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
ZWICKL, MICHAEL D.
BEECH STREET LAW OFFICES
123 S. DURBIN STREET
CASPER, WY 82601
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
August 31, 2002
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
( ) Director ( ) 10% Owner ( ) Officer (give title below) (X) Other
(specify below)
DIRECTOR OF MAJORITY OWNED SUBSIDIARY
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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$.01 Par Value Common S|N/A | | | NONE | |N/A |3,444 |D (a) | |
tock | | | | | | | | | |
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$.01 Par Value Common S|N/A | | |NONE | |N/A |53,625 |I (b) |By Nupec |
tock | | | | | | | | | |
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$.01 Par Value Common S|N/A | | |NONE | |N/A |512,359 |I (c) |By Crested |
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|$2.25/sh|08/08|A | |5,000 |A |08/08|12/07|Common Stock|5,000 | |5,000 |D | |
o Buy) (d) | |/02 | | | | |/02 |/11 | | | | | | |
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| | | | | | | | | | | | | | |
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Explanation of Responses:
Attachment to Form 4 dated August 30,
2002.
(a) Consists of shares held in an Individual Retirement Account established
for the benefit of the Reporting Person.
(b) Consists of shares owned by two limited partnerships of which NUPEC
Resources, Inc. ("NUPEC") is a general partner. The Reporting Person is
the sole director of NUPEC. The partnerships, U.S. Energy 1977 Minerals
Program, Ltd. and U.S. Energy 1978 Minerals Program, Ltd., hold 19,250 and
34,375 shares, respectively. NUPEC has waived its rights to recieve a
distribution upon total or partial dissolution of the 1977 and 1978
partnerships in
excess of 10,000 shares for both partnerships. Mr. Zwickl disclaims beneficial
and pecuniary interest in the shares held by the two partnerships.
c) Consists of shares held by Crested Corp. ("Crested"), a majority owned
subsidiary of USEG. The Reporting Person is a director of Crested. The
Reporting Person is not a controlling shareholder of Crested and therefore the
Reporting Person does not have a pecuniary interest in the USEG
shares held by Crested, under Rule 16a-1(a)(2)(iii) and disclaims any
beneficial interest in the USEG shares held by Crested.
(d) Stock options granted under the U.S. Energy Corp. 2001 Incentive Stock
Option Plan, and exempt under Rule 16b-3.
SIGNATURE OF REPORTING PERSON
/s/ MICHAEL D. ZWICKL
DATE
August 30, 2002