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
HERRON, HAROLD F.
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, 2002
5. If Amendment, Date of Original (Month/Year)
JULY 12, 2002
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
(X) Director (X) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
VICE 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|01/05/|D-4 |5,000 |D |NIL |49,486 |D (b) | |
CK |02 |(a) | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
$.01 PAR VALUE COMMON STO|12/07/|A-4 |10,000 |A |NIL |71,013 |D (c) | |
CK |01 | | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
$.01 PAR VALUE COMMON STO|N/A | |NONE | |N/A |2,895 |I (d) |By Wife |
CK | | | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
$.01 PAR VLAUE COMMON STO|05/30/|A-4 |7,087 |A |NIL |24,236 |I (e) |ESOP Benef. |
CK |02 | | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
$.01 PAR VALUE COMMON STO|05/30/|A-4 |39,027 |A |NIL |163,648 |I (f) |Relatives' ESOP |
CK |02 | | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
$.01 PAR VALUE COMMON STO|N/A | |NONE | |N/A |155,811 |I (g) |ESOP Trustee |
CK | | | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
$.01 PAR VALUE COMMON STO|N/A | |NONE | |N/A |12,000 |I (h) |Custodial |
CK | | | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
$.01 PAR VALUE COMMON STO|N/A | |NONE | |N/A |125,556 |I (i) |By Plateau |
CK | | | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
$.01 PAR VALUE COMMON STO|N/A | |NONE | |N/A |1,581 |I (j) |By NWG |
CK | | | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
___________________________________________________________________________________________________________________________________|
___________________________________________________________________________________________________________________________________
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|9/25/|Common Stock|34,782 |N/A |34,782 |D | |
(Right to Buy) (k) |h | | | | |/98 |08 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Qualified Stock Option |$2.00/sh|N/A | | | |12/04|09/25|Common Stock|40,218 |N/A |40,218 |D | |
(Right to Buy) (k) | | | | | |/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) (k) | | | | | |/01 |/11 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Non-Qualified Stock Opt|$2.40/sh|N/A | | | |01/10|01/09|Common Stock|55,233 |N/A |55,233 |D | |
ion
(Right to Buy) (k| | | | | |/01 |/11 | | | | | | |
) | | | | | | | | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Stock Option (Right to |$3.90/sh|12/07|A-4 |100,000 |A |12/07|12/06|Common Stoc|100,000|N/A |100,000 |D | |
Buy) (l) | |/01 | | | |/01 |/11 |k | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
___________________________________________________________________________________________________________________________________|
Explanation of Responses:
Attachment to Form 5 for preriod ended May 31,
2002.
(a) Shares surrendered to Issuer as partial payment of debt to
Issuer.
(b) Consists of 38,486 shares held directly by the Reporting Person and
11,000 shares held in an Individual
Retirement Account for the benefit of the Reporting
Person.
(c) Consists of 18,900 shares and 52,113 subject to forfeiture. The 18,900
shares, issued under the USEG
Restricted Stock Bonus Plan, are deemed "earned out" by the Reorting 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). The 52,113 shares,
issued under the 1996 Stock Award
program, vest at the rate of 20% each year over a five year period and are
subject to the forfeiture conditions
noted previously. The treasurer of USEG holds the shares in trust for the
benefit of the Reporting Person, while
the non-employee directors of USEG exercise shared voting and dispositive
rights over all 71,013 shares. The
shares do not come under the control of the Reporting Person until termination
of employment. The total number of
shares is presently reported; distributions to the Reporting Person will not be
separately reported. The
acquisitions of the shares by the Reporting Person from both the Bonus Plan and
the Award Program are exempt
under Rule
16b-3.
(d) Consists of shares held directly by the Reporting Person's
wife.
(e) 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.
(f) 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).
(g) Consists of shares held in the ESOP which are not allocated to accounts
established for the benefit of
specific plan participants. The Reporting Person, as an ESOP Trustee,
exercises the voting powers with respect
to such unallocated
shares.
(h) Consists of shares indirectly held by the Reporting Person through his
minor children. The Reporting Person
is Custodian over 3,000 shares, while his brother-in-law, Mark J. Larsen, is
Custodian over 9,000 shares for the
children under the Wyoming Uniform Transfers to Minors
Act.
(i) Consists of shares held by Plateau Resources Limited ("Plateau"), a
wholly-owned subsidiary of USEG. The
Reporting Person is an officer and director of both USEG and Plateau. The
Reporting Person is not a controlling
shareholder of Plateau, and therefore the Reporting Person does not have a
pecuniary interest in the USEG shares
held by Plateau, under Rule
16a-1(a)(2)(iii).
(j) Consists of shares held by Northwest Gold, Inc. ("NWG"), a subsidiary of
USEG. The Reporting Person is an
officer and director of both USEG and NWG. The Reporting Person is not a
controlling shareholder of NWG, and
therefore the Reporting Person does not have a pecuniary interest in the USEG
shares held by NWG, under Rule
16a-1(a)(2)(iii).
(k) Stock options granted under the Issuer's 1998 Incentive Stock Option
Plan, and exempt under Rule 16b-3.
(l) Stock options granted under the Issuer's 2001 Incentive Stock Option
Plan, and exempt under Rule 16b-3.
NOTE: Pursuant to SEC Rule 16a-1(a)(2), information on Plateau and NWG is
not required, however, Registrant
has
undertaken
comprehensive disclosure and reports shares held by Plateau and
NWG as indirectly owned by the
Reporting
Person.
The Reporting Person disclaims beneficial and pecuniary interest
in the shares reported under footnotes
d, f, g, h, i and
j.
SIGNATURE OF REPORTING PERSON
/s/ HAROLD F. HERRON
DATE
August 16, 2002