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<SEC-DOCUMENT>0000101594-10-000009.txt : 20100126
<SEC-HEADER>0000101594-10-000009.hdr.sgml : 20100126
<ACCEPTANCE-DATETIME>20100126160352
ACCESSION NUMBER:		0000101594-10-000009
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20100126
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20100126
DATE AS OF CHANGE:		20100126

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:		10547824

	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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STATES</font></div>
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REPORT</font></div>
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Report (date of earliest event reported): January 26, 2010 (January 26,
2010)</font></div>
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Charter)</font></div>
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      No.)</font></div>
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      L. Larsen Building</font></div>
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      North 8<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">th</font>
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      of principal executive offices)</font></div>
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      Code)</font></div>
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              <td align="left" valign="top" width="20%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
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                <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Registrant's
      telephone number, including area code: <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(307)
      856-9271</font></font></div>
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<tr>
              <td valign="top" width="72%" style="BORDER-BOTTOM: black 2px solid">
                <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Not
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              <td valign="top" width="72%">
                <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Former
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                <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">If
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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>
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communications pursuant to Rule 425 under the Securities Act</font></div>
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material pursuant to Rule 14a-12 under the Exchange Act</font></div>
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communications pursuant to Rule 14d-2(b) under the Exchange Act</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">&#9633;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act</font></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>
      <div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 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; WIDTH: 100%">
          <div style="TEXT-ALIGN: center; WIDTH: 100%">&#160;</div>
          <div style="TEXT-ALIGN: center; WIDTH: 100%">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
        </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; FONT-WEIGHT: bold">Section
7:&#160;&#160;Regulation FD</font></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item
7.01.&#160;&#160;Regulation FD Disclosure</font></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
      <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">U.S.
Energy Corp. published a press release on January 26, 2010 announcing that the
Company has elected to participate in two Gulf Coast prospects with PetroQuest
Energy, L.L.C., and an initial test well, with Houston, Texas-based, Yuma
Exploration and Production Company.</font></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></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 style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Section
9:&#160;&#160;Financial Statements and Exhibits</font></font></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></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-WEIGHT: bold"><font id="TAB1" style="MARGIN-LEFT: 27pt"></font>Item 9.01.&#160;&#160;Financial
Statements and Exhibits.</font></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></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: 27pt"></font><font style="DISPLAY: inline; FONT-WEIGHT: bold">Exhibit 99.1.&#160;&#160;</font>Press
Release dated January 26, 2010.</font></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 36pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Safe
Harbor Statement</font></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 36pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Information
provided in this report on Form 8-K (including the exhibit hereto) may contain
statements relating to current expectations, estimates, forecasts and
projections about future events that are "forward-looking statements" as defined
in the Private Securities Litigation Reform Act of 1995.&#160;&#160;These
forward-looking statements generally relate to the Company's plans, objectives
and expectations for future operations, including budget, production rates and
drilling plans in 2010, and are based upon management's current estimates and
projections of future results or trends.&#160;&#160;Actual future results may
differ materially from those projected as a result of certain risks and
uncertainties such as future trends in oil and natural gas prices, governmental
regulatory issues,&#160;availability of capital and competitive
factors.&#160;&#160;For further discussion of these and other risks and
uncertainties, see the "Risk Factors" disclosures in the Company's Form 10-K
filed with the Securities and Exchange Commission on March 13, 2009, and
subsequent Forms 10-Q filed with the Securities and Exchange Commission, and the
registration statement on Form S-3 (SEC File No. 333-162607), and the amendments
and supplements thereto.</font></div>
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      <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 36pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">These
forward-looking statements are made only as of the date hereof.&#160;&#160;We
