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<SEC-DOCUMENT>0000101594-07-000219.txt : 20071030
<SEC-HEADER>0000101594-07-000219.hdr.sgml : 20071030
<ACCEPTANCE-DATETIME>20071030162811
ACCESSION NUMBER:		0000101594-07-000219
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20071029
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20071030
DATE AS OF CHANGE:		20071030

FILER:

	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

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-06814
		FILM NUMBER:		071199923

	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>8-K
<SEQUENCE>1
<FILENAME>use8k.htm
<DESCRIPTION>USE 8-K 10-30-07
<TEXT>
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    <div>
      <hr style="COLOR: black" align="left" noshade size="3" width="100%">
    </div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman;"><strong>UNITED
        STATES</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman;"><strong>SECURITIES
        AND EXCHANGE COMMISSION</strong></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Washington,
        D.C.&#160;&#160;20549</strong></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman;"><strong>FORM
        8-K</strong></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman;"><strong>CURRENT
        REPORT</strong></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Pursuant
        to Section 13 or 15(d) of the</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Securities
        Exchange Act of 1934</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Date
        of
        Report (date of earliest event reported): October 30, 2006 (October 29,
        2007)</font></div>
      <div><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td valign="top" width="80%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman;"><strong>U.S.
                  ENERGY CORP.</strong></font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="80%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(Exact
                  Name of Company as Specified in its
                  Charter)</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td valign="top" width="32%" style="BORDER-BOTTOM: black 2px solid">
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              </td>
              <td valign="top" width="23%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>0-6814</strong></font></div>
              </td>
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                  or other jurisdiction of</font></div>
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                  File No.)</font></div>
              </td>
              <td valign="top" width="26%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(I.R.S.
                  Employer</font></div>
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            <tr>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">incorporation
                  or organization)</font></div>
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              <td valign="top" width="23%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Identification
                  No.)</font></div>
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            <tr>
              <td valign="top" width="32%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
              <td valign="top" width="23%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
              <td valign="top" width="26%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            </tr>
            <tr>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Glen
                  L. Larsen Building</strong></font></div>
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              <td valign="top" width="23%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
              <td valign="top" width="26%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            </tr>
            <tr>
              <td align="left" valign="top" width="32%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>877
                  North 8<font style="DISPLAY: inline; FONT-SIZE: 10pt;"><sup>th</sup></font>
                  West</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Riverton,
                  WY</strong></font></div>
              </td>
              <td valign="top" width="23%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
              <td valign="bottom" width="26%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>82501</strong></font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="32%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(Address
                  of principal executive offices)</font></div>
              </td>
              <td valign="top" width="23%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
              <td valign="top" width="26%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(Zip
                  Code)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="32%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
              <td valign="top" width="23%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
              <td valign="top" width="26%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            </tr>
            <tr>
              <td colspan="3" valign="top" width="81%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Registrant's
                  telephone number, including area code:&#160;&#160;<strong>(307)
                  856-9271</strong></font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br></div>
      <div><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td valign="top" width="51%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Not
                  Applicable</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="51%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Former
                  Name, Former Address or Former Fiscal Year,,</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">If
                  Changed From Last Report)</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Check
        the
        appropriate box below if the Form 8-K filing is intended to simultaneously
        satisfy the filing obligation of the registrant under any of the following
        provisions (see General Instruction A.2):</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;<font style="DISPLAY: inline;" face="Wingdings">o</font>&#160;&#160;&#160;Written
        communications pursuant to Rule 425 under the Securities Act</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;<font style="DISPLAY: inline;" face="Wingdings">o</font>&#160;&#160;&#160;Soliciting
        material pursuant to Rule 14a-12 under the Exchange Act</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;<font style="DISPLAY: inline;" face="Wingdings">o</font>&#160;&#160;&#160;Pre-commencement
