US ENERGY CORP — Director's Dealing 2025

Oct 28, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US ENERGY CORP (USEG)
CIK: 0000101594
Period of Report: 2025-10-23

Reporting Person: Batchelor Joshua Lane (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: Stamets Benjamin Andrew (10% Owner, Member of 10% owner group)
Reporting Person: Sage Road Energy II, LP (Member of 10% owner group)
Reporting Person: SRC Management Company, LP (Member of 10% owner group)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-10-23	Common Stock	S	4655	$1.2594	Disposed	105400	Direct
2025-10-23	Common Stock	S	159387	$1.2594	Disposed	3540638	Direct
2025-10-23	Common Stock	S	12215	$1.2594	Disposed	266045	Direct
2025-10-23	Common Stock	S	17645	$1.2594	Disposed	393548	Direct
2025-10-24	Common Stock	S	5313	$1.2538	Disposed	100087	Direct
2025-10-24	Common Stock	S	145197	$1.2538	Disposed	3395441	Direct
2025-10-24	Common Stock	S	10624	$1.2538	Disposed	255421	Direct
2025-10-24	Common Stock	S	15936	$1.2538	Disposed	377612	Direct
2025-10-27	Common Stock	S	5024	$1.2504	Disposed	95063	Direct
2025-10-27	Common Stock	S	137299	$1.2504	Disposed	3258142	Direct
2025-10-27	Common Stock	S	10046	$1.2504	Disposed	245375	Direct
2025-10-27	Common Stock	S	15069	$1.2504	Disposed	362543	Direct

Footnotes

F1: Excludes shares of common stock relating to the voting group included under "Remarks", except as described in footnotes (4), (5) and (6).Excludes shares of common stock relating to the voting group included under "Remarks", except as described in footnotes (4), (5) and (6).

F2: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $1.23 to $1.325, inclusive. The reporting person undertakes to provide to US Energy Corp (the "Issuer"), any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote (2) to this Form 4.

F3: Represents shares of shares of common stock, $0.01 par value per share of the Issuer (the "Common Stock"), held by SRC Management Company, LP ("SRC"). The shares held by SRC may be deemed to be beneficially owned by Sage Road Capital, LLC ("Sage Road"), which indirectly controls SRC, 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.

F4: Represents shares of the Common Stock held by Banner Oil & Gas, LLC ("Banner"). The shares held by Banner may be deemed to be beneficially owned by 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.

F5: Represents shares of the Common Stock 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.

F6: Represents shares of the Common Stock held by Sage Road Energy II, LP ("Sage Road Energy"). The shares held by Sage Road Energy may be deemed to be beneficially owned by Sage Road, which indirectly controls Sage Road Energy and manages certain funds which own a majority interest of Sage Road Energy, 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: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $1.24 to $1.29, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote (7) to this Form 4.

F8: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $1.23 to $1.27, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote (8) to this Form 4.