undertake no obligation to update or revise the forward-looking statements,
whether as a result of new information, future events or otherwise.</font></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
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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>
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              <td align="left" valign="top" width="32%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
              <td align="left" valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
              <td align="left" valign="top" width="36%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
            </tr><tr>
              <td align="left" valign="top" width="32%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
              <td align="left" valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
              <td align="left" valign="top" width="36%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
            </tr><tr>
              <td align="left" valign="top" width="32%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
              <td align="left" valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
              <td align="left" valign="top" width="36%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
            </tr><tr>
              <td align="left" valign="top" width="32%">
                <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">Dated:&#160;&#160;January
      26, 2010</font></div>
              </td>
              <td align="left" valign="top" width="4%">
                <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">By:</font></div>
              </td>
              <td valign="top" width="36%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;/s/
      Keith G. Larsen&#160;</font></td>
            </tr><tr>
              <td align="left" valign="top" width="32%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
              <td align="left" valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
              <td align="left" valign="top" width="36%">
                <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">Keith
      G. Larsen, CEO</font></div>
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<DESCRIPTION>PRESS RELEASE USE 1-26-10
<TEXT>
<html>
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<body bgcolor="#ffffff" style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font>

    <div>
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    </div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><img src="uselogo.jpg" alt="">877
North 8th West, Riverton, WY&#160; 82501 USA, Ph: (307) 856-9271, Fx: (307)
857-3050, www.usnrg.com<br></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block"><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; FONT-WEIGHT: bold">For
Immediate Release</font></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 18pt; FONT-WEIGHT: bold">U.S.
ENERGY CORP. UPDATES FIRST QUARTER 2010 GULF COAST DRILLING
INITIATIVES</font></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block"><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"><font style="DISPLAY: inline; FONT-WEIGHT: bold">RIVERTON, Wyoming &#8211; January 26,
2010</font> &#8211; U.S. Energy Corp. (NASDAQ Capital Market: &#8220;USEG&#8221;) (&#8220;USE&#8221; or the
&#8220;Company&#8221;), a natural resources exploration and development company with
interests in oil and gas, molybdenum, geothermal, and real estate assets, today
announced that the Company has elected to participate in two Gulf Coast
prospects with PetroQuest Energy, L.L.C. ("PetroQuest") (NYSE:PQ), and an
initial test well, with Houston, Texas-based, Yuma Exploration and Production
Company</font></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block"><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">In August
2009, USE entered into a participation agreement with PetroQuest Energy to
acquire a 3.6% working interest (~2.5% net revenue interest) in a gas prospect
located in south central Louisiana.&#160;&#160;The well has an initial planned
drilling depth of approximately 14,700 feet, and is targeting the middle Miocene
Tex W 7 Sand.&#160;&#160;The prospect has gross unrisked reserve potential of
approximately 13.7 BCFE.&#160;&#160;Spudding of the well is expected to take
place in early February and the well is expected to take approximately 45-60
days to drill.&#160;&#160;This well is subject to a back-in after
payout.</font></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block"><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">On
January 7, 2010, USE entered into an additional participation agreement with
PetroQuest Energy to acquire a 10% working interest (~8% net revenue interest)
in an oil and gas prospect located 15 miles offshore of south east
Louisiana.&#160;&#160;The well has an initial planned drilling depth of
approximately 12,500 feet, and is targeting the middle Miocene &#8220;Listerella&#8221;
sand.&#160;&#160;The prospect has gross unrisked reserve potential of
approximately 1.8 MMBO / 4.0 BCFG.&#160;&#160;A large independent oil and gas
company will operate the well.&#160;&#160;Spudding of the well is expected to
take place in early February and the well is expected to take approximately
45-60 days to drill.&#160;&#160;This well is not subject to a back-in after
payout.</font></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block"><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">In
addition, the Company&#8217;s partner, Yuma Exploration and Production Company, has
identified multiple prospects as a result of a 2009 3-D seismic shoot that USE
participated in.&#160;&#160;Early indications are that Yuma may drill up to six
prospects in 2010.&#160;&#160;Drilling of the first prospect is expected to
commence in the first quarter of 2010, and the program will be evaluated on a
going forward basis, based on the early drill results.</font></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block"><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">"We are
moving forward in the execution of deploying our 2010 oil and gas budget, not
only to meet our growing commitments in the Williston basin but also to access
new opportunities in other regions, further diversifying our project portfolio,"
