-----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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<SEC-DOCUMENT>0000101594-04-000007.txt : 20040107
<SEC-HEADER>0000101594-04-000007.hdr.sgml : 20040107
<ACCEPTANCE-DATETIME>20040107120419
ACCESSION NUMBER:		0000101594-04-000007
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040105
FILED AS OF DATE:		20040107

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			LARSEN JOHN L
		CENTRAL INDEX KEY:			0001065871

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-06814
		FILM NUMBER:		04512340

	BUSINESS ADDRESS:	
		STREET 1:		877 NORTH 8TH WEST
		CITY:			RIVERTON
		STATE:			WY
		ZIP:			82501
		BUSINESS PHONE:		3078569271

ISSUER:		

	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:			1231

	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>lar30.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
	<periodOfReport>2004-01-05</periodOfReport>
	<notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000101594</issuerCik>
        <issuerName>US ENERGY CORP</issuerName>
        <issuerTradingSymbol>USEG</issuerTradingSymbol>
	</issuer>
	<reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001065871</rptOwnerCik>
            <rptOwnerName>LARSEN JOHN L</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>877 NORTH 8TH WEST</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>RIVERTON</rptOwnerCity>
            <rptOwnerState>WY</rptOwnerState>
            <rptOwnerZipCode>82501</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
			<isDirector>1</isDirector>
			<isOfficer>1</isOfficer>
			<isTenPercentOwner>0</isTenPercentOwner>
			<isOther>0</isOther>
			<officerTitle>Chairman and CEO</officerTitle>
		</reportingOwnerRelationship>
	</reportingOwner>
	<nonDerivativeTable>
		<nonDerivativeTransaction>
			<securityTitle>
				<value>U.S. Energy Common Stock</value>
			</securityTitle>
			<transactionDate>
				<value>2004-01-05</value>
			</transactionDate>
			<deemedExecutionDate>
			</deemedExecutionDate>
			<transactionCoding>
				<transactionFormType>4</transactionFormType>
				<transactionCode>A</transactionCode>
				<equitySwapInvolved>0</equitySwapInvolved>
			</transactionCoding>
			<transactionAmounts>
				<transactionShares>
					<value>2500</value>
				</transactionShares>
				<transactionPricePerShare>
					<value>0</value>
				</transactionPricePerShare>
				<transactionAcquiredDisposedCode>
					<value>A</value>
					<footnoteId id="F1"/>
				</transactionAcquiredDisposedCode>
			</transactionAmounts>
			<postTransactionAmounts>
				<sharesOwnedFollowingTransaction>
					<value>569546</value>
				</sharesOwnedFollowingTransaction>
			</postTransactionAmounts>
			<ownershipNature>
				<directOrIndirectOwnership>
					<value>D</value>
				</directOrIndirectOwnership>
				<natureOfOwnership>
					<value/>
				</natureOfOwnership>
			</ownershipNature>
		</nonDerivativeTransaction>
		<nonDerivativeTransaction>
			<securityTitle>
				<value>U.S. Energy Common Stock</value>
			</securityTitle>
			<transactionDate>
				<value>2004-01-06</value>
			</transactionDate>
			<deemedExecutionDate>
			</deemedExecutionDate>
			<transactionCoding>
				<transactionFormType>4</transactionFormType>
				<transactionCode>J</transactionCode>
				<equitySwapInvolved>0</equitySwapInvolved>
			</transactionCoding>
			<transactionAmounts>
				<transactionShares>
					<value>1500</value>
				</transactionShares>
				<transactionPricePerShare>
					<value>3.05</value>
				</transactionPricePerShare>
				<transactionAcquiredDisposedCode>
					<value>D</value>
					<footnoteId id="F2"/>
				</transactionAcquiredDisposedCode>
			</transactionAmounts>
			<postTransactionAmounts>
				<sharesOwnedFollowingTransaction>
					<value>568046</value>
				</sharesOwnedFollowingTransaction>
			</postTransactionAmounts>
			<ownershipNature>
				<directOrIndirectOwnership>
					<value>D</value>
					<footnoteId id="F3"/>
					<footnoteId id="F4"/>
					<footnoteId id="F5"/>
					<footnoteId id="F6"/>
					<footnoteId id="F7"/>
				</directOrIndirectOwnership>
				<natureOfOwnership>
					<value/>
				</natureOfOwnership>
