<SEC-DOCUMENT>0001493152-18-000254.txt : 20180105
<SEC-HEADER>0001493152-18-000254.hdr.sgml : 20180105
<ACCEPTANCE-DATETIME>20180105172927
ACCESSION NUMBER:		0001493152-18-000254
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20180105
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180105
DATE AS OF CHANGE:		20180105

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			US ENERGY CORP
		CENTRAL INDEX KEY:			0000101594
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		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:		18514324

	BUSINESS ADDRESS:	
		STREET 1:		950 SOUTH CHERRY STREET
		STREET 2:		SUITE 1515
		CITY:			DENVER
		STATE:			CO
		ZIP:			80246
		BUSINESS PHONE:		303 993 3200

	MAIL ADDRESS:	
		STREET 1:		950 SOUTH CHERRY STREET
		STREET 2:		SUITE 1515
		CITY:			DENVER
		STATE:			CO
		ZIP:			80246

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WESTERN STATES MINING INC
		DATE OF NAME CHANGE:	19851229
</SEC-HEADER>
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<FILENAME>form8-k.htm
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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Washington,
D.C. 20549</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>FORM
8-K</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CURRENT
REPORT</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Pursuant
to Section 13 or 15(</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">d<FONT STYLE="text-transform: uppercase">)
of the</FONT></FONT></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Securities
Exchange Act of 1934</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date
of Report (date of earliest event reported): January 5, 2018</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>U.S.
ENERGY CORP.</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Exact
Name of Company as Specified in its Charter)</FONT></P>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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    <TD STYLE="width: 32%; text-align: center; font: 10pt/115% Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Wyoming</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center; font: 10pt/115% Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 32%; text-align: center; font: 10pt/115% Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>000-6814</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center; font: 10pt/115% Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 32%; text-align: center; font: 10pt/115% Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>83-0205516</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State
    or other jurisdiction of</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Commission
    File No.)</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(I.R.S.
    Employer</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">incorporation
    or organization)</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Identification
    No.)</FONT></TD></TR>
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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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    S. Cherry Street, Suite 1515, Denver, CO</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center; font: 10pt/115% Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 49%; text-align: center; font: 10pt/115% Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>80246</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address
    of principal executive offices)</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Zip
    Code)</FONT></TD></TR>
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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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    <TD STYLE="width: 100%; text-align: center; font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registrant&rsquo;s
    telephone number, including area code: <B>(303) 993-3200</B></FONT></TD></TR>
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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Former
    Name, Former Address or Former Fiscal Year, </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
    <FONT STYLE="font-size: 10pt">If Changed From Last Report)</FONT></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 0.3in; font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Written
    communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soliciting
    material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-commencement
    communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-commencement
    communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&sect;230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&sect;240.12b-2).</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging
growth company&nbsp;[&nbsp;&nbsp;]</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [&nbsp;&nbsp;]</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
1.01. Entry into a Material Definitive Agreement</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 5, 2018, U.S. Energy Corp. (the &ldquo;Company&rdquo;) entered into a common stock sales agreement (the &ldquo;Sales Agreement&rdquo;)
with Northland Securities, Inc., as agent (&ldquo;Northland&rdquo;), pursuant to which the Company may sell from time to time,
at its option, shares of its common stock, $0.01 par value per share, having an aggregate offering price of up to $2,500,000 (the
&ldquo;Shares&rdquo;). Sales of the Shares, if any, will be made under the Company&rsquo;s previously filed and currently effective
Registration Statement on Form S-3 (Registration No. 333-204350) in transactions that are deemed to be &ldquo;at the market offerings&rdquo;
as defined in Rule 415 under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;). A prospectus supplement
relating to the Shares and an accompanying prospectus were filed with the U.S. Securities and Exchange Commission on January 5,
2018 and are a part of the Registration Statement. Interested investors should read the Registration Statement and all documents
incorporated therein by reference.</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company plans to sell Shares, from time to time, to fund working capital and general corporate purposes, which may include the
Company&rsquo;s share of capital expenditures on new wells drilled on the Company&rsquo;s existing acreage. Coupled with the recently
completed deleveraging transaction and previously announced positive settlement of the Statoil dispute, the Company has substantially
strengthened its balance sheet and addressed legacy issues to refocus the organization on growing production and reserves.</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Northland
will use commercially reasonable efforts to sell the Shares from time to time, based upon the Company&rsquo;s instructions (including
any price, time or size limits or other customary parameters or conditions the Company may impose). The Company cannot provide
any assurances that it will sell any shares of its common stock pursuant to the Sales Agreement and may at any time suspend solicitation
and offers pursuant to the Sales Agreement. The Company will pay Northland a commission of 3% of the gross proceeds from the sale
of the Shares, if any. Under the terms of the Sales Agreement, the Company may also sell the Shares to Northland as principal
for its own account at prices agreed upon at the time of sale. If the Company sells any Shares to Northland as principal, the
Company will enter into a separate terms agreement with Northland. The Company has also agreed to provide Northland with customary
indemnification rights against certain liabilities, including under the Securities Act. The offering of the Shares will terminate
upon the earliest of (a) the sale of all of the Shares or (b) the termination of the Sales Agreement by the Company or Northland.
