UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
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
December 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 (X) Officer (give title below) ( ) Other
(specify below)
PRESIDENT
7. Individual or Joint/Group Filing (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 |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Month |ect(I)| |
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$.01 Par Value Common S|N/A | | |NONE | |N/A |1,774 |D | |
tock | | | | | | | | | |
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$.01 Par Value Common S|N/A | | |NONE | |N/A |8,820 |D(a) | |
tock | | | | | | | | | |
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$.01 Par Value Common S|N/A | | |NONE | |N/A |6,000 |I (b) |Custodian |
tock | | | | | | | | | |
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$.01 Par Value Common S|12/31/|A | |3,984 | |N/A |35,438 |I (c) |ESOP Benef. |
tock |02 | | | | | | | | |
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$.01 Par Value Common S|12/31/|A | |15,214 | |N/A |121,043 |I (d) |Relative's ESOP |
tock |02 | | | | | | | | |
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$.01 Par Value Common S|N/A | | |NONE | |N/A |1,500 |I (e) |By Children |
tock | | | | | | | | | |
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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 | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price 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 |Date |Code|V| Amount | |ble | | | |Month |(I)| |
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Stock Option (Right t|$2.875/s|N/A | | | | |12/04|09/25|Common Stock|34,782 |N/A |34,782 |D | |
o Buy) (f) |h | | | | | |/98 |/08 | | | | | | |
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Stock Option (Right t|$2.00/sh|N/A | | | | |12/04|09/25|Common Stock|52,718 |N/A |52,718 |D | |
o Buy) (f) | | | | | | |/98 |/08 | | | | | | |
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Stock Option (Right t|$2.40/sh|N/A | | | | |01/10|01/09|Common Stock|309,400|N/A |309,400 |D | |
o Buy) (f) | | | | | | |/01 |/11 | | | | | | |
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Stock Option (Right t|$3.90/sh|N/A | | | | |12/07|12/06|Common Stock|100,000|N/A |100,000 |D | |
o Buy) (g) | | | | | | |/01 |/11 | | | | | | |
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Stock Option (Right t|$2.25/sh|N/A | | | | |08/08|12/07|Common Stock|97,000 |N/A |97,000 |D | |
o buy) (g) | | | | | | |/02 |/11 | | | | | | |
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Explanation of Responses:
Attachment to Form 4 dated April 9,
2003
(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. The transaction date
(12/31/02) reflects USEG's fiscal year
end date, which date is used to determine the total number of shares
contributed to the ESOP, however, the
individual contribution amounts are not available until after audit of the
company's payroll.
(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). The transaction
date (12/31/02) reflects USEG's fiscal year end date, which date is used to
determine the total number of shares
contributed to the ESOP, however, the individual contribution amounts are not
available until after audit of the
company's
payroll.
(e) Consists of shares held directly by three minor children of the
Reporting Person.
(f) Stock options granted under the Issuer's 1998 Incentive Stock Option
Plan, and exempt under Rule 16b-3.
(g) Stock options granted under the Issuer's 2001 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, d and
e.
SIGNATURE OF REPORTING PERSON
/s/ Keith G. Larsen
DATE
April 9, 2003