        communications pursuant to Rule 14d-2(b) under the Exchange Act</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;<font style="DISPLAY: inline;" face="Wingdings">o</font>&#160;&#160;&#160;Pre-commencement
        communications pursuant to Rule 13e-4(c) under the Exchange Act</font></div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
        </div>
      </div>
      <div>&#160;</div>
      <div><br>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Item
        8.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Other
        Events.</strong></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><u>Additional
        Mineral Concessions Acquired by Sutter Gold Mining Inc</u>.&#160;&#160;The
        company issued a press release on October 30, 2007 concerning Sutter Gold
        Mining
        Inc.&#8217;s acquisition of two more mineral concessions adjacent to the Santa Teresa
        Concession in Mexico.&#160;&#160;The press release is filed as exhibit 99.1to
        this report.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><u>Update
        on Corporate Activities</u>.&#160;&#160;On October 30, 2007, the company issued
        a press release providing an update on various corporate
        activities.&#160;&#160;The press release is filed as exhibit 99.2 to this
        report.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><u>Sale
        of Ticaboo Townsite</u>.&#160;&#160;The company issued a press release on
        October 29, 2007 about the sale of the Ticaboo Townsite in southeastern Utah
        to
        Uranium One.&#160;&#160;The press release is filed as exhibit 99.3 to this
        report.</font></div>
      <div><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top">
              <td style="WIDTH: 37.4pt">
                <div>&#160;</div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Item
                  9.01&#160;&#160;Financial Statements and
                  Exhibits</strong></font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top">
              <td style="WIDTH: 108pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Exhibit
                  99.1</font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Press
                  release published October 30, 2007</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top">
              <td style="WIDTH: 108pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Exhibit
                  99.2</font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Press
                  release published October 30, 2007</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top">
              <td style="WIDTH: 108pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Exhibit
                  99.3</font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Press
                  release published October 29, 2007</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>SIGNATURES</strong></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 18.7pt;"></font>Pursuant
        to the requirements of the
        Securities Exchange Act of 1934, the Registrant has duly caused this report
        to
        be signed on its behalf by the undersigned hereunto duly
        authorized.</font></div>
      <div><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td valign="top" width="36%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
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                  ENERGY CORP.</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="36%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
              <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
              <td valign="top" width="39%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            </tr>
            <tr>
              <td valign="top" width="36%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
              <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
              <td valign="top" width="39%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            </tr>
            <tr>
              <td valign="top" width="36%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
              <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
              <td valign="top" width="39%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="36%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Dated:
                  October 30, 2007</font></div>
              </td>
              <td align="justify" valign="top" width="4%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">By:</font></div>
              </td>
              <td align="justify" valign="top" width="39%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">/s/&#160;&#160;Keith
                  G. Larsen</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="36%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
              <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
              <td align="justify" valign="top" width="39%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Keith
                  G. Larsen, CEO</font></div>
              </td>
            </tr>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99_1.htm
<DESCRIPTION>10-30-07 SUTTER RELEASE
<TEXT>
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    <div>&#160;</div>
    <div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">U.S.
        Energy Corp.</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">877
        N. 8th W.</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">Riverton,
        WY&#160; 82501</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">Ph:&#160;
(307)
        856-9271</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">Fx:&#160;
(307)
        857-3050</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div><br></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>For
        Immediate Release:</strong></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman;"><strong>U.S.
        ENERGY CORP. and CRESTED CORP.</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman;"><strong>ANNOUNCE
        THAT SUTTER GOLD EXPANDS MINERAL HOLDINGS IN MEXICO</strong></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">RIVERTON,
        Wyoming (October 30, 2007) &#8211; U.S. Energy Corp. (NASDAQ:&#160;&#160;&#8220;USEG&#8221;) and
        Crested Corp. (OTCBB:&#160;&#160;&#8220;CBAG&#8221;), natural resource exploration and
        development Companies, announce that their subsidiary, Sutter Gold Mining
        Inc.
        (TSX VENTURE: "SGM") has acquired two new mineral concessions adjacent to
        their
        Santa Teresa Concession (STC) in Mexico.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
        Santa
        Teresa mineral concession is located in the historic El Alamo Gold District
        of
        Baja California Norte, Mexico.&#160;&#160;An additional 2,800 hectares (6,919
        acres) of mineral concessions were acquired from the Government of Mexico.
