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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 LQafSeIdZtM/Ma6qe8At5XhqZeiP0AiOfskbMzz6TXIxpqE06q/omPJI+fKSZa4K
 XifrvgtHzkwIoB30iL6Paw==

<SEC-DOCUMENT>0001028269-01-500033.txt : 20010612
<SEC-HEADER>0001028269-01-500033.hdr.sgml : 20010612
ACCESSION NUMBER:		0001028269-01-500033
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20010531
FILED AS OF DATE:		20010611

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CRESTED CORP
		CENTRAL INDEX KEY:			0000025657
		STANDARD INDUSTRIAL CLASSIFICATION:	OPERATORS OF NONRESIDENTIAL BUILDINGS [6512]
		IRS NUMBER:				840608126
		STATE OF INCORPORATION:			CO
		FISCAL YEAR END:			0531

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		
		SEC FILE NUMBER:	000-08773
		FILM NUMBER:		1658133

	BUSINESS ADDRESS:	
		STREET 1:		877 N 8TH WEST
		STREET 2:		GLEN L LARSEN BLDG
		CITY:			RIVERTON
		STATE:			WY
		ZIP:			82501
		BUSINESS PHONE:		3078569272

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CRESTED BUTTE SILVER MINING INC
		DATE OF NAME CHANGE:	19840916
<REPORTING-OWNER>

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

FILING VALUES:
	FORM TYPE:		4

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>
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.txt
<DESCRIPTION>FORM 4 -     MAY 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
       U.S. ENERGY, CORP.

       877 NORTH 8TH WEST
       RIVERTON,   WY    82501
   USA
2. Issuer Name and Ticker or Trading Symbol
       CRESTED CORP.
       (CBAG)
3. IRS or Social Security Number of Reporting Person (Voluntary)

4. Statement for Month/Year
       MAY 31, 2001
5. If Amendment, Date of Original (Month/Year)

6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
   ( ) Director (X) 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>
    $.001 Par Value Common |05/01/|J (a| |53,885            |A  |$0.27      |                   |D     |                           |
Stock                      |01    |)   | |                  |   |           |                   |      |                           |
- -----------------------------------------------------------------------------------------------------------------------------------|
    $.001 Par Value Common |05/25/|J (b| |6,666,666         |A  |$0.45      |12,020,848         |D     |                           |
Stock                      |01    |)   | |                  |   |           |                   |      |                           |
- -----------------------------------------------------------------------------------------------------------------------------------|
    $.001 Par Value Common |05/01/|J (a| |53,885            |D  |$0.27      |-0-                |I (c) |By Ruby                    |
Stock                      |01    |)   | |                  |   |           |                   |      |                           |
- -----------------------------------------------------------------------------------------------------------------------------------|
___________________________________________________________________________________________________________________________________|
<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>
                      |        |     |    | |           |   |     |     |            |       |       |            |   |            |
___________________________________________________________________________________________________________________________________|
</TABLE>
Explanation of Responses:
Form 4 for May 31,
2001.
(a)     Shares previously held by Ruby Mining Company surrendered to U.S.
Energy Corp. ("USE") for payment of
debt.
(b)    Shares issued as payment for
debt.
(c)    Consisted of shares held by Ruby Mining Company, formerly a
majority-owned subsidiary of USE.
SIGNATURE OF REPORTING PERSON
  /s/    ROBERT SCOTT LORIMER, Treasurer and CFO
DATE
    JUNE 8, 2001
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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