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<SEC-DOCUMENT>0000101594-09-000070.txt : 20091119
<SEC-HEADER>0000101594-09-000070.hdr.sgml : 20091119
<ACCEPTANCE-DATETIME>20091001162853
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000101594-09-000070
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20091001

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:		CORRESP

	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
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">October 1, 2009</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Lily Dang</font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Joanna Lam</font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">United States Securities and Exchange Commission</font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Division of Corporation Finance</font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">100 F Street, N.E.</font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Washington, D.C.&#160;&#160;20549-4628</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">U.S. Energy Corp.</font></div></td></tr></table></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Supplemental Response Number 2 to September 8, 2009 Comment Letter</font></div></td></tr></table></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">File Number 000-06814:</font></div></td></tr></table></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Form 10-K for the Fiscal Year Ended December 31, 2008 (filed March 13, 2009)</font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Form 10-K/A for the Fiscal Year ended December 31, 2008 (filed April 2, 2009)</font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Form 10-Q for the Fiscal Quarter Ended March 31, 2009 (Filed May 8, 2009)</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Dear Ms. Dang:</font></div>
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<br></div>
<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We appreciate the opportunity of visiting with you by phone regarding our responses to the comment letters we have received relating to the Form 10-K and 10-K/A for the year ended December 31, 2008 and Form 10-Q for the Quarter ended March 31, 2009 for U.S. Energy Corp.</font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block">
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<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">After our review and discussion of&#160;&#160;Rule 4-10(c)(4)(i) of Regulation SX we will broaden our disclosure of Significant Accounting Policies for Long Lived Assets, Mineral Properties and Oil and Gas Properties to include the following disclosure in all future Form 10K and Form 10Q filings:</font></div>
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<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 50.4pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company follows the full cost method in accounting for its oil and gas properties. Under the full cost method, all costs associated with the acquisition, exploration and development of oil and gas properties are capitalized and accumulated in a country-wide cost center. This includes any internal costs that are directly related
to development and exploration activities, but does not include any costs related to production, general corporate overhead or similar activities. Proceeds received from disposals are credited against accumulated cost except when the sale represents a significant disposal of reserves, in which case a gain or loss is recognized. The sum of net capitalized costs and estimated future development and dismantlement costs for each cost center is depleted on the equivalent unit-of-production method, based on proved
oil and gas reserves. Excluded from amounts subject to depletion are costs associated with unevaluated properties.</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 8pt">United States Securities and</font></div>
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 8pt">&#160;&#160;&#160;&#160; Exchange Commission</font></div>
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 8pt">October 1, 2009</font></div>
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 8pt">Page 2</font></div></div></div></div>
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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 50.4pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Under the full cost method, net capitalized costs are limited to the lower of unamortized cost reduced by the related net deferred tax liability and asset retirement obligations or the cost center ceiling. The cost center ceiling is defined as the sum of (i) estimated future net revenue, discounted at 10% per annum, from proved reserves,
based on unescalated year-end prices and costs, adjusted for contract provisions, financial derivatives that hedge the Company&#8217;s oil and gas revenue and asset retirement obligations, (ii) the cost of properties not being amortized, (iii) the lower of cost or market value of unproved properties included in the cost being amortized less (iv) income tax effects related to differences between the book and tax basis of the natural gas and crude oil properties. If the net book value reduced by the related net
deferred income tax liability and asset retirement obligations exceeds the cost center ceiling limitation, a non-cash impairment charge is required in the period in which the impairment occurs.</font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block">
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<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company will also expand its Footnote disclosure relating to Oil and Gas Properties.&#160;&#160;Using December 31, 2008 as an example we will provide the following additional disclosure in our Oil and Gas Footnote to Financial Statements:</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 50.4pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ceiling Test Analysis</font></div>
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<br></div>
<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 50.4pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company performs a quarterly ceiling test for each of its oil and gas cost centers, which in 2008, there was only one.&#160;&#160;The ceiling test incorporates assumptions regarding pricing and discount rates at quarter end and over which management has no influence in the determination of present value.&#160;&#160;In arriving
at the ceiling test for the year ended December 31, 2008, the Company used $41.41 per barrel for oil and $5.88 per Mcf for natural gas to compute the future cash flows of the Company&#8217;s producing property.&#160;&#160;The discount factor used was 10%.</font></div>
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<br></div>
<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 50.4pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">At December 31, 2008 the ceiling was in excess of the net capitalized costs as adjusted for related deferred income taxes and no impairment was required.&#160;&#160;Furthermore as of year-end there were no unproved properties that were considered to be impaired and reclassified to properties being amortized.&#160;&#160;Management will
continue to review its unproved properties based on market conditions and other changes and if appropriate unproved property amounts may be reclassified to the amortized base of properties within the full cost pool.</font></div>
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<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We will also include all responses noted in our Response Letters dated August 13, 2009 and September 22, 2009 in all future Form 10K and Form 10Q filings.&#160;&#160;It is our understanding that we will not be required to amend prior filings.</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 8pt">United States Securities and</font></div>
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 8pt">&#160;&#160;&#160;&#160; Exchange Commission</font></div>
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 8pt">October 1, 2009</font></div>
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 8pt">Page 3</font></div></div></div></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Closing Comments:</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Response:&#160;&#160;Management of the Company acknowledges that:</font></div>
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<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif">&#183;&#160;&#160;</font></div></td>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company is responsible for the adequacy and accuracy of the disclosure in the filing;</font></div></td></tr></table></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filing; and</font></div></td></tr></table></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities law as of the United States.</font></div></td></tr></table></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<br></div>
<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We appreciate your review and comments.&#160;&#160;In the event that further disclosure is required, please send further comments to me at FAX (307) 857-3050 with a copy to our SEC counsel, Steve Rounds at FAX (303) 377-0231.&#160;&#160;Should you wish to discuss the proposed disclosures set forth above, prior to issuing further comments,
please call Mr. Rounds at (303) 377-6997.</font></div>
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<br></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Sincerely,</font></div>
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<br></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">/s/ Robert Scott Lorimer</font></div>
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<br></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Robert Scott Lorimer,</font></div>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