The Company will also reimburse Northland for certain specified expenses in connection with the Sales Agreement.</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
foregoing description of the Sales Agreement does not purport to be complete and is qualified in its entirety by reference to
the full text of the Sales Agreement, a copy of which is filed herewith as Exhibit 1.1 to this Current Report on Form 8-K and
is incorporated herein by reference. The opinion of the Company&rsquo;s counsel regarding the legality of the Shares that will
be issued pursuant to the Sales Agreement is also filed herewith as Exhibit 5.1.</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Current Report on Form 8-K shall not constitute an offer to sell or the solicitation of an offer to buy the Shares discussed herein,
nor shall there be any offer, solicitation, or sale of Shares in any state in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of any such state.</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
9.01. Financial Statements and Exhibits.</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
Exhibits. The following exhibits are included as part of this Current Report on Form 8-K:</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.75in; font: 10pt/115% Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit
    No.</FONT></TD>
    <TD STYLE="width: 2%; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; text-align: justify"><A HREF="ex1-1.htm">Form of Common Stock
    <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales Agreement by and between U.S. Energy Corp.
    and Northland Securities Inc., dated January 5, 2018</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif"><A HREF="ex5-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Kutak Rock LLP</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif"><A HREF="ex5-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Kutak Rock LLP (included in Exhibit 5.1)</FONT></A></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SIGNATURES</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of the Securities and Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>U.S.
    Energy Corp.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 50%; font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:
    January 5, 2018</FONT></TD>
    <TD STYLE="width: 3%; font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 47%; font: 10pt/115% Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/
    David Veltri</I></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">David
    Veltri</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Executive Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>


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<TYPE>EX-1.1
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 1.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>U.S.
ENERGY CORP.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>COMMON
STOCK SALES AGREEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January
5, 2018</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Northland
Securities, Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45
South Seventh Street, Suite 2000</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minneapolis,
Minnesota 55402</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ladies
and Gentlemen:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
Energy Corp., a Wyoming corporation (the &ldquo;<B><U>Company</U></B>&rdquo;), confirms its agreement (this &ldquo;<B><U>Agreement</U></B>&rdquo;)
with Northland Securities, Inc. (&ldquo;<B><U>Northland</U></B>&rdquo;), as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.