        The
        concessions are accessible by road, located 10 kilometers (kms) west of Highway
        3, some 100 kms (62 miles) southeast of Ensenada and about 250 kms (155 miles)
        from San Diego, California.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">These
        new
        concessions, together known as Santa Teresa 2 (STC2), are located north,
        east
        and southwest of the original Santa Teresa Concession (STC) and will be explored
        for jointly under terms defined in the recently signed joint venture agreement
        (JVA) between Sutter Gold Mining, Inc. and Premier Gold Mines Ltd. ("Premier")
        (TSX: "PG"). The ground is considered to be strategic by the partners as
        it
        includes the poorly explored surface prospect at San Gabriel to the east
        of the
        STC and also is located proximate to the past-producing Avelina Mine located
        southwest of the STC.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Premier
        is preparing an initial 14-hole diamond drill program of 3,650 meters (11,975
        feet) on the STC in order to test the extent, continuity and grade of known
        gold-bearing vein structures previously evaluated only within 20 meters of
        the
        surface.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
        STC
        is located adjacent to and on strike from the past-producing Princessa Mine
        (the
        district&#8217;s largest gold producer), whose orebody was known to extend close to
        the STC boundary.&#160;&#160;Data suggests that potential extensions of the
        Princessa Mine along strike and at depth have not been tested.&#160;&#160;The El
        Alamo District&#8217;s gold production halted at its peak owing to technological and
        political circumstances early in the 20<font style="DISPLAY: inline; FONT-SIZE: 10pt;"><sup>th</sup></font> century,
        thus
        presenting a unique opportunity to the JV today.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Premier
        and Sutter management were attracted to the El Alamo District initially because
        of a unique history of high mined grades, but little modern
        exploration.&#160;&#160;Both the STC and STC2 are:</font></div>
      <div><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">

            <tr valign="top">
              <td align="right" style="WIDTH: 36pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Located
                  within a proven (some 220,000 ounces of past production) gold
                  district.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">

            <tr valign="top">
              <td align="right" style="WIDTH: 36pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Historical
                  data indicates that mined grades within the district are between
                  1.00 and
                  2.00 ounces per ton (opt).</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>&#160;</div>
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        </div>
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          </div>
          <div style="WIDTH: 100%" align="left">
            <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman;">Press
              Release</font></div>
            <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman;">October
              30, 2007</font></div>
            <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman;">Page
              2 of 3</font></div>
          </div>
        </div>
      </div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">

            <tr valign="top">
              <td align="right" style="WIDTH: 36pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
                  majority of district production occurred within 120 meters of surface,
                  but
                  remains open at depth.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">

            <tr valign="top">
              <td align="right" style="WIDTH: 36pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Has
                  characteristics similar to the historic Mother Lode District of
                  California.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
        upcoming initial phase of exploration on the STC will conclude late in Q1
        2008
        and be followed up by a second phase that expands into the STC2
        concessions.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Stephen
        McGibbon, P.Geo., Executive Vice-President and Chief Operating Officer of
        Premier, is the qualified person for the information contained in this press
        release and is a Qualified Person within the meaning of National Instrument
        43-101.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>About
        Premier Gold Mines</strong></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Premier
        Gold Mines Limited</strong> is a Canadian-based mineral exploration and
        development company with diverse property holdings that include several projects
        and deposits in Northwestern Ontario and a joint venture in
        Mexico.&#160;&#160;In the Red Lake gold mining camp, two of these are operated
        in joint venture with Goldcorp Inc.&#160;&#160;A strategic project is also
        located on the main Musselwhite Gold Mine trend (Goldcorp-Kinross).</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>About
        the Sutter Gold Mine</strong></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
        Sutter Gold project contains a 3.2-mile segment of the Mother Lode belt from
        which 10 historic mines produced 2.3 million ounces of gold.&#160;&#160;The
        historic mines bracket a one-mile-long portion of the Mother Lode belt with
        no
        historic gold production that contains the Lincoln and Comet
        zones.&#160;&#160;The Lincoln and Comet zones were &#8220;blind&#8221; discoveries that did
