held by Mr. Joshua L. Batchelor.

F5: Represents shares of common stock, $0.01 par value per share of the Issuer, held by Banner Oil & Gas, LLC ("Banner"). The shares held by Banner may be deemed to be beneficially owned by Sage Road Capital, LLC ("Sage Road"), which indirectly controls Banner and manages certain funds which own a majority interest of Banner, and by Mr. Batchelor and Mr. Stamets, due to their status as co-Managing Partners of Sage Road. Mr. Batchelor and Mr. Stamets disclaim beneficial ownership of the securities reported herein except to the extent of each of their pecuniary interest therein.

F6: Represents shares of common stock, $0.01 par value per share of the Issuer, held by Woodford Petroleum, LLC ("Woodford"). The shares held by Woodford may be deemed to be beneficially owned by Sage Road, which indirectly controls Woodford and manages certain funds which own a majority interest of Woodford, and by Mr. Batchelor and Mr. Stamets, due to their status as co-Managing Partners of Sage Road. Mr. Batchelor and Mr. Stamets disclaim beneficial ownership of the securities reported herein except to the extent of each of their pecuniary interest therein.

F7: Represents shares of common stock, $0.01 par value per share of the Issuer, held by Llano Energy LLC ("Llano"). The shares held by Llano may be deemed to be beneficially owned by Sage Road, which indirectly controls Llano and manages certain funds which own a majority interest of Llano, and by Mr. Batchelor and Mr. Stamets, due to their status as co-Managing Partners of Sage Road. Mr. Batchelor and Mr. Stamets disclaim beneficial ownership of the securities reported herein except to the extent of each of their pecuniary interest therein.