<U>Issuance and Sale of Placement Shares</U>. The Company agrees that, from time to time during the term of this Agreement, on
the terms and subject to the conditions set forth herein, it may issue and sell to or through Northland shares (the &ldquo;<B><U>Placement
Shares</U></B>&rdquo;) of the Company&rsquo;s common stock, $0.01 par value per share (the &ldquo;<B><U>Common Stock</U></B>&rdquo;);
<I>provided however, </I>that in no event shall the Company issue and sell to or through Northland such number of Placement Shares
that (a) exceeds the number of shares or dollar amount of Common Stock registered on the effective Registration Statement (as
defined below) pursuant to which the offering is being made, (b) exceeds the number of shares or dollar amount registered on the
Prospectus Supplement (as defined below), or (c) would cause the Company to exceed the share amount limitations set forth in General
Instruction I.B.6 of Form S-3 (the lesser of (a), (b) or (c) the &ldquo;<B><U>Maximum Amount</U></B>&rdquo;). Notwithstanding
anything to the contrary contained herein, the parties hereto agree that compliance with the limitations set forth in this <U>Section
1</U> on the aggregate number of Placement Shares issued and sold under this Agreement shall be the sole responsibility of the
Company and that Northland shall have no obligation in connection with such compliance. The issuance and sale of Placement Shares
to or through Northland will be effected pursuant to the Registration Statement, although nothing in this Agreement shall be construed
as requiring the Company to use the Registration Statement to issue any Placement Shares. The Company agrees that whenever it
determines to sell Placement Shares directly to Northland as principal, it will enter into a separate agreement (each, a &ldquo;<B><U>Terms
Agreement</U></B>&rdquo;) in substantially the form of <U>Schedule 1</U> hereto, relating to such sale in accordance with <U>Section
2</U> hereto. References herein to &ldquo;this Agreement&rdquo; or to matters contained &ldquo;herein&rdquo; or &ldquo;hereunder&rdquo;
or words of similar import mean this Agreement and any applicable Terms Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has filed, in accordance with the provisions of the Securities Act of 1933, as amended, and the rules and regulations
thereunder, also as amended (the &ldquo;<B><U>Securities Act</U></B>&rdquo;), with the Securities and Exchange Commission (the
&ldquo;<B><U>Commission</U></B>&rdquo;), a registration statement on Form S-3 (File No. 333-204350), including a base prospectus
(the &ldquo;<B><U>Base Prospectus</U></B>&rdquo;), relating to certain securities, including the Placement Shares to be issued
from time to time by the Company, and which incorporates by reference documents that the Company has filed or will file in accordance
with the provisions of the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder, also as amended
(the &ldquo;<B><U>Exchange Act</U></B>&rdquo;). The Company has prepared a prospectus supplement to the Base Prospectus included
as part of such registration statement specifically relating to the Placement Shares (the &ldquo;<B><U>Prospectus Supplement</U></B>&rdquo;).
The Company will furnish to Northland, for use by Northland, copies of the Base Prospectus included as part of such registration
statement, as supplemented by the Prospectus Supplement, relating to the Placement Shares. Except where the context otherwise
requires, such registration statement, including all documents filed as part thereof or incorporated by reference therein, and
including any information contained in a Prospectus (as defined below) subsequently filed with the Commission pursuant to Rule
424(b) under the Securities Act or deemed to be a part of such registration statement pursuant to Rule 430B of the Securities
Act, is herein called the &ldquo;<B><U>Registration Statement</U></B>.&rdquo; The Base Prospectus, including all documents incorporated
or deemed incorporated therein by reference to the extent such information has not been superseded or modified in accordance with
Rule 412 under the Securities Act (as qualified by Rule 430B(g) of the Securities Act), included in the Registration Statement,
as it may be supplemented by the Prospectus Supplement, in the form in which such Base Prospectus and/or Prospectus Supplement
have most recently been filed by the Company with the Commission pursuant to Rule 424(b) under the Securities Act, is herein called
the &ldquo;<B><U>Prospectus</U></B>.&rdquo; Any reference herein to the Registration Statement, the Prospectus or any amendment
or supplement thereto shall be deemed to refer to and include any documents deemed incorporated by reference therein (pursuant
to the Securities Act or the Exchange Act) (the &ldquo;<B><U>Incorporated Documents</U></B>&rdquo;), and any reference herein
to the terms &ldquo;amend,&rdquo; &ldquo;amendment&rdquo; or &ldquo;supplement&rdquo; with respect to the Registration Statement
or the Prospectus shall be deemed to refer to and include the filing after the execution hereof of any document with the Commission
incorporated by reference therein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
purposes of this Agreement, all references to the Registration Statement, to the Prospectus, to any Incorporated Documents, or
to any amendment or supplement thereto shall be deemed to include the most recent copy filed with the Commission pursuant to its
Electronic Data Gathering Analysis and Retrieval System, or if applicable, the Interactive Data Electronic Application system
when used by the Commission (collectively, &ldquo;<B><U>EDGAR</U></B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.