        not outcrop at surface and represent the first significant new gold discoveries
        made along the Mother Lode belt in the last 50 years.&#160;&#160;The Sutter Gold
        project has been the subject of considerable modern exploration activity,
        most
        of it centering on the Lincoln and Comet zones, which are adjacent to each
        other
        and together are referred to as the Lincoln project.&#160;&#160;A total of
        85,085 feet of drilling has been accomplished in 190 diamond drill holes,
        and
        modern underground development consists of a 2,850-foot declined ramp with
        2,400
        feet of crosscuts and five raises.&#160;&#160;The historic gold production was
        documented in a detailed report completed by Mark Payne, the consulting
        geologist to Sutter Gold and a qualified person as defined by National
        Instrument 43-101. Further information is available at the Company&#8217;s website at
        www.suttergoldmining.com.</font></div>
      <div><br></div>
      <div><br></div>
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          </div>
        </div>
        <div id="HDR">
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          </div>
          <div style="WIDTH: 100%" align="left">
            <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman;">Press
              Release</font></div>
            <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman;">October
              30, 2007</font></div>
            <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman;">Page&#160;3
              of 3</font></div>
          </div>
        </div>
      </div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><em>*
        * *
        *</em></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>ABOUT
        U.S. ENERGY CORP. AND CRESTED CORP.</strong></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><em>Disclosure
        Regarding Mineral Resources</em></strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><em>Under
        SEC and Canadian Regulations;</em></strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><em>And
        Forward-Looking Statements</em></strong></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><em>The
        Company owns or may come to own stock in companies which are traded on foreign
        exchanges, and may have agreements with some of these companies to acquire
        and/or develop the Company&#8217;s mineral properties.&#160;&#160;Examples of these
        other companies are Sutter Gold Mining Inc., sxr Uranium One, and Kobex
        Resources Ltd.&#160;&#160;These other companies are subject to the reporting
        requirements of other jurisdictions.</em></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><em>United
        States residents are cautioned that some of the information available about
        our
        mineral properties, which is reported by the other companies in foreign
        jurisdictions, may be materially different from what the Company is permitted
        to
        disclose in the United States.</em></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><em>This
        news release includes statements which may constitute &#8220;forward-looking&#8221;
statements, usually containing the words &#8220;believe,&#8221; &#8220;estimate,&#8221; &#8220;project,&#8221;
&#8220;expect," or similar expressions. These statements are made pursuant to the
        safe
        harbor provision of the Private Securities Litigation Reform Act of
        1995.&#160;&#160;Forward-looking statements inherently involve risks and
        uncertainties that could cause actual results to differ materially from the
        forward-looking statements.&#160;&#160;Factors that would cause or contribute to
        such differences include, but are not limited to, future trends in mineral
        prices, the availability of capital, competitive factors, and other
        risks.&#160;&#160;By making these forward-looking statements, the Company
        undertakes no obligation to update these statements for revision or changes
        after the date of this release.</em></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><em>For
        further information on the differences between the reporting limitations
        of the
        United States, compared to reports filed in foreign jurisdictions, and also
        concerning forward-looking statements, please see the Company&#8217;s Form 10-K
        (&#8220;Disclosure Regarding Forward-Looking Statements&#8221;; &#8220;Disclosure Regarding
        Mineral Resources under SEC and Canadian Regulation&#8221;; and &#8220;Risk Factors&#8221;); and
        similar disclosures in the Company&#8217;s Forms 10-Q.</em></font></div>
      <div><br></div>
      <div><br></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><em>*
        * *
        *</em></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><em>For
        further information, please contact:</em></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><em>&#160;Keith
        Larsen,CEO or Hal Herron, Sr. V.P.</em></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><em>U.S.
        Energy Corp. (307) 856-9271</em></font></div>
      <div><br></div>
      <div><br></div>
    </div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit99_2.htm
<DESCRIPTION>10-30-07 CORPORAT UPDATE RELEASE
<TEXT>
<html>

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    <title>exhibit99_2.htm</title>
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    </div>
    <div>U.S. Energy Corp.</div>
    <div>877 N. 8th W.</div>
    <div>Riverton, WY&#160; 82501</div>
    <div>Ph:&#160; (307) 856-9271</div>
    <div>Fx:&#160; (307) 857-3050</div>
    <div>
      <div><br></div>
      <div><br></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">For
        Immediate Release</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman;"><strong>U.S.
