US ENERGY CORP — Director's Dealing 2025

Jul 22, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US ENERGY CORP (USEG)
CIK: 0000101594
Period of Report: 2025-06-18

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
2025-06-18	Common Stock	S	13327	$2.0467	Disposed	135586	Direct
2025-06-18	Common Stock	S	455385	$2.0467	Disposed	4633716	Direct
2025-06-18	Common Stock	S	35157	$2.0467	Disposed	357744	Direct
2025-06-18	Common Stock	S	51293	$2.0467	Disposed	521931	Direct
2025-06-20	Common Stock	S	1384	$1.79540	Disposed	134202	Direct
2025-06-20	Common Stock	S	47513	$1.79540	Disposed	4586203	Direct
2025-06-20	Common Stock	S	3730	$1.79540	Disposed	354014	Direct
2025-06-20	Common Stock	S	5339	$1.79540	Disposed	516592	Direct
2025-06-23	Common Stock	S	24147	$2.0162	Disposed	110055	Direct
2025-06-23	Common Stock	S	886178	$2.0162	Disposed	3700025	Direct
2025-06-23	Common Stock	S	75754	$2.0162	Disposed	278260	Direct
2025-06-23	Common Stock	S	105399	$2.0162	Disposed	411193	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).

F2: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $2.02 to $2.085, inclusive. The reporting person undertakes to provide to US Energy Corp, any security holder of US Energy Corp, 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 US Energy Corp (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 $1.90 to $2.125, inclusive. The reporting person undertakes to provide to US Energy Corp, any security holder of US Energy Corp, 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.

F8: This filing was delated due to delays in obtaining valid filing credentials from EDGAR Next.