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
FRASER, H. RUSSELL
3453 SOUTHFORK ROAD
CODY, WY 82414
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, 2002
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
(X) Director ( ) 10% Owner ( ) Officer (give title below) ( ) Other
(specify below)
7. Individual or Joint/Group Reporting (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
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Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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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)| |
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$.01 Par Value Common Stoc|01/18/|J-4 |1,143 |A |NIL |14,455 |D (b) | |
k |02 |(a) | | | | | | |
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$.01 Par Value Common Stoc|N/A | |None | |N/A |1,300 |I (c) | |
k | | | | | | | | |
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Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
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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)| |
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Stock Option (Right to|$2.00/sh|N/A | | | |12/04|09/25|Common Stock|12,500 |N/A |12,500 |D | |
Buy) (d) | | | | | |/98 |/08 | | | | | | |
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Stock Option (Right to|$2.40/sh|N/A | | | |01/10|01/09|Common Stock|10,000 |N/A |10,000 |D | |
Buy) (e) | | | | | |/01 |/11 | | | | | | |
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Stock Option (Right to|$3.90/sh|12/07|A-4 |20,000 |A |12/07|12/06|Common Stock|20,000 |N/A |20,000 |D | |
Buy) (e) | |/01 | | | |/01 |/11 | | | | | | |
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Explanation of Responses:
Attachment to Form 5 for the period ended May 31,
2002
(a) Shares issued as compensation for services as a director for calendar
2001.
(b) Includes 4,000 shares held in an Individual Retirement Account established
for the benefit of the Reporting Person.
(c) Shares are held in an Individual Retirement Account established for the
benefit of the Reporting Person's wife. The Reporting Person disclaims
beneficial interest in these
shares.
(d) Stock option granted under the Issuer's 1998 Incentive Stock Option Plan,
and exempt under Rule 16(b)-3.
(e) Stock option granted under the Issuer's 2001 Incentive Stock Option Plan,
and exempt under Rule 16(b)-3.
SIGNATURE OF REPORTING PERSON
/s/ H. Russell Fraser
DATE
July 12, 2002