        ENERGY CORP. PROVIDES INVESTOR UPDATE ON CORPORATE
        ACTIVITIES</strong></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>RIVERTON,
        Wyoming (October 30, 2007) &#8212;
U.S. Energy Corp. (NASDAQ Capital Market:&#160;&#160;&#8220;USEG&#8221;) (&#8220;the Company&#8221;), a
        diversified natural resources company with interests in molybdenum, gold,
        oil
        and gas and real estate is pleased to provide the following update on its
        corporate activities to the investment community.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Lucky
        Jack Molybdenum Project (Mt. Emmons, Colorado)</strong></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Work
        is ongoing at the Lucky Jack
        Project in west central Colorado.&#160;&#160;Earlier this year, USEG&#8217;s partner,
        Kobex Resources Ltd., a Vancouver-based natural resource company, raised
        approximately $24.5 million (US) in capital specifically for the Project,
        and
        Kobex has approved a project budget of approximately $14.2 million (US) for
        the
        fiscal year May 1, 2007 through April 30, 2008.&#160;&#160;To date, Kobex has
        spent in excess of $4 million on facility upgrades, consultant studies pertinent
        to the anticipated filing of a Plan of Operations, mine rehabilitation, core
        and
        pulp sampling and analysis, staffing and equipment purchases. The Plan of
        Operations is now expected to be filed with the U.S. Forest Service in February
        2008 to allow us time to incorporate public comments gathered from recent
        community meetings that were held in Gunnison County (see October 17, 2007
        press
        release).</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>The
        market for molybdenum remains
        robust.&#160;&#160;Since 2005, annual global demand has risen from 380 million
        pounds (lbs.) to an estimated 426 million lbs. in 2007, with demand projected
        to
        reach 461 million lbs. by 2009.&#160;&#160;With demand being fueled by economic
        and industrial growth in China, India, the U.S. and the global energy sector,
        some economists forecast growth at a 4.5% compound annual growth rate for
        the
        foreseeable future.&#160;&#160;If such forecasts prove realistic, worldwide
        demand for molybdenum could reach or exceed 700 million pounds annually by
        2020.&#160;&#160;Today molybdic oxide (Mo) is trading at $32.13 per pound in a
        tight supply/demand market environment.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Sutter
        Gold Mining, Inc.</strong></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>The
        management of Sutter Gold has
        engaged IBK Capital of Toronto to solicit interest in a joint venture or
        sale of
        the Sutter Gold assets in the coming months.&#160;&#160;To date, several parties
        have expressed an interest in the company&#8217;s assets, and due diligence by such
        parties is ongoing.&#160;&#160;With gold prices above $750 per ounce and
        forecast to rise further by many analysts, we believe it may be timely to
        monetize Sutter Gold&#8217;s assets, which are 54%-owned by USEG.</font></div>
      <div>&#160;</div>
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          </div>
          <div style="WIDTH: 100%" align="left">
            <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman;">Press
              Release</font></div>
            <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman;">October
              30, 2007</font></div>
            <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman;">Page
              2 of 4</font></div>
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      </div>
      <div>&#160;</div>
      <div><br>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Oil
        &amp; Gas Activities</strong></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>The
        Company has reviewed several oil
        and gas opportunities that may be appropriate for acquisition or joint ventures
        over the last several months.&#160;&#160;We believe that there are opportunities
        to participate in oil &amp; gas leasing &amp; drilling projects in both Canada
        and the energy basins of the U.S.&#160;&#160;We entered into an Exploration and
        Area of Mutual interest agreement with a Gulf Coast Oil and Gas Exploration
        and
        Production Company this past summer under which we expect to participate
        as a
        20% working interest partner in numerous wells that will be drilled over
        the
        next three to five years.&#160;&#160;We expect the first two onshore gulf coast
        wells to be drilled in the first quarter of 2008, to be followed by
        announcements of more leasing activity, drilling and likely participation
        with
        other operators in the same region.&#160;&#160;The oil and gas sector remains
        attractive and will continue to be a focus of our investments and
        diversification activity for the foreseeable future.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Energy
        Basin Real Estate Activities</strong></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>The
        Company&#8217;s Gillette, Wyoming
        multi-family apartment complex commenced construction on July 1,
        2007.&#160;&#160;To date, the project is nearly 20% complete with all
        foundations, pads and utility infrastructure nearly 100%
        finished.&#160;&#160;Five of the nine buildings have gone vertical and two are
        closed in with mechanical and plumbing rough-ins having commenced three weeks
        ago.&#160;&#160;Over 100 of the 216 units have already been pre-leased and it is
        the goal of the Company to have the first building (24 units) ready for
        occupancy by January 1, 2008.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>The
        Company secured an $18.5 million
