Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
HERRON HAROLD F
   2. Issuer Name and Ticker or Trading Symbol
US ENERGY CORP [USEG] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
SR VICE PRESIDENT
(Last)
(First)
(Middle)
877 NORTH 8TH WEST		 3. Date of Earliest Transaction (Month/Day/Year)
07/02/2007
(Street)

RIVERTON, WY 82501		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
U.S. Energy Common Stock 07/02/2007   J(1)   5,000 A $ 0 158,865 D  
U.S. Energy Common Stock 07/02/2007   M   20,109 A $ 2 178,974 D  
U.S. Energy Common Stock 07/02/2007   F   7,106 D (2) $ 0 171,868 D (3) (4)  
U.S. Energy Common Stock               300,556 I (5) (6) By Corporation
U.S. Energy Common Stock               4,500 I (7) By Custodian For Child
U.S. Energy Common Stock               34,724 I (8) By ESOP
U.S. Energy Common Stock               155,811 I (9) By Trust

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Employee Option 1a (Right to Buy) $ 2 07/02/2007   M     20,109 12/04/1998 09/25/2008 U.S. Energy Common Stock 20,109 $ 0 0 D  
Employee Option 2 (Right to Buy) $ 2.4             01/10/2001 01/09/2011 U.S. Energy Common Stock 27,617   27,617 (10) D  
Employee Option 3 (Right to Buy) $ 3.9             12/07/2001 12/06/2011 U.S. Energy Common Stock 50,000   50,000 (11) D  
Employee Option 4 (Right to Buy) $ 2.25             08/08/2002 12/07/2011 U.S. Energy Common Stock 26,278   26,278 (11) D  
Employee Option 5 (Right to Buy) $ 2.46             07/01/2004 06/30/2014 U.S. Energy Common Stock 125,000   125,000 (11) D  
Employee Option 6 (Right to Buy) $ 3.86             10/14/2005 10/13/2015 U.S. Energy Common Stock 100,000   100,000 (11) D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
HERRON HAROLD F
877 NORTH 8TH WEST
RIVERTON, WY 82501		   X     SR VICE PRESIDENT  

Signatures

 /s/ HERRON, HAROLD F (HAL)   07/05/2007
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Shares issued to the Reporting Person under the USEG 2001 Stock Compensation Plan as ammended on June 22, 2007. The issuance of these shares is for the funding obligation under the plan for the third quarter of the calendar year ending December 31, 2007. The Issuer has agreed under the terms of the Plan to pay all taxes due. The Reporting Person has agreed not to sell these shares to the market or pledge them on obligations until after his (i) retirement; (ii) total disability or (iii) in the case of the death of the Reporting Person his estate may sell the shares of stock.
(2) Surrendered shares for payment of exercise of options.
(3) Includes 160,868 shares held directly by the Reporting Person.
(4) Includes 11,000 shares held in an Individual Retirement Account (IRA) for the benefit of the Reporting Person.
(5) Includes 175,000 shares held by Sutter Gold Mining Co., Inc. (SGMI), a subsidiary of USEG. The Reporting Person is an Officer and/or Director of both USEG and SGMI and is not a controlling shareholder and does not have or share investment controll over these shares, and therefore does not have a pecuniary interest in the USEG shares held by SGMI, under rule 16a-1(a)(2)(iii).
(6) Includes 125,556 shares held by Plateau Resources Limited (Plateau), a wholly owned subsidiary of USEG. The Reporting Person is an Officer and/or Director of both USEG and Plateau and is not a controlling shareholder and does not have or share investment controll over these shares, and therefore does not have a pecuniary interest in the USEG shares held by Plateau, under rule 16a-1(a)(2)(iii).
(7) Includes 4,500 shares indirectly held by the Reporting Person as Custodian for minor children under the Wyoming Uniform Transfers to Minors Act. The Reporting Person disclaims beneficial and pecuniary interest in these shares.
(8) 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. Subsequent to the final year end close the number of shares issued to the Reporting Person's ESOP account has been adjusted from shares forfieted by Plan participants.
(9) Includes 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.
(10) Includes stock options granted under the Issuer's 1998 Incentive Stock Option Plan and exempt under Rule 16b-3.
(11) Includes stock options granted under the Issuer's 2001 Incentive Stock Option Plan and exempt under Rule 16b-3.

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