			</ownershipNature>
		</nonDerivativeTransaction>
		<nonDerivativeHolding>
			<securityTitle>
				<value>U.S. Energy Common Stock</value>
			</securityTitle>
			<postTransactionAmounts>
				<sharesOwnedFollowingTransaction>
					<value>812915</value>
				</sharesOwnedFollowingTransaction>
			</postTransactionAmounts>
			<ownershipNature>
				<directOrIndirectOwnership>
					<value>I</value>
					<footnoteId id="F8"/>
					<footnoteId id="F9"/>
					<footnoteId id="F10"/>
				</directOrIndirectOwnership>
				<natureOfOwnership>
					<value>By Corporation</value>
				</natureOfOwnership>
			</ownershipNature>
		</nonDerivativeHolding>
		<nonDerivativeHolding>
			<securityTitle>
				<value>U.S. Energy Common Stock</value>
			</securityTitle>
			<postTransactionAmounts>
				<sharesOwnedFollowingTransaction>
					<value>6452</value>
				</sharesOwnedFollowingTransaction>
			</postTransactionAmounts>
			<ownershipNature>
				<directOrIndirectOwnership>
					<value>I</value>
					<footnoteId id="F11"/>
				</directOrIndirectOwnership>
				<natureOfOwnership>
					<value>By ESOP</value>
				</natureOfOwnership>
			</ownershipNature>
		</nonDerivativeHolding>
		<nonDerivativeHolding>
			<securityTitle>
				<value>U.S. Energy Common Stock</value>
			</securityTitle>
			<postTransactionAmounts>
				<sharesOwnedFollowingTransaction>
					<value>166999</value>
				</sharesOwnedFollowingTransaction>
			</postTransactionAmounts>
			<ownershipNature>
				<directOrIndirectOwnership>
					<value>I</value>
					<footnoteId id="F12"/>
				</directOrIndirectOwnership>
				<natureOfOwnership>
					<value>By Immediate Family</value>
				</natureOfOwnership>
			</ownershipNature>
		</nonDerivativeHolding>
		<nonDerivativeHolding>
			<securityTitle>
				<value>U.S. Energy Common Stock</value>
			</securityTitle>
			<postTransactionAmounts>
				<sharesOwnedFollowingTransaction>
					<value>42350</value>
				</sharesOwnedFollowingTransaction>
			</postTransactionAmounts>
			<ownershipNature>
				<directOrIndirectOwnership>
					<value>I</value>
					<footnoteId id="F13"/>
				</directOrIndirectOwnership>
				<natureOfOwnership>
					<value>By Spouse</value>
				</natureOfOwnership>
			</ownershipNature>
		</nonDerivativeHolding>
		<nonDerivativeHolding>
			<securityTitle>
				<value>U.S. Energy Common Stock</value>
			</securityTitle>
			<postTransactionAmounts>
				<sharesOwnedFollowingTransaction>
					<value>155811</value>
				</sharesOwnedFollowingTransaction>
			</postTransactionAmounts>
			<ownershipNature>
				<directOrIndirectOwnership>
					<value>I</value>
					<footnoteId id="F14"/>
				</directOrIndirectOwnership>
				<natureOfOwnership>
					<value>By Trust</value>
				</natureOfOwnership>
			</ownershipNature>
		</nonDerivativeHolding>
	</nonDerivativeTable>
	<derivativeTable>
		<derivativeHolding>
			<securityTitle>
				<value>Employee Option 1 (Right to Buy)</value>
			</securityTitle>
			<conversionOrExercisePrice>
				<value>2.875</value>
			</conversionOrExercisePrice>
			<exerciseDate>
				<value>1998-12-04</value>
			</exerciseDate>
			<expirationDate>
				<value>2008-09-05</value>
			</expirationDate>
			<underlyingSecurity>
				<underlyingSecurityTitle>
					<value>U.S. Energy Common Stock</value>
				</underlyingSecurityTitle>
				<underlyingSecurityShares>
					<value>34782</value>
				</underlyingSecurityShares>
			</underlyingSecurity>
			<postTransactionAmounts>
				<sharesOwnedFollowingTransaction>
					<value>34782</value>
					<footnoteId id="F15"/>
				</sharesOwnedFollowingTransaction>
			</postTransactionAmounts>
			<ownershipNature>
				<directOrIndirectOwnership>
					<value>D</value>
				</directOrIndirectOwnership>
				<natureOfOwnership>
					<value/>
				</natureOfOwnership>
			</ownershipNature>
		</derivativeHolding>
		<derivativeHolding>
			<securityTitle>
				<value>Employee Option 1a (Right to Buy)</value>
			</securityTitle>
			<conversionOrExercisePrice>
				<value>2.000</value>
			</conversionOrExercisePrice>
			<exerciseDate>
				<value>1998-12-04</value>
			</exerciseDate>
			<expirationDate>
				<value>2008-09-25</value>
			</expirationDate>