        loan from Zions Bank on August 31, 2007, which has a current loan rate of
        7.27%
        based on LIBOR.&#160;&#160;It is estimated that a loan draw down will not occur
        until December 2007.&#160;&#160;The Wyoming housing market remains very &#8220;tight&#8221;
due to robust energy, mining, real estate and commercial development in the
        state.&#160;&#160;Wyoming has one of the lowest unemployment rates in the
        nation, and housing demand remains high.&#160;&#160;We are currently evaluating
        further acquisition and development plans in Wyoming and other areas of the
        inter-mountain west region that are being impacted by energy
        development.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Further,
        on October 17, 2007, Basin
        Electric announced the receipt of their Air Quality Permit from the Wyoming
        Department of Environmental Quality and the subsequent commencement of their
        dirt work on their $1.345 billion coal fired power plant which is located
        approximately 7 miles north of Gillette, Wyoming.&#160;&#160;The construction of
        the plant is expected to last 4 years and will employ approximately 1100
        workers
        at peak construction.&#160;&#160;This development along with a proposed
        expansion at the nearby Wyogen 3 power plant and the new construction of
        the
        proposed Two Elk power plant south of Gillette could add additional workforce
        and housing needs to the Gillette, Wyoming economy for years to
        come.</font></div>
      <div>&#160;</div>
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          <div style="WIDTH: 100%" align="left">
            <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman;">Press
              Release</font></div>
            <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman;">October
              30, 2007</font></div>
            <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman;">Page&#160;3
              of 4</font></div>
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      </div>
      <div>&#160;</div>
      <div><br>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Crested
        Corp. Merger</strong></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>The
        Company&#8217;s S-4 registration
        statement for the proposed acquisition of the minority shares of Crested,
        and
        subsequent merger of Crested into the Company, has been declared effective
        by
        the SEC.&#160;&#160;The proxy statement/prospectus has been mailed to Crested
        shareholders of record as of October 10, 2007, and a special meeting of the
        Crested shareholders is set for November 26, 2007.&#160;&#160;The planned merger
        is consistent with management&#8217;s goal of simplifying the Company&#8217;s corporate
        structure.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Summary</strong></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#8220;Opportunities
        in the energy and minerals sector remain robust for our Company, and our
        strong
        balance sheet has allowed USEG to review a number of attractive ventures,&#8221;
stated Mark J. Larsen, President of U.S. Energy Corp.&#160;&#160;&#8220;The pursuit of
        our diversification strategies will continue to be a primary focus of the
        Company.&#160;&#160;We have historically been adept at finding attractive
        development opportunities in the natural resources sector, and it is our
        goal to
        continue this success.&#160;&#160;Our strategic objectives, which previously
        focused on undervalued asset &#8220;plays&#8221;, are somewhat different now, as we seek to
        identify investments that can generate recurring cash flows, revenues and
        earnings for our Company.&#160;&#160;Oil and gas, along with inter-mountain west
        real estate opportunities will continue to be a primary focus for new
        investment, unless an extraordinary mineral prospect is presented to
        us.&#160;&#160;Meanwhile, we continue to believe that our Lucky Jack Moly
        Project is unsurpassed in prospective value.&#160;&#160;We plan to continue to
        work closely with Kobex and the local communities in permitting this &#8216;world
        class&#8217; high-grade deposit which we believe will ultimately create substantial
        value for our shareholders and the Gunnison County, Colorado
        economy.&#8221;</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>&#8220;Management&#8217;s
        primary goal is to
        increase shareholder value in an environmentally sound manner that benefits
        all
        stakeholders in our projects,&#8221; stated Keith G. Larsen, CEO of U.S. Energy
        Corp.&#160;&#160;&#8220;We have designed and are pursuing a business plan that
        increases our presence in the energy markets and results in the permitting,
        construction and operation of an environmentally friendly molybdenum mine
        in
        Colorado.&#160;&#160;In addition, we will enhance investor appreciation for the
        potential of the &#8216;new&#8217; U.S. Energy Corp. if the merger of Crested Corp. into the
        Company is accomplished, as well as through the dissolution of subsidiary
        companies, and the prospective dual listing of our common stock on both the
        Nasdaq Capital Market and the Toronto Stock Exchange.&#160;&#160;U.S. Energy
        Corp. will continue to target investment in the energy and mineral markets,
        which we believe will offer tremendous opportunities for building asset values
        during an era of rising demand for natural resources on a global
        scale.&#8221;</font></div>
      <div>&#160;</div>
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          <div style="WIDTH: 100%" align="left">
            <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman;">Press
              Release</font></div>
            <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman;">October