<U>Placements</U>. Each time that the Company wishes to issue and sell Placement Shares through Northland hereunder (each, a &ldquo;<B><U>Placement</U></B>&rdquo;),
it will notify Northland by email notice from a person identified on <U>Schedule 3</U> (or other method mutually agreed to in
writing by the parties) (a &ldquo;<B><U>Placement Notice</U></B>&rdquo;) containing the parameters in accordance with which it
desires the Placement Shares to be sold, which shall at a minimum include the number of Placement Shares to be issued and sold,
the time period during which sales are requested to be made, any limitation on the number of Placement Shares that may be sold
in any one Trading Day (as defined in <U>Section 3</U>) and any minimum price below which Placement Shares may not be sold, a
form of which containing such minimum sales parameters necessary is attached hereto as <U>Schedule 2</U>. The Placement Notice
shall originate from any of the individuals from the Company set forth on <U>Schedule 3</U> (with a copy to each of the other
individuals from the Company listed on such schedule), and shall be addressed to each of the individuals from Northland set forth
on <U>Schedule 3</U>. <U>Schedule 3</U> may be amended from time to time in writing but only upon the mutual confirmation of such
amendment by Northland and the Company. The receipt of each Placement Notice shall promptly be acknowledged by Northland by providing
email notice to the Company to a person designated on <U>Schedule 3</U>. The Placement Notice shall be effective upon receipt
by Northland unless and until (i) in accordance with the notice requirements set forth in <U>Section 4</U>, Northland declines
to accept the terms contained therein for any reason, in its sole discretion, (ii) the entire amount of the Placement Shares have
been sold thereunder, (iii) in accordance with the notice requirements set forth in <U>Section 4</U>, the Company suspends or
terminates the Placement Notice, (iv) the Company issues a subsequent Placement Notice with parameters which supersedes an earlier
dated Placement Notice, or (v) this Agreement has been terminated under the provisions of <U>Section 11</U>. The amount of any
commission to be paid by the Company to Northland in connection with the sale of the Placement Shares shall be calculated in accordance
with the terms set forth in <U>Schedule 4</U> and shall be set forth in the Placement Notice<B>.</B> The Company may sell Placement
Shares to Northland as principal at a price to be agreed upon in a separate Terms Agreement. It is expressly acknowledged and
agreed that neither the Company nor Northland will have any obligation whatsoever with respect to a Placement or any Placement
Shares unless and until the Company delivers a Placement Notice to Northland and Northland does not decline such Placement Notice
pursuant to the terms set forth above or a Terms Agreement is entered into between the Company and Northland for the sale of Placement
Shares to Northland as principal, and then only upon the terms specified therein and herein. In the event of a conflict between
the terms of <U>Section 2</U> or <U>Section 3</U> of this Agreement and the terms of a Placement Notice or any Terms Agreement,
as applicable, the terms of the Placement Notice or any Terms Agreement will control.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.