stated Keith Larsen, CEO of U.S. Energy Corp.&#160;&#160;&#8220;Expanding our
relationships with PetroQuest and Yuma will enhance our opportunities to build
on our early successes in the Gulf Coast region,&#8221; he added.</font></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>
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          <div style="WIDTH: 100%" align="left">
            <div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 8pt">Press
Release</font></div>
            <div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 8pt">January
26, 2010</font></div>
            <div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 8pt">Page
2 of 3</font></div>
          </div>
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      <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>&#160;</div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 36pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">* * * *
*</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-WEIGHT: bold">Note
Regarding BOEs</font></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></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">BOEs are
derived by converting gas to oil in the ratio of one barrel of oil to six
thousand cubic feet of gas (1 bbl:6 Mcf), based on their respective BTU energy
content.&#160;&#160;BOEs are not indicative of value, as oil and natural gas
have different markets and prices may diverge from the ratio on a national
and/or regional level.</font></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block"><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; FONT-WEIGHT: bold">Note
Regarding After Payout Back-in</font></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block"><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">Pursuant
to a 2007 agreement with an oil and gas industry consulting company, USE&#8217;s
working interest (and corresponding net revenue interest) in each of the wells
drilled within a defined area of mutual interest with PetroQuest is subject to a
15% reduction when USE reaches payout of all its costs associated with each
well, plus 6% annual interest.&#160;&#160;The reduction increases to 20% when
USE has recovered 200% of its costs for each well.&#160;&#160;When and if each
benchmark is attained, USE will assign the working interest difference to the
consulting company.</font></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 36pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">* * * *
*</font></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Forward-Looking
Statements</font></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block"><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"><font style="FONT-STYLE: italic; DISPLAY: inline">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,"&#8221;target,&#8221; &#8220;goal,&#8221; or
similar expressions.&#160;&#160;Forward looking statements in this release
relate to, among other things, USE&#8217;s drilling of wells with&#160;&#160;Yuma and
PetroQuest, and its ownership interests in those wells and their expected costs,
and the oil and natural gas targets or goals for the wells.&#160;&#160;There is
no assurance that any of the wells referenced in this press release be
productive or that the Company&#8217;s goals for 2010 will be achieved. </font><font style="FONT-STYLE: italic; DISPLAY: inline">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 commodity
and/or mineral prices, the availability of capital, competitive factors, and
other risks described in the Company&#8217;s filings with the SEC (including, without
limitation, the Form S-3 registration statement (File No. 333-162607), and the
amendments and supplements thereto), which are incorporated herein by
reference.&#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.</font></font></div>
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            <div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 8pt">Press
Release</font></div>
            <div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 8pt">January
26, 2010</font></div>
            <div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 8pt">Page&#160;3
of 3</font></div>
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      <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 36pt" align="center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 36pt" align="center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 36pt" align="center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Disclosure
Regarding Mineral Resources Under SEC and Canadian Regulations</font></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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;An example is Sutter
Gold Mining Inc.&#160;&#160;These other companies are subject to the reporting
requirements of other jurisdictions.</font></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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.&#160;&#160;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.</font></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 36pt" align="center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">*
* * * *</font></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">For
further information, please contact:</font></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></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-WEIGHT: bold">Reggie
Larsen</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">Director
of Investor Relations</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">U.S.
Energy Corp.</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">1-800-776-9271</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 style="DISPLAY: inline; TEXT-DECORATION: underline">reggie@usnrg.com</font></font></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></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-WEIGHT: bold">Nick
Hurst</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">Investor
Relations</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">The
Equicom Group</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">1-403-538-4845</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 style="DISPLAY: inline; TEXT-DECORATION: underline">nhurst@equicomgroup.com</font></font></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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