              30, 2007</font></div>
            <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman;">Page&#160;4
              of 4</font></div>
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      </div>
      <div><br>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>*
        * * * *</strong></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>ABOUT
        U.S. ENERGY CORP.</strong></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><em>Disclosure
        Regarding Mineral Resources</em></strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><em>Under
        SEC and Canadian Regulations;</em></strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><em>and
        Forward-Looking Statements</em></strong></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><em>The
        Company owns or may come to own stock in companies which are traded on foreign
        exchanges, and may have agreements with some of these companies to acquire
        and/or develop the Company&#8217;s mineral properties.&#160;&#160;Examples of these
        other companies are Sutter Gold Mining Inc. and Kobex Resources
        Ltd.&#160;&#160;These other companies are subject to the reporting requirements
        of other jurisdictions.</em></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><em>United
        States residents are cautioned that some of the information available about
        our
        mineral properties, which is reported by the other companies in foreign
        jurisdictions, may be materially different from what the Company is permitted
        to
        disclose in the United States.</em></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><em>This
        news release includes statements which may constitute &#8220;forward-looking&#8221;
statements, usually containing the words &#8220;believe,&#8221; &#8220;estimate,&#8221; &#8220;project,&#8221;
&#8220;expect," or similar expressions.&#160;&#160;These statements are made pursuant
        to the safe harbor provision of the Private Securities Litigation Reform
        Act of
        1995.&#160;&#160;Forward-looking statements inherently involve risks and
        uncertainties that could cause actual results to differ materially from the
        forward-looking statements.&#160;&#160;Factors that would cause or contribute to
        such differences include, but are not limited to, future trends in mineral
        prices, the availability of capital, competitive factors, and other
        risks.&#160;&#160;By making these forward-looking statements, the Company
        undertakes no obligation to update these statements for revision or changes
        after the date of this release.</em></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><em>For
        further information on the differences between the reporting limitations
        of the
        United States, compared to reports filed in foreign jurisdictions, and also
        concerning forward-looking statements, please see the Company&#8217;s Form 10-K
        (&#8220;Disclosure Regarding Forward-Looking Statements&#8221;; &#8220;Disclosure Regarding
        Mineral Resources under SEC and Canadian Regulation&#8221;; and &#8220;Risk Factors&#8221;); and
        similar disclosures in the Company&#8217;s Forms 10-Q.</em></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><em>*
        * *
        *</em></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><em>For
        further information, please contact:</em></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><em>Keith
        G. Larsen, CEO or Mark J. Larsen, President</em></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><em>U.S.
        Energy Corp. (307) 856-9271</em></font></div>
      <div><br></div>
      <div><br></div>
      <div><br></div>
    </div>
    <div>&#160;</div>
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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>exhibit99_3.htm
<DESCRIPTION>10-29-07 TICABOO RELEASE
<TEXT>
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    <title>exhibit99_3.htm</title>
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    </div>
    <div>&#160;</div>
    <div>U.S. Energy Corp.</div>
    <div>877 N. 8th W.</div>
    <div>Riverton, WY&#160; 82501</div>
    <div>Ph: (307) 856-98271</div>
    <div>Fx: (307) 857-3050</div>
    <div>
      <div><br></div>
      <div><br></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman;">For
        Immediate Release</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman;"><strong>TICABOO
        TOWNSITE SOLD</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman;"><strong>&#160;TO
        URANIUM ONE</strong></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman;">RIVERTON,
        Wyoming (October 29, 2007) &#8211; U.S. Energy Corp. (NASDAQ: &#8220;USEG&#8221;), today announced
        the sale of the Ticaboo Townsite to Uranium One Inc. (TSX and JSE: &#8220;UUU&#8221;) for
        approximately $2.7 million in cash.&#160;&#160;The Ticaboo Townsite is located
        approximately 5 miles from Uranium One Inc.'s Shootaring Canyon Uranium Mill
        in
        southeastern Utah, which was purchased from U.S. Energy Corp. on April 30,
        2007&#160;&#160;The fully developed Ticaboo Townsite includes commercial
        operations, a 149-unit mobile home park, a single-family residential subdivision
        with 98 lots and an RV park.&#160;&#160;Commercial operations include a 70-unit
        motel, a restaurant/lounge, convenience store and a boat storage/service
        facility.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman;">Keith
        Larsen, Chief Executive Officer of U.S. Energy Corp., stated, "We are pleased
        that Uranium One has acquired the Ticaboo Townsite.&#160;&#160;Housing is in
        limited supply in this area, and Uranium One has recognized the importance
        of
        owning a fully developed Ticaboo Townsite to accommodate its employees as
        it
        prepares the Shootaring Canyon Mill for full production.&#160;&#160;I believe