<U>Sale of Placement Shares by Northland</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
Subject to the terms and conditions herein set forth, upon the Company&rsquo;s delivery of a Placement Notice, and unless the
sale of the Placement Shares described therein has been declined, suspended, or otherwise terminated in accordance with the terms
of this Agreement, Northland, for the period specified in the Placement Notice, will use its commercially reasonable efforts consistent
with its normal trading and sales practices and applicable state and federal laws, rules and regulations and the rules of The
NASDAQ Capital Market (&ldquo;<B><U>Exchange</U></B>&rdquo;) to sell such Placement Shares in accordance with the terms of such
Placement Notice. Northland will provide written confirmation to the Company (including by email correspondence to each of the
individuals of the Company set forth on <U>Schedule 3</U>) no later than the opening of the Trading Day immediately following
the Trading Day during which it has made sales of Placement Shares hereunder setting forth the number of Placement Shares sold
on such day, the compensation payable by the Company to Northland pursuant to <U>Section 2</U> with respect to such sales and
the Net Proceeds (as defined below) payable to the Company. Northland may sell Placement Shares only in accordance with a method
permitted by law and in a manner deemed to be an &ldquo;at the market&rdquo; offering as defined in Rule 415 of the Securities
Act, including without limitation sales made on the Exchange, on any other existing trading market for the Common Stock or to
or through a market maker. If expressly authorized by the Company in a Placement Notice, Northland may also sell Placement Shares
in negotiated transactions and if a Terms Agreement is entered into Northland may purchase Placement Shares for its own account
as principal as expressly stipulated in such Terms Agreement. The Company acknowledges and agrees that (i) there can be no assurance
that Northland will be successful in selling Placement Shares, (ii) Northland will incur no liability or obligation to the Company
or any other person or entity if it does not sell Placement Shares for any reason other than a failure by Northland to use its
commercially reasonable efforts consistent with its normal trading and sales practices to sell such Placement Shares as required
under this <U>Section 3</U> and (iii) Northland shall be under no obligation to purchase Placement Shares on a principal basis
except as otherwise specifically agreed by Northland and the Company pursuant to a Terms Agreement. For the purposes hereof, &ldquo;<B><U>Trading
Day</U></B>&rdquo; means any day on which the Company&rsquo;s Common Stock is purchased and sold on the principal market on which
the Common Stock is listed or quoted.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
<U>Limitations on Offering Size</U>. Under no circumstances shall the Company request the offer or sale of any Placement Shares
if, after giving effect to the sale of such Placement Shares, the aggregate number of Placement Shares sold pursuant to this Agreement
or any Terms Agreement would exceed the lesser of (A) together with all sales of Placement Shares under this Agreement or any
Terms Agreements, the Maximum Amount, and (B) the amount authorized from time to time to be issued and sold under this Agreement
or any Terms Agreements by the Company&rsquo;s board of directors, a duly authorized committee thereof or a duly authorized executive
committee, and notified to Northland in writing. Under no circumstances shall the Company request the offer or sale of any Placement
Shares pursuant to this Agreement or any Terms Agreement at a price lower than the minimum price authorized from time to time
by the Company&rsquo;s board of directors, a duly authorized committee thereof or a duly authorized executive committee, and notified
to Northland in writing. Further, under no circumstances shall the Company request the sale of Placement Shares pursuant to this
Agreement or any Terms Agreements in an aggregate offering amount that would exceed the Maximum Amount.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.
<U>Suspension of Sales</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
The Company or Northland may, with respect to a particular Placement, upon notice to the other party in writing (including by
email correspondence to each of the individuals of the other party set forth on <U>Schedule 3</U>, if receipt of such correspondence
is actually acknowledged by any of the individuals to whom the notice is sent, other than via auto-reply) or by telephone (confirmed
immediately by verifiable facsimile transmission or email correspondence to each of the individuals of the other party set forth
on <U>Schedule 3</U>), suspend the offer and sale of any Placement Shares; <I>provided, however</I>, that such suspension shall
not affect or impair either party&rsquo;s obligations with respect to any Placement Shares sold hereunder prior to the receipt
of such notice, including pursuant to any Terms Agreement. Each of the parties agrees that no such notice under this <U>Section
4</U> shall be effective against the other unless it is made to one of the individuals named on <U>Schedule 3</U> hereto and in
accordance with the notice delivery requirements of this <U>Section 4</U>. While a suspension is in effect, any obligation under
<U>Sections 7(l)</U>, <U>7(m)</U>, and <U>7(n)</U> with respect to the delivery of certificates, opinions or comfort letters to
Northland shall be deemed waived.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
Notwithstanding any other provision of this Agreement or any Terms Agreement, during any period in which the Company is in possession
of material non-public information, the Company and Northland agree that (i) no sale of Placement Shares will take place, (ii)
the Company shall not request the sale of any Placement Shares and (iii) Northland shall not be obligated to sell or offer to
sell any Placement Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.
