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
SVILAR, DANIEL P.
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/Day/Year
April 22, 2003
5. If Amendment, Date of Original (Month/Day/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
( ) Director (X) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
SECRETARY AND GENERAL COUNSEL
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. |2A. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
|Trans-|Exec- |Trans | or Disposed of (D) | Securities |ect | Beneficial Ownership |
|action|ution |action| | Beneficially |(D)or | |
| | | | | | A/| | Owned Following |Indir | |
|Date | Date |Code|V| Amount | D | Price | Reported Trans(s)|ect(I)| |
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$.01 Par Value C|04/23/| |G | |5,000 |D |NIL |93,849 |D (a) | |
ommon Stock |03 | | | | | | | | | |
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$.01 Par Value C|N/A | | | |NONE | |N/A |100,850 |D (b) | |
ommon Stock | | | | | | | | | | |
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$.01 Par Value C|N/A | | | |NONE | |N/A |1,000 |D (c) |Custodial |
ommon Stock | | | | | | | | | | |
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$.01 Par Value C|N/A | | | |NONE | |N/A |125,556 |I (d) |By Plateau |
ommon Stock | | | | | | | | | | |
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$.01 Par Value C|N/A | | | |NONE | |N/A |175,000 |I (e) |By SGMC |
ommon Stock | | | | | | | | | | |
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$.01 Par Value C|N/A | | | |NONE | |N/A |512,359 |I (f) |By Crested |
ommon Stock | | | | | | | | | | |
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$.01 Par Value C|N/A | | | |NONE | |N/A |5,000 |I (g) |By Svilar, Inc. |
ommon Stock | | | | | | | | | | |
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Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
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1.Title of |2.Con- |3. |3A. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Derivative |version |Trans- |Deemed|Trans-| rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
Security |or Exer |action | |action| rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | |Execu-| | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price of| |ution | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva- | | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | | A/|Exer-|ation| Title and Number | |Owned Follow|ire| |
|Secu- |(Month/|(Month| | | | D |cisa-|Date | of Shares | |ing Reported|ct | |
|rity |Day/ |/Day/ |Code|V| Amount | |ble | | | |Trans- |(I)| |
| |Year) |Year) | | | | | | | | |action(s) | | |
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Stock Option|$2.875/s|N/A | | | | | |12/04|09/25|Common Stock|34,782 |N/A |34,782 |D | |
(Right to Bu|h | | | | | | |/98 |/08 | | | | | | |
y) (h) | | | | | | | | | | | | | | | |
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Stock Option|$2.00/sh|N/A | | | | | |12/04|09/25|Common Stock|40,218 |N/A |40,218 |D | |
(Right to Bu| | | | | | | |/98 |/08 | | | | | | |
y) (h) | | | | | | | | | | | | | | | |
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Stock Option|$2.40/sh|N/A | | | | | |01/10|01/09|Common Stock|121,900|N/A |121,900 |D | |
(Right to Bu| | | | | | | |/01 |/11 | | | | | | |
y) (h) | | | | | | | | | | | | | | | |
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Stock Option|$3.90/sh|N/A | | | | | |12/07|12/06|Common Stock|100,00 |N/A |100,00 |D | |
(Right to Bu| | | | | | | |/01 |/11 | | | | | | |
y) (i) | | | | | | | | | | | | | | | |
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Stock Option|$2.25/sh|N/A | | | | | |08/08|12/07|Common Stock|97,000 |N/A |97,000 |D | |
(Right to Bu| | | | | | | |/02 |/11 | | | | | | |
y) (i) | | | | | | | | | | | | | | | |
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Explanation of Responses:
Attachment to Form 4 dated April 25,
2003
(a) Consists of 50,121 shares held directly by the Reporting Person, 8,375
shares in joint tenancy with the
Reporting Person's wife and 34,723 shares held in an Individual Retirement
Account established for the benefit of
the Reporting Person, and 630 shares held in a street name account for the
benefit of the Reporting Person.
(b) Consists of 22,680 and 78,170 shares subject to forfeiture. The 22,680
shares, issued under the USEG
Restricted Stock bonus Plan, are deemed 'earned out": (i) if he is continuously
employed by USEG unitl he reitres;
(ii) if he becomes totally disabled; (iii) upon his death, or (iv) if the
shares are claimed within three years following
the occurence of (i), (ii) or (iii). The 78,170 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
100,850 shares. The shares do not come
under the control of the Reporting Person until termination. 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.
(c) Consists of shares indirectly held by the Reporting Person as Custodian
for his minor child under the
Wyoming Uniform Transfers to Minors
Act.
(d) Consists of shares held by Plateau Resources Limited ("Plateau"), a
wholly-owned subsidiary of USEG. The
Reporting Person is an officer of both USEG and Plateau. The Reporting Person
is not a controlling shareholder of
Plateau, and therefore does not have a pecuniary interest in the USEG shares
held by Plateau, under Rule
16a-1(a)(2)(iii).
(e) Consists of shares held by Sutter Gold Mining Company ("SGMC"), a
subsidiary of USEG. The Reporting
Person is an officer of USEG and SGMC. The Reporting Person is not a
controlling shareholder of SGMC, and
therefore does not have a pecuniary interest in the USEG shares held by SGMC,
under Rule 16a-1(a)(2)(iii).
(f) Consists of shares held by Crested Corp. ("Crested"), a majority-owned
subsidiary of USEG. The Reporting
Person is an officer of USEG and an officer and director of Crested. The
Reporting Person is not a controlling
shareholderof Crested, and therefore does not have a pecuniary interest in the
USEG shares held by Crested,
under rule
16a-1(a)(2)(iii).
(g) Consists of shares held by Svilar, Inc. a private corporation of which
the Reporting Person is a major
shareholder, officer and
director.
(h) Stock options granted under the Issuer's 1998 Incentive Stock Option
Plan, and exempt under Rule 16b-3.
(i) 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, SGMC and
Crested is not required, however,
Regsitrant has undertaken comprehensive disclosure and reports shares held by
Plateau, SGMC and Crested as
indirectly owned by the Reporting
Person.
The Reporting Person disclaims beneficial and pecuniary interest in
the shares reported under footnotes
c, d, e and f
above.
SIGNATURE OF REPORTING PERSON
DANIEL P. SVILAR
/s/ DANIEL P. SVILAR
DATE
April 1, 2003