-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 JUjTWh9Y8wDz6IeV7MDYDWcqykzukzCBF8MlaEWk3Gt2BAaUim8KEGpulkMVHzel
 WMxy79iPJo21PRVq5Vq0AA==

<SEC-DOCUMENT>0001028269-01-000006.txt : 20010209
<SEC-HEADER>0001028269-01-000006.hdr.sgml : 20010209
ACCESSION NUMBER:		0001028269-01-000006
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20010131
FILED AS OF DATE:		20010208

SUBJECT COMPANY:	

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

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		
		SEC FILE NUMBER:	000-06814
		FILM NUMBER:		1528933

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

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

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

COMPANY DATA:	
	COMPANY CONFORMED NAME:			BEBOUT NICK
	CENTRAL INDEX KEY:			0001065878
	STANDARD INDUSTRIAL CLASSIFICATION:	 []
<RELATIONSHIP>DIRECTOR

FILING VALUES:
	FORM TYPE:		4

BUSINESS ADDRESS:	
	STREET 1:		877 NORTH 8TH WEST
	CITY:			RIVERTON
	STATE:			WY
	ZIP:			82501
	BUSINESS PHONE:		3078569271
</REPORTING-OWNER>
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>0001.txt
<DESCRIPTION>FORM 4 -  JANUARY 31, 2001
<TEXT>

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
       BEBOUT, NICK
       4424 SKYLANE DRIVE
       P O BOX 112
       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
    January 31, 2001
5. If Amendment, Date of Original (Month/Year)

6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
   (X) Director ( ) 10% Owner ( ) Officer (give title below) ( ) Other
   (specify below)

7. Individual or Joint/Group Filing (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     |
                           |      |      |                                  |  Beneficially     |(D)or |                           |
                           |      |    | |                  | A/|           |  Owned at         |Indir |                           |
                           | Date |Code|V|    Amount        | D |    Price  |  End of Month     |ect(I)|                           |
___________________________________________________________________________________________________________________________________|
<S>                        <C>    <C>  <C><C>               <C> <C>         <C>                 <C>    <C>
    $.01 Par Value Common S|01/10/|J(a)|V|2,133             |A  |NIL        |21,918             |D     |                           |
tock                       |01    |    | |                  |   |           |                   |      |                           |
- -----------------------------------------------------------------------------------------------------------------------------------|
    $.01 Par Value Common S|N/A   |    | |NONE              |   |N/A        |5,000              | I (b)|By Svilar, Inc.            |
tock                       |      |    | |                  |   |           |                   |      |                           |
- -----------------------------------------------------------------------------------------------------------------------------------|
    $.01 Par Value Common S|N/A   |    | |NONE              |   |N/A        |2,500              |I (c) |By B-2 Wyo.  Inc.          |
tock                       |      |    | |                  |   |           |                   |      |                           |
- -----------------------------------------------------------------------------------------------------------------------------------|
___________________________________________________________________________________________________________________________________|
<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 |     |      | 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)|            |
___________________________________________________________________________________________________________________________________|
<S>                   <C>      <C>   <C>  <C><C>        <C> <C>   <C>   <C>          <C>     <C>     <C>          <C> <C>
Nonqualified Stock Opt|$2.00/sh|N/A  |    | |           |   |12/04|09/25|Common Stock|12,500 |N/A    |12,500      |D  |            |
ion
 (Right to Buy) (|        |     |    | |           |   |/98  |/08  |            |       |       |            |   |            |
d)                    |        |     |    | |           |   |     |     |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
Nonquallified Stock Op|$2.40/sh|N/A  |A   |V|10,000     |A  |01/10|01/09|Common Stock|10,000 |N/A    |10,000      |D  |            |
tion
(Right to Buy) (|        |     |    | |           |   |/01  |/11  |            |       |       |            |   |            |
d)                    |        |     |    | |           |   |     |     |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
                      |        |     |    | |           |   |     |     |            |       |       |            |   |            |
___________________________________________________________________________________________________________________________________|
</TABLE>
Explanation of Responses:
(a)    Shares issued as compensation for services as a director for calendar
2000.
(b)    Shares are held by a private corporation, Svilar, Inc. of which the
Reporting Person is a director.
(c)    Shares are held by a private corporation, B-2 Wyoming Inc. of which the
Reporting Persion is a director.
(d)    Nonqualified stock options granted under the Issuer's Incentive Stock
Option Plan, and exempt under Rule
16b-3.
SIGNATURE OF REPORTING PERSON
    /s/     Nick Bebout
DATE
    February 8, 2001

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
