-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
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 +vgNY99oyZUDBv2RboteBw==

<SEC-DOCUMENT>/in/edgar/work/20000725/0001028269-00-000076/0001028269-00-000076.txt : 20000921
<SEC-HEADER>0001028269-00-000076.hdr.sgml : 20000921
ACCESSION NUMBER:		0001028269-00-000076
CONFORMED SUBMISSION TYPE:	5
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20000531
FILED AS OF DATE:		20000725

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			US ENERGY CORP
		CENTRAL INDEX KEY:			0000101594
		STANDARD INDUSTRIAL CLASSIFICATION:	 [1000
]		IRS NUMBER:				830205516
		STATE OF INCORPORATION:			WY
		FISCAL YEAR END:			0531
</COMPANY-DATA>

		FILING VALUES:
			FORM TYPE:		5
			SEC ACT:		
			SEC FILE NUMBER:	000-06814
			FILM NUMBER:		678023
</FILING-VALUES>

			BUSINESS ADDRESS:	
				STREET 1:		877 NORTH 8TH WEST
				STREET 2:		GLEN L LARSEN BLDG
				CITY:			RIVERTON
				STATE:			WY
				ZIP:			82501
				BUSINESS PHONE:		3078569271
</BUSINESS-ADDRESS>

				MAIL ADDRESS:	
					STREET 1:		877 NORTH 8TH WEST
					CITY:			RIVERTON
					STATE:			WY
					ZIP:			82501
</MAIL-ADDRESS>

					FORMER COMPANY:	
						FORMER CONFORMED NAME:	WESTERN STATES MINING INC
						DATE OF NAME CHANGE:	19851229
</FORMER-COMPANY>
</SUBJECT-COMPANY>
<REPORTING-OWNER>

						COMPANY DATA:	
							COMPANY CONFORMED NAME:			LARSEN JOHN L
							CENTRAL INDEX KEY:			0001065871
							STANDARD INDUSTRIAL CLASSIFICATION:	 [
]<RELATIONSHIP>DIRECTOR
</COMPANY-DATA>

							FILING VALUES:
								FORM TYPE:		5
</FILING-VALUES>

								BUSINESS ADDRESS:	
									STREET 1:		877 NORTH 8TH WEST
									CITY:			RIVERTON
									STATE:			WY
									ZIP:			82501
									BUSINESS PHONE:		3078569271
</BUSINESS-ADDRESS>
</REPORTING-OWNER>
</SEC-HEADER>
<DOCUMENT>
<TYPE>5
<SEQUENCE>1
<FILENAME>0001.txt
<DESCRIPTION>FORM 5 -    MAY 31, 2000
<TEXT>

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
       LARSEN, JOHN L.
       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, 2000
5. If Amendment, Date of Original (Month/Year)

6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
   (X) Director  (X) 10% Owner  (X) Officer (give title below) ( ) Other
   (specify below)
   CHAIRMAN AND CEO
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>
<CAPTION>
___________________________________________________________________________________________________________________________________
 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)|                           |
___________________________________________________________________________________________________________________________________|
<S>                          <C>    <C>  <C>                <C> <C>         <C>                 <C>    <C>
    $.01 PAR VALUE COMMON STO|05/30/|A-4 |20,000            |A  |NIL        |439,089            |D (a) |                           |
CK                           |00    |    |                  |   |           |                   |      |                           |
- -----------------------------------------------------------------------------------------------------------------------------------|
    $.01 PAR VALUE COMMON STO|N/A   |    |NONE              |   |N/A        |42,350             |I(b)  |By Wife                    |
CK                           |      |    |                  |   |           |                   |      |                           |
- -----------------------------------------------------------------------------------------------------------------------------------|
    $.01 PAR VALUE COMMON STO|05/31/|A-4 |5,293             |A  |NIL        |38,855             |I (c) |ESOP Benef.                |
CK                           |00    |    |                  |   |           |                   |      |                           |
- -----------------------------------------------------------------------------------------------------------------------------------|
    $.01 PAR VALUE COMMON STO|05/31/|A-4 |22,488            |A  |NIL        |83,345             |I (d) |Relative's ESOP            |
CK                           |00    |    |                  |   |           |                   |      |                           |
- -----------------------------------------------------------------------------------------------------------------------------------|
    $.01 PAR VALUE COMMON STO|N/A   |    |NONE              |   |N/A        |155,811            |I (e) |ESOP Trustee               |
CK                           |      |    |                  |   |           |                   |      |                           |
- -----------------------------------------------------------------------------------------------------------------------------------|
    $.01 PAR VALUE COMMON STO|N/A   |    |NONE              |   |N/A        |125,556            |I (f) |By Plateau                 |
CK                           |      |    |                  |   |           |                   |      |                           |
- -----------------------------------------------------------------------------------------------------------------------------------|
    $.01 PAR VALUE COMMON STO|N/A   |    |NONE              |   |N/A        |175,000            |I (g) |By SGMC                    |
CK                           |      |    |                  |   |           |                   |      |                           |
- -----------------------------------------------------------------------------------------------------------------------------------|
    $.01 PAR VALUE COMMON STO|N/A   |    |NONE              |   |N/A        |512,359            |I (h) |By Crested                 |
CK                           |      |    |                  |   |           |                   |      |                           |
- -----------------------------------------------------------------------------------------------------------------------------------|
    $.01 PAR VALUE COMMON STO|N/A   |    |NONE              |   |N/A        |12,612             |I (i) |By Ruby                    |
CK                           |      |    |                  |   |           |                   |      |                           |
- -----------------------------------------------------------------------------------------------------------------------------------|
    $.01 PAR VALUE COMMON STO|N/A   |    |NONE              |   |N/A        |1,581              |I (j) |By NWG                     |
CK                           |      |    |                  |   |           |                   |      |                           |
- -----------------------------------------------------------------------------------------------------------------------------------|
___________________________________________________________________________________________________________________________________|
<CAPTION>
___________________________________________________________________________________________________________________________________
 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)|            |
___________________________________________________________________________________________________________________________________|
<S>                     <C>      <C>   <C>  <C>         <C> <C>   <C>   <C>           <C>    <C>     <C>          <C> <C>
Stock Option  - Qualifie|$2.90/sh|N/A  |    |           |   |04/15|04/14|Common Stock|100,100|N/A    |100,100     |D  |            |
d
(Right to Buy)       |        |     |    |           |   |/92  |/02  |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
Stock Option - Non-Quali|$2.00/sh|N/A  |    |           |   |06/16|06/15|Common Stock|100,000|N/A    |100,000     |D  |            |
fied
  (Right to Buy) |        |     |    |           |   |/92  |/02  |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
Stock Option - Qualified|$2.875/s|N/A  |    |           |   |12/04|09/25|Common Stock|34,782 |N/A    |34,782      |D  |            |

