-----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,
 O0OJ3ap77swrMPrbgrIE7/mbD9vvm2BZVwSiIZYm10xdFzVuhvRkfcQ78x49vWxG
 UD0+RFyJGNWvjRuKLpcbgA==

<SEC-DOCUMENT>0001028269-02-000162.txt : 20020903
<SEC-HEADER>0001028269-02-000162.hdr.sgml : 20020903
<ACCEPTANCE-DATETIME>20020903151833
ACCESSION NUMBER:		0001028269-02-000162
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20020831
FILED AS OF DATE:		20020903
<REPORTING-OWNER>

COMPANY DATA:	
	COMPANY CONFORMED NAME:			FRASER H RUSSELL
	CENTRAL INDEX KEY:			0001065880
<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>

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:		1934 Act
		SEC FILE NUMBER:	000-06814
		FILM NUMBER:		02755289

	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>4
<SEQUENCE>1
<FILENAME>edgar.txt
<DESCRIPTION>FORM 4 -   AUGUST 31, 2002
<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
       FRASER, H. RUSSELL
       3453 SOUTHFORK ROAD
       CODY, WY  82414
   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
     August 31, 2002
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|N/A   |    | |NONE              |   |N/A        |14,455             |D (a) |                           |
tock                       |      |    | |                  |   |           |                   |      |                           |
- -----------------------------------------------------------------------------------------------------------------------------------|
    $.01 Par Value Common S|N/A   |    | |NONE              |   |N/A        |1,300              |I (b) |By Wife                    |
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>
 Stock Option (Right t|$2.00/sh|N/A  |    | |           |   |12/04|09/25|Common Stock|12,500 |N/A    |12,500      |D  |            |
o Buy) (c)            |        |     |    | |           |   |/98  |/08  |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
 Stock Option (Right t|$2.40/sh|N/A  |    | |           |   |01/10|01/09|Common Stock|10,000 |N/A    |10,000      |D  |            |
o Buy) (c)            |        |     |    | |           |   |/01  |/11  |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
 Stock Option (Right t|$3.90/sh|N/A  |    | |           |   |12/07|12/06|Common Stock|20,000 |N/A    |20,000      |D  |            |
o Buy) (d)            |        |     |    | |           |   |/01  |/11  |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
 Stock Option (Right t|$2.25/sh|08/08|A   | |10,000     |A  |08/08|12/07|Common Stock|10,000 |N/A    |10,000      |D  |            |
o Buy) (d)            |        |/02  |    | |           |   |/02  |/11  |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
                      |        |     |    | |           |   |     |     |            |       |       |            |   |            |
___________________________________________________________________________________________________________________________________|
</TABLE>
Explanation of Responses:
Attachment to Form 4 dated August 30,
2002
(a)   Includes 4,000 shares held in an Individual Retirement Account
established for the benefit of the Reporting Person.
(b)   Shares are held in an Individual Retirement Account established for the
benefit of the Reporting Person's wife.   The Reporting Person disclaims
any beneficial interest in these
shares.
(c)   Stock options granted under Issuer's 1998 Incentive Stock Option Plan,
and exempt under Rule 16b-3.
(d)   Stock options granted under Issuer's 2001 Incentive Stock Option Plan,
and exempt under Rule 16b-3.
SIGNATURE OF REPORTING PERSON
    /s/    H. Russell Fraser
DATE
   August 30, 2002

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