			<underlyingSecurity>
				<underlyingSecurityTitle>
					<value>U.S. Energy Common Stock</value>
				</underlyingSecurityTitle>
				<underlyingSecurityShares>
					<value>77718</value>
				</underlyingSecurityShares>
			</underlyingSecurity>
			<postTransactionAmounts>
				<sharesOwnedFollowingTransaction>
					<value>77718</value>
					<footnoteId id="F15"/>
				</sharesOwnedFollowingTransaction>
			</postTransactionAmounts>
			<ownershipNature>
				<directOrIndirectOwnership>
					<value>D</value>
				</directOrIndirectOwnership>
				<natureOfOwnership>
					<value/>
				</natureOfOwnership>
			</ownershipNature>
		</derivativeHolding>
		<derivativeHolding>
			<securityTitle>
				<value>Employee Option 2 (Right to Buy)</value>
			</securityTitle>
			<conversionOrExercisePrice>
				<value>2.400</value>
			</conversionOrExercisePrice>
			<exerciseDate>
				<value>2001-01-10</value>
			</exerciseDate>
			<expirationDate>
				<value>2011-01-09</value>
			</expirationDate>
			<underlyingSecurity>
				<underlyingSecurityTitle>
					<value>U.S. Energy Common Stock</value>
				</underlyingSecurityTitle>
				<underlyingSecurityShares>
					<value>184400</value>
				</underlyingSecurityShares>
			</underlyingSecurity>
			<postTransactionAmounts>
				<sharesOwnedFollowingTransaction>
					<value>184400</value>
					<footnoteId id="F15"/>
				</sharesOwnedFollowingTransaction>
			</postTransactionAmounts>
			<ownershipNature>
				<directOrIndirectOwnership>
					<value>D</value>
				</directOrIndirectOwnership>
				<natureOfOwnership>
					<value/>
				</natureOfOwnership>
			</ownershipNature>
		</derivativeHolding>
		<derivativeHolding>
			<securityTitle>
				<value>Employee Option 3 (Right to Buy)</value>
			</securityTitle>
			<conversionOrExercisePrice>
				<value>3.900</value>
			</conversionOrExercisePrice>
			<exerciseDate>
				<value>2001-12-07</value>
			</exerciseDate>
			<expirationDate>
				<value>2011-12-06</value>
			</expirationDate>
			<underlyingSecurity>
				<underlyingSecurityTitle>
					<value>U.S. Energy Common Stock</value>
				</underlyingSecurityTitle>
				<underlyingSecurityShares>
					<value>100000</value>
				</underlyingSecurityShares>
			</underlyingSecurity>
			<postTransactionAmounts>
				<sharesOwnedFollowingTransaction>
					<value>100000</value>
					<footnoteId id="F16"/>
				</sharesOwnedFollowingTransaction>
			</postTransactionAmounts>
			<ownershipNature>
				<directOrIndirectOwnership>
					<value>D</value>
				</directOrIndirectOwnership>
				<natureOfOwnership>
					<value/>
				</natureOfOwnership>
			</ownershipNature>
		</derivativeHolding>
		<derivativeHolding>
			<securityTitle>
				<value>Employee Option 4 (Right to Buy)</value>
			</securityTitle>
			<conversionOrExercisePrice>
				<value>2.250</value>
			</conversionOrExercisePrice>
			<exerciseDate>
				<value>2002-08-08</value>
			</exerciseDate>
			<expirationDate>
				<value>2011-12-07</value>
			</expirationDate>
			<underlyingSecurity>
				<underlyingSecurityTitle>
					<value>U.S. Energy Common Stock</value>
				</underlyingSecurityTitle>
				<underlyingSecurityShares>
					<value>97000</value>
				</underlyingSecurityShares>
			</underlyingSecurity>
			<postTransactionAmounts>
				<sharesOwnedFollowingTransaction>
					<value>97000</value>
					<footnoteId id="F16"/>
				</sharesOwnedFollowingTransaction>
			</postTransactionAmounts>
			<ownershipNature>
				<directOrIndirectOwnership>
					<value>D</value>
				</directOrIndirectOwnership>
				<natureOfOwnership>
					<value/>
				</natureOfOwnership>
			</ownershipNature>
		</derivativeHolding>
	</derivativeTable>
	<footnotes>
		<footnote id="F1">Shares issued to the Reporting Person under the USEG 2001 Stock Compensation Plan.  The issuance of these shares is for the funding obligation under the plan for the first quarter of the calendar year ending December 31, 2004.  The Issuer has agreed under the terms of the Plan to pay all taxes due.  The Reporting Person has agreed not to sell these shares to the market or pledge them on obligations until after his (i) retirement; (ii) total disability or (iii) in the case of the death of the Reporting Person his estate may sell the shares of stock.</footnote>