        that this sale will enhance Uranium One's operational capabilities and
        potentially accelerate U.S. Energy&#8217;s receipt of additional consideration due
        under our April 30, 2007, Asset Purchase Agreement with Uranium
        One.&#160;&#160;Such additional considerations include:</font></div>
      <div><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">

            <tr valign="top">
              <td align="right" style="WIDTH: 36pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 12pt;" face="Wingdings">&#216;&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman;">$20
                  million in cash when commercial production commences at the Shootaring
                  Canyon Uranium Mill;</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">

            <tr valign="top">
              <td align="right" style="WIDTH: 36pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 12pt;" face="Wingdings">&#216;&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman;">$7.5
                  million in cash upon the initial delivery to the operating Mill
                  of
                  mineralized material from any of the claims being sold to Uranium
                  One
                  under the Asset Purchase Agreement;
                  and</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">

            <tr valign="top">
              <td align="right" style="WIDTH: 36pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 12pt;" face="Wingdings">&#216;&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman;">From
                  and after the date that commercial production commences at the
                  Shootaring
                  Canyon Mill, a 5% production payment royalty up to but not exceeding
                  $12.5
                  million.&#8221;</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br></div>
      <div><br></div>
      <div><br></div>
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            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
          <div style="WIDTH: 100%" align="left">
            <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman;">Press
              Release</font></div>
            <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman;">October
              29, 2007</font></div>
            <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman;">Page
              2 of 2</font></div>
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman;"><strong>*
        * * * *</strong></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>ABOUT
        U.S. ENERGY CORP.</strong></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><em>Disclosure
        Regarding Mineral Resources</em></strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><em>Under
        SEC and Canadian Regulations;</em></strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><em>and
        Forward-Looking Statements</em></strong></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><em>The
        Company owns or may come to own stock in companies which are traded on foreign
        exchanges, and may have agreements with some of these companies to acquire
        and/or develop the Company&#8217;s mineral properties.&#160;&#160;Examples of these
        other companies are Sutter Gold Mining Inc. and Kobex Resources
        Ltd.&#160;&#160;These other companies are subject to the reporting requirements
        of other jurisdictions.</em></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><em>United
        States residents are cautioned that some of the information available about
        our
        mineral properties, which is reported by the other companies in foreign
        jurisdictions, may be materially different from what the Company is permitted
        to
        disclose in the United States.</em></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><em>This
        news release includes statements which may constitute &#8220;forward-looking&#8221;
statements, usually containing the words &#8220;believe,&#8221; &#8220;estimate,&#8221; &#8220;project,&#8221;
&#8220;expect," or similar expressions.&#160;&#160;These statements are made pursuant
        to the safe harbor provision of the Private Securities Litigation Reform
        Act of
        1995.&#160;&#160;Forward-looking statements inherently involve risks and
        uncertainties that could cause actual results to differ materially from the
        forward-looking statements.&#160;&#160;Factors that would cause or contribute to
        such differences include, but are not limited to, future trends in mineral
        prices, the availability of capital, competitive factors, and other
        risks.&#160;&#160;By making these forward-looking statements, the Company
        undertakes no obligation to update these statements for revision or changes
        after the date of this release.</em></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><em>For
        further information on the differences between the reporting limitations
        of the
        United States, compared to reports filed in foreign jurisdictions, and also
        concerning forward-looking statements, please see the Company&#8217;s Form 10-K
        (&#8220;Disclosure Regarding Forward-Looking Statements&#8221;; &#8220;Disclosure Regarding
        Mineral Resources under SEC and Canadian Regulation&#8221;; and &#8220;Risk Factors&#8221;); and
        similar disclosures in the Company&#8217;s Forms 10-Q.</em></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><em>*
        * *
        *</em></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><em>For
        further information, please contact:</em></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><em>Keith
        G. Larsen, CEO or Mark J. Larsen, President</em></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><em>U.S.
        Energy Corp. (307) 856-9271</em></font></div>
      <div><br></div>
      <div><br></div>
      <div><br></div>
      <div><br></div>
    </div>
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