<U>Settlement</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
<U>Settlement of Placement Shares</U>. Unless otherwise specified in the applicable Placement Notice or Terms Agreement, settlement
for sales of Placement Shares will occur on the second (2<SUP>nd</SUP>) Trading Day (or such earlier day as is industry practice
for regular-way trading) following the date on which such sales are made (each, a &ldquo;<B><U>Settlement Date</U></B>&rdquo;).
The amount of proceeds to be delivered to the Company on a Settlement Date against receipt of the Placement Shares sold pursuant
to any Placement Notice (the &ldquo;<B><U>Net Proceeds</U></B>&rdquo;) will be equal to the aggregate sales price received by
Northland at which such Placement Shares were sold, after deduction for (i) Northland&rsquo;s commission, discount or other compensation
for such sales payable by the Company pursuant to <U>Section 2</U> hereof, (ii) any other amounts due and payable by the Company
to Northland hereunder pursuant to <U>Section 7(g)</U> (Expenses) hereof and (iii) any transaction fees imposed by any governmental
or self-regulatory organization in respect of such sales, in each case consistent with the disclosure of such amounts in the Placement
Notice. The amount of proceeds to be delivered to the Company on a Settlement Date when Northland is purchasing Placement Shares
on a principal basis shall be set forth in the applicable Terms Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
<U>Delivery of Placement Shares</U>. On or before each Settlement Date, the Company will, or will cause its transfer agent to,
electronically transfer the Placement Shares being sold by crediting Northland&rsquo;s or its designee&rsquo;s account (provided
Northland shall have given the Company written notice of such designee at least one Trading Day prior to the Settlement Date)
at The Depository Trust Company through its Deposit and Withdrawal at Custodian System (&ldquo;<B><U>DWAC</U></B>&rdquo;) or by
such other means of delivery as may be mutually agreed upon by the parties hereto, which in all cases shall be freely tradable,
transferable, registered shares in good deliverable form. On each Settlement Date, Northland will deliver the related Net Proceeds
in same day funds to an account designated by the Company on, or prior to, the Settlement Date. The Company agrees that if the
Company, or its transfer agent (if applicable), defaults in its obligation to deliver duly authorized Placement Shares on a Settlement
Date through no fault of Northland, in addition to and in no way limiting the rights and obligations set forth in <U>Section 9(a)
</U>(Indemnification and Contribution) hereto, it will (i) hold Northland harmless against any loss, claim, damage, or reasonable,
documented expense (including reasonable and documented legal fees and expenses), as incurred, arising out of or in connection
with such default by the transfer agent or the Company and (ii) pay to Northland (without duplication) any commission, discount,
or other compensation to which it would otherwise have been entitled absent such default.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.