		<footnote id="F2">Mandatory disbursement from I.R.A.</footnote>
		<footnote id="F3">Includes 265,663 shares held directly by the Reporting Person (of this amount, 27,500 shares have been gifted to Reporting Person's wife but are still in Reporting Person's name).</footnote>
		<footnote id="F4">Includes 106,000 shares held in joint tenancy with the Reporting Person's wife.</footnote>
		<footnote id="F5">Includes 500 shares held in a street name account for the benefit of the Reporting Person.</footnote>
		<footnote id="F6">Includes 50,683 shares held in an Individual Retirement Account (IRA) for the benefit of the Reporting Person.</footnote>
		<footnote id="F7">Includes 25,200 shares issued under the  Restricted Stock Bonus Plan and 120,000 shares issued under the 1996 Stock Award program all of which are subject to forfeiture by the Reporting Person. Shares issued under the 1996 Stock Award program vest over a 5-year period at the rate of 20% per year, The forfeitable shares issued under both plans 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) (iii). The treasurer of USEG holds the shares in trust for the benefit of the Reporting Person, while non-employee directors of USEG exercise shared voting and dispositive rights over all forfeitable shares. The acquisitions of the shares by the Reporting Person from both the Bonus Plan and the Award Program are exempt under Rule 16b-3.</footnote>
		<footnote id="F8">Includes 512,359 shares held by Crested Corp. (Crested), a majority-owned subsidiary of USEG. The Reporting Person is an Officer and/or Director of both USEG and Crested and is not a controlling shareholder and therefore does not have a pecuniary interest in the USEG shares held by Crested, under rule 16a-1(a)(2)(iii).</footnote>
		<footnote id="F9">Includes 175,000 shares held by Sutter Gold Mining Company (SGMC), a subsidiary of USEG. The Reporting Person is an Officer and/or Director of both USEG and SGMC and is not a controlling shareholder and therefore does not have a pecuniary interest in the USEG shares held by SGMC, under rule 16a-1(a)(2)(iii).</footnote>
		<footnote id="F10">Includes 125,556 shares held by Plateau Resources Limited (Plateau), a wholly owned subsidiary of USEG. The Reporting Person is an Officer and/or Director of both USEG and Plateau and is not a controlling shareholder and therefore does not have a pecuniary interest in the USEG shares held by Plateau, under rule 16a-1(a)(2)(iii).</footnote>
		<footnote id="F11">Includes 6,452 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. The transaction date reflects USEG's fiscal year end date, which is used to determine the total number of shares contributed to the ESOP.</footnote>
		<footnote id="F12">Includes shares held in ESOP accounts established to benefit members of the Reporting Persons 'Immediate Family', as that term is defined in Rule 16a-1(e), in accordance with Rule 16a-8(b)(2).</footnote>
		<footnote id="F13">Includes 42,350 shares held directly by the Reporting Person's wife or shares held in an IRA established for the benefit of the Reporting Person's wife. The Reporting Person disclaims any beneficial interest in these shares.</footnote>
		<footnote id="F14">Includes  shares held in the ESOP which are not allocated to accounts established for the benefit of specific plan participants. The Reporting Person, as an ESOP Trustee, exercises the voting powers with respect to such unallocated shares.</footnote>
		<footnote id="F15">Includes stock options granted under the Issuer's 1998 Incentive Stock Option Plan and exempt under Rule 16b-3.</footnote>
		<footnote id="F16">Includes stock options granted under the Issuer's 2001 Incentive Stock Option Plan and exempt under Rule 16b-3.</footnote>
	</footnotes>
	<remarks>
	</remarks>
	<ownerSignature>
		<signatureName>/s/ LARSEN, JOHN L</signatureName>
		<signatureDate>2004-01-07</signatureDate>
	</ownerSignature>
</ownershipDocument>

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</DOCUMENT>
</SEC-DOCUMENT>
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