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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>/in/edgar/work/20000725/0001028269-00-000077/0001028269-00-000077.txt : 20000921
<SEC-HEADER>0001028269-00-000077.hdr.sgml : 20000921
ACCESSION NUMBER:		0001028269-00-000077
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:		678024
</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 KEITH G
							CENTRAL INDEX KEY:			0001065872
							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, KEITH G.
       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  ( ) 10% Owner  (X) Officer (give title below) ( ) Other
   (specify below)
   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>
<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|N/A   |    |NONE              |   |N/A        |1,774              |D     |                           |
CK                           |      |    |                  |   |           |                   |      |                           |
- -----------------------------------------------------------------------------------------------------------------------------------|
    $.01 PAR VALUE COMMON STO|N/A   |    |NONE              |   |N/A        |8,820              |D (a) |                           |
CK                           |      |    |                  |   |           |                   |      |                           |
- -----------------------------------------------------------------------------------------------------------------------------------|
    $.01 PAR VALUE COMMON STO|N/A   |    |NONE              |   |N/A        |8,000              |I (b) |Custodial                  |
CK                           |      |    |                  |   |           |                   |      |                           |
- -----------------------------------------------------------------------------------------------------------------------------------|
    $.01 PAR VALUE COMMON STO|05/31/|A-4 |3,811             |   |NIL        |19,703             |I (c) |ESOP Benef.                |
CK                           |00    |    |                  |   |           |                   |      |                           |
- -----------------------------------------------------------------------------------------------------------------------------------|
    $.01 PAR VALUE COMMON STO|05/28/|A-4 |23,970            |   |NIL        |100,665            |I (d) |Relatives' ESOP            |
CK                           |99    |    |                  |   |           |                   |      |                           |
- -----------------------------------------------------------------------------------------------------------------------------------|
___________________________________________________________________________________________________________________________________|
<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 - Qualified|$4.00/sh|N/A  |    |           |   |01/01|12/31|Common Stock|30,000 |N/A    |30,000      |D  |            |

 (Right to Buy)      |        |     |    |           |   |/96  |/00  |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
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|52,718 |N/A    |52,718      |D  |            |
fied
(Right to Buy) (e|        |     |    |           |   |/98  |/08  |            |       |       |            |   |            |
)                       |        |     |    |           |   |     |     |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
___________________________________________________________________________________________________________________________________|
</TABLE>
Explanation of Responses:
(a)    Consists of shares subject to forfeiture.  The shares are deemed "earned
out" by the Reporting 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).
(b)    Consists of shares indirectly held by the Reporting Person as Custodian
for his minor children under the
Wyoming Uniform Transfer to Minors Act.  The Reporting Person disclaims
beneficial and pecuniary interest in
these
shares.
(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 Person's
"immediate family" as that term is defined in Rule 16a-1(e), in accordance with
Rule 16a-8(b)(2).
The Reporting Person disclaims beneficial and pecuniary interest in the shares
reported under footnotes b and d.
SIGNATURE OF REPORTING PERSON
    /s/    KEITH G. LARSEN
DATE
    JULY 25, 2000

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