UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 5
ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
( ) Form 3 Holdings Reported
(X) Form 4 Transactions Reported
1. Name and Address of Reporting Person
LARSEN, KEITH G.
877 NORTH 8TH WEST
RIVERTON, WY 82501
USA
2. Issuer Name and Ticker or Trading Symbol
U.S. ENERGY CORP.
USEG
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
MAY 31, 2001
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
(X) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
PRESIDENT
7. Individual or Joint/Group Reporting (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
___________________________________________________________________________________________________________________________________
Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
___________________________________________________________________________________________________________________________________|
1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
|Transaction| or Disposed of (D) | Securities |ect | Beneficial Ownership |
|Date |Code| | Beneficially |(D)or | |
| | | | A/| | Owned at |Indir | |
| | | Amount | D | Price | End of Year |ect(I)| |
___________________________________________________________________________________________________________________________________|
$.01 PAR VALUE COMMON STO|N/A | |NONE | |N/A |1,774 |D | |
CK | | | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
$.01 PAR VALUE COMMON STO|N/A | |NONE | |N/A |8,820 |D (a) | |
CK | | | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
$.01 PAR VALUE COMMON STO|N/A | |NONE | |N/A |8,000 |I (b) |Custodial |
CK | | | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
$.01 PAR VALUE COMMON STO|05/25/|A-4 |3,811 |A |NIL |23,584 |I (c) |ESOP Benef. |
CK |01 | | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
$.01 PAR VALUE COMMON STO|05/25/|A-4 |17,521 |A |NIL |113,612 |I (d) |Relatives' ESOP |
CK |01 | | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
___________________________________________________________________________________________________________________________________|
___________________________________________________________________________________________________________________________________
Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
___________________________________________________________________________________________________________________________________|
1.Title of Derivative |2.Con |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer |Date |Code| rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise Pr | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|ice of | | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity | | | Amount | |ble | | | |Year |(I)| |
___________________________________________________________________________________________________________________________________|
Qualified Stock Option |$2.875/s|N/A | | | |12/04|09/25|Common Stock|34,782 |N/A |34,782 |D | |
(Right to Buy) (e) |h | | | | |/98 |/08 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Non-Qualified Stock Opt|$2.00/sh|N/A | | | |12/04|09/25|Common Stock|52,718 |N/A |52,718 |D | |
ion
(Right to Buy) (e| | | | | |/98 |/08 | | | | | | |
) | | | | | | | | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Qualified Stock Option |$2.40/sh|N/A | | | |01/10|01/09|Common Stock|41,667 |N/A |41,667 |D | |
(Right to Buy) (e) | | | | | |/01 |/11 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Non-Qualified Stock Opt|$.240/sh|N/A | | | |01/10|01/09|Common Stock|267,733|N/A |267,733 |D | |
ion
(Right to Buy) (e| | | | | |/01 |/11 | | | | | | |
) | | | | | | | | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
___________________________________________________________________________________________________________________________________|
Explanation of Responses:
Attachment to Form 5 for May 31,
2001.
(a) Consists of shares subject to forfeiture. The shares are deemed "earned
out" by the Reporting Person: (i) if he is continuously employed by
USEG until he retires; (ii) if he becomes disabled; (iii) upon his death, or
(iv) if the shares are claimed within three years following the occurrence of
(i),
(ii) or
(iii).
(b) Consists of shares indirectly held by the Reporting Person as Custodian
for his minor children under the Wyoming Uniform Transfer to Minors Act.
The Reporting Person disclaims beneficial and pecuniary interest in these
shares.
(c) Consists of shares held in the U.S. Energy Corp. Employee Stock
Ownership Plan (the "ESOP") in an account established for the benefit of the
Reporting
Person.
(d) Consists of shares held in ESOP accounts established to benefit members
of the Reporting Person's "immediate family" as that term is defined in
Rule 16a-1(e), in accordance with Rule
16a-8(b)(2).
(e) Stock options granted under the Issuer's Incentive Stock Option Plan, and
exempt under Rule 16b-3.
The Reporting Person disclaims beneficial and pecuniary interest in the shares
reported under footnotes b and d.
SIGNATURE OF REPORTING PERSON
/s/ KEITH G. LARSEN
DATE
JULY 23, 2001