(Right to Buy)       |h       |     |    |           |   |/98  |/08  |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
Stock Option - Non-Quali|$2.00/sh|N/A  |    |           |   |12/04|09/25|Common Stock|77,718 |N/A    |77,718      |D  |            |
fied
 (Right to Buy) (|        |     |    |           |   |/98  |/08  |            |       |       |            |   |            |
k)                      |        |     |    |           |   |     |     |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
___________________________________________________________________________________________________________________________________|
</TABLE>
Explanation of Responses:
(a)    Includes 106,000 shares held by the Reporting Person in joint tenancy
with his wife and 27,500 shares gifted
by the Reporting Person to his wife, but not transferred into her name.  Also
includes 25,200 shares and 64,226
shares subject to forfeiture.  The 25,200 shares, issued under the USEG
Restricted Stock Bonus Plan, are deemed
"earned out" by the Reporting Person:  (i) if he is continuously employed by
USE 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 64,226 shares, issued under the 1996 Stock Award Program, vest
over a 5 year period at the rate of
20% per year and are subject to the same 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 89,426 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 acquisition of the
shares by the Reporting Person from both
the Bonus Plan and the Award Program are exempt under Rule
16-b3.
(b)   Consists of shares held directly by the Reporting Person's
wife.
(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.
(d)   Consists of shares held in ESOP accounts established to benefit members
of the Reporting persons
"immediately family", as that term is defined in Rule 16a-1(e), in accordance
with Rule 16a-8(b)(2).
(e)   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.
(f)  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).
(g)   Consists of shares held by Sutter Gold Mining Company ("SGMC"), a
subsidiary of USEG.  The Reporting
person is an officer and director of both USEG and SGMC.  The Reporting Person
is not a controlling shareholder
of SGMC, and therefore the Reporting Person does not have a pecuniary interest
in the USEG shares held by
SGMC, under Rule
16a-1(a)(2)(iii).
(h)   Consists of shares held by Crested Corp. ("Crested"), a majority-owned
subsidiary of USEG.  The Reporting
Person is an officer and director of both USEG and 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).
(i)   Consists of shares held by Ruby Mining Company ("Ruby"), a subsidiary of
USEG.  The Reporting Person is an
officer and director of both USEG and Ruby.  The Reporting Person is not a
controlling shareholder of Ruby, and
therefore the Reporting Person does not have a pecuniary interest in the USEG
shares held by Ruby, 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 USEG and a director or 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).
NOTE:   Pursuant to SEC Rule 16a-1(a)(2), information on Crested, Plateau,
SGMC,  Ruby and NWG  is not required,
however, Registrant has
             undertaken comprehensive disclosure and reports shares held by
Crested, Plateau, SGMC, Ruby and
NWG as indirectly owned
by
             the Reporting
Person.
             The Reporting Person disclaims beneficial and pecuniary interest
in the shares reported under footnotes
b, d, e, f, g, h, i, and
j.
SIGNATURE OF REPORTING PERSON
   /s/    JOHN L. LARSEN
DATE
    July 25, 2000

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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