-----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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 qN5b82GguwPWpVjxghhIYw==

<SEC-DOCUMENT>0001028269-02-000135.txt : 20020823
<SEC-HEADER>0001028269-02-000135.hdr.sgml : 20020823
<ACCEPTANCE-DATETIME>20020823131328
ACCESSION NUMBER:		0001028269-02-000135
CONFORMED SUBMISSION TYPE:	5
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20020531
FILED AS OF DATE:		20020823
<REPORTING-OWNER>

COMPANY DATA:	
	COMPANY CONFORMED NAME:			LARSEN KEITH G
	CENTRAL INDEX KEY:			0001065872
<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:		02746735

	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, 2002
<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, 2002
5. If Amendment, Date of Original (Month/Year)
     JULY 12, 2002
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        |6,000              |I (b) |Custodial                  |
CK                           |      |    |                  |   |           |                   |      |                           |
- -----------------------------------------------------------------------------------------------------------------------------------|
    $.01 PAR VALUE COMMON STO|05/30/|A-4 |7,870             |A  |NIL        |31,454             |I (c) |ESOP Benef.                |
CK                           |02    |    |                  |   |           |                   |      |                           |
- -----------------------------------------------------------------------------------------------------------------------------------|
    $.01 PAR VALUE COMMON STO|05/30/|A-4 |38,244            |A  |NIL        |156,430            |I (d) |Relatives' ESOP            |
CK                           |02    |    |                  |   |           |                   |      |                           |
- -----------------------------------------------------------------------------------------------------------------------------------|
    $.01 PAR VALUE COMMON STO|N/A   |    |NONE              |   |N/A        |1,500              |I (e) |By Children                |
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>
 Qualified Stock Option |$2.875/s|N/A  |    |           |   |12/04|09/25|Common Stock|34,782 |N/A    |34,782      |D  |            |

 (Right to Buy) (e)   |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) (e|        |     |    |           |   |/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) (e)   |        |     |    |           |   |/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) (e|        |     |    |           |   |/01  |/11  |            |       |       |            |   |            |
)                       |        |     |    |           |   |     |     |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
 Stock Option (Right to |$3.90/sh|12/07|A-4 |100,000    |A  |12/07|12/06|Common Stock|100,000|N/A    |100,000     |D  |            |
Buy) (f)                |        |/01  |    |           |   |/01  |/11  |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
___________________________________________________________________________________________________________________________________|
</TABLE>
Explanation of Responses:
Attachment to Form 5 for period ended May 31,
2002.
(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 held in the U.S. Energy Corp. Employee Stock Ownership
Plan (the "ESOP") in an account
established for the benefit of the Reporting
Person.
(c)   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 interest in these
shares.
(d)    Consists of shares held by three minor children of the Reporting Person.

(e)    Stock options granted under the Issuer's 1998 Incentive Stock Option
Plan, and exempt under Rule 16b-3.
(f)   Stock options granted under the Issuer's 2001 Incentive Stock Option
Plan, and exempt under Rule 16b-3.
SIGNATURE OF REPORTING PERSON
   /s/ Keith G. Larsen
DATE
   August 16, 2002

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