<U>Representations and Warranties of the Company</U>. The Company represents and warrants to, and agrees with, Northland that,
as of the effective date of the Registration Statement, each Representation Date (as defined in <U>Section 7(m)</U>), each date
on which a Placement Notice is given, each date a Terms Agreement is entered into and any date on which Placement Shares are sold
hereunder or pursuant to a Terms Agreement:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
<U>Compliance with Registration Requirements</U>. The Registration Statement has been declared effective by the Commission under
the Securities Act. The Company has complied with all requests of the Commission for additional or supplemental information related
to the Registration Statement or the Prospectus. No stop order suspending the effectiveness of the Registration Statement or any
Rule 462(b) Registration Statement is in effect and no proceedings for such purpose have been instituted or are pending or, to
the best knowledge of the Company, threatened by the Commission.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
<U>No Misstatement or Omission</U>. The Prospectus when filed complied and, as amended or supplemented, if applicable, will comply
in all material respects with the Securities Act. Each of the Registration Statement, any Rule 462(b) Registration Statement,
the Prospectus and any post-effective amendments or supplements thereto, at the time it became effective or its date, as applicable,
and as of each of the Settlement Dates, if any, complied in all material respects with the Securities Act and did not and, as
of each Settlement Date, if any, will not contain any untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements therein in light of the circumstances under which they were made, not
misleading. The Prospectus, as amended or supplemented, as of its date, and as of each of the Settlement Dates, if any, will not
contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein,
in the light of the circumstances under which they were made, not misleading. The representations and warranties set forth in
the two immediately preceding sentences do not apply to statements in or omissions from the Registration Statement, any Rule 462(b)
Registration Statement, or any post-effective amendment thereto, or the Prospectus, or any amendments or supplements thereto,
made in reliance upon and in conformity with information relating to Northland furnished to the Company in writing by Northland
expressly for use therein. Except as set forth on <U>Schedule 5</U>, there are no contracts or other documents required to be
described in the Prospectus or to be filed as exhibits to the Registration Statement which have not been described or filed as
required.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
<U>Distribution of Offering Material By the Company</U>. The Company has not distributed and will not distribute, prior to the
completion of Northland&rsquo;s distribution of the Placement Shares, any offering material in connection with the offering and
sale of the Placement Shares other than the Prospectus or the Registration Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
<U>The Sales Agreement and any Terms Agreement</U>. This Agreement and any Terms Agreement has been duly authorized, executed
and delivered by, and is a valid and binding agreement of, the Company, enforceable in accordance with its terms, except as rights
to indemnification and contribution hereunder may be limited by applicable law and public policy considerations and except as
the enforcement hereof may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to
or affecting the rights and remedies of creditors or by general equitable principles.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)
<U>S-3 Eligibility</U>. (i) At the time of filing the Registration Statement and (ii) at the time of the most recent amendment
thereto for the purposes of complying with Section 10(a)(3) of the Securities Act (whether such amendment was by post-effective
amendment, incorporated report filed pursuant to Section 13 or 15(d) of the Exchange Act or form of prospectus), the Company met
the then applicable requirements for use of Form S-3 under the Securities Act, including compliance with General Instruction I.B.6
of Form S-3. As of the close of trading on the Exchange on the Trading Day immediately prior to the date of this Agreement, the
aggregate market value of the outstanding voting and non-voting common equity (as defined in Rule 405) of the Company held by
persons other than affiliates of the Company (pursuant to Rule 144 of the Securities Act, those that directly, or indirectly through
one or more intermediaries, control, or are controlled by, or are under common control with, the Company) (the &ldquo;<B><U>Non-Affiliate
Shares</U></B>&rdquo;), was approximately $9,696,267 million (calculated by multiplying (x) the price at which the common
equity of the Company was last sold on the Exchange on the Trading Day immediately prior to the date of this Agreement times (y)
the number of Non-Affiliate Shares). The Company is not a shell company (as defined in Rule 405) and has not been a shell company
for at least 12 calendar months previously and if it has been a shell company at any time previously, has filed current Form 10
information (as defined in Instruction I.B.6 of Form S-3) with the Commission at least 12 calendar months previously reflecting
its status as an entity that is not a shell company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)
<U>Authorization of the Placement Shares</U>. The Placement Shares, when issued and delivered, will be duly authorized for issuance
and sale pursuant to this Agreement and any Terms Agreement and, when issued and delivered by the Company against payment therefor
pursuant to this Agreement and any Terms Agreement, will be validly issued, fully paid and nonassessable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)
<U>No Applicable Registration or Other Similar Rights</U>. Except as otherwise disclosed in the Prospectus, there are no persons
with registration or other similar rights to have any equity or debt securities registered for sale under the Registration Statement
or included in the offering contemplated by this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)
<U>No Material Adverse Change</U>. Except as otherwise disclosed in the Prospectus, subsequent to the respective dates as of which
information is given in the Prospectus: (i) there has been no material adverse change, or any development that could reasonably
be expected to result in a material adverse change, in the condition, financial or otherwise, or in the earnings, business, operations
or prospects, whether or not arising from transactions in the ordinