-----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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 L/elSXgVMT4BNCLLhazGTA==

<SEC-DOCUMENT>0001028269-01-500070.txt : 20010809
<SEC-HEADER>0001028269-01-500070.hdr.sgml : 20010809
ACCESSION NUMBER:		0001028269-01-500070
CONFORMED SUBMISSION TYPE:	5
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20010531
FILED AS OF DATE:		20010808
<REPORTING-OWNER>

COMPANY DATA:	
	COMPANY CONFORMED NAME:			LARSEN KEITH G
	CENTRAL INDEX KEY:			0001065872
	STANDARD INDUSTRIAL CLASSIFICATION:	TEXTILE MILL PRODUCTS [2200]
<RELATIONSHIP>DIRECTOR

FILING VALUES:
	FORM TYPE:		5

BUSINESS ADDRESS:	
	STREET 1:		877 NORTH 8TH WEST
	CITY:			RIVERTON
	STATE:			WY
	ZIP:			82501
	BUSINESS PHONE:		3078569271
</REPORTING-OWNER>

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:		5
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-06814
		FILM NUMBER:		1701254

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>5
<SEQUENCE>1
<FILENAME>edgar.txt
<DESCRIPTION>FORM 5 -   MAY 31, 2001
<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
( ) 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, 2001
5. If Amendment, Date of Original (Month/Year)
     July 23, 2001
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|05/18/|J-4 |2,000 (b)         |D  |NIL        |6,000              |I (c) |Custodial                  |
CK                           |01    |    |                  |   |           |                   |      |                           |
- -----------------------------------------------------------------------------------------------------------------------------------|
    $.01 PAR VALUE COMMON STO|05/25/|A-4 |3,811             |A  |NIL        |23,584             |I (d) |ESOP Benef.                |
CK                           |01    |    |                  |   |           |                   |      |                           |
- -----------------------------------------------------------------------------------------------------------------------------------|
    $.01 PAR VALUE COMMON STO|05/25/|A-4 |17,521            |A  |NIL        |113,612            |I (e) |Relatives' ESOP            |
CK                           |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 |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>
 Qualified Stock Option |$.2875/s|N/A  |    |           |   |12/04|09/25|Common Stock|34,782 |N/A    |34,782      |D  |            |

 (Right to Buy) (f)   |h       |     |    |           |   |/98  |/08  |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
 Non-Qualified Stock Opt|$2.00/sh|N/A  |    |           |   |12/04|09/25|Common Stock|52,718 |N/A    |52,718      |D  |            |
ion
 (Right to Buy) (f|        |     |    |           |   |/98  |/08  |            |       |       |            |   |            |
)                       |        |     |    |           |   |     |     |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
 Qualified Stock Option |$2.40/sh|N/A  |    |           |   |01/10|01/09|Common Stock|41,667 |N/A    |41,667      |D  |            |

 (Right to Buy) (f)   |        |     |    |           |   |/01  |/11  |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
 Non-Qualified Stock Opt|$2.40/sh|N/A  |    |           |   |01/10|01/09|Common Stock|267,733|N/A    |267,733     |D  |            |
ion
 (Right to Buy) (f|        |     |    |           |   |/01  |/11  |            |       |       |            |   |            |
)                       |        |     |    |           |   |     |     |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
___________________________________________________________________________________________________________________________________|
</TABLE>
Explanation of Responses:
Attachment to Amended Form 5 for May 31,
2001.
This Amendment is filed to include a transaction not previously
reported.
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)    Shares indirectly held by the Reporting Person as Custodian for his minor
child under the Wyoming Uniform Transfers to Minors Act were released
to the child who is no longer a minor, and does not reside in the same
household as the Reporting Person.
c)   Consists of shares indirectly held by the Reporting Person as Custodian
for his minor children under the Wyoming Uniform Transfers to Minors Act.
 The Reporting Person disclaims benefical and pecuniary interest in these
shares.
d)   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.
e)   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).
f)    Stock options granted under the Issuer's Incentive Stock Option Plan, and
exempt under Rule 16b-3.
SIGNATURE OF REPORTING PERSON
   /s/ Keith G. Larsen
DATE
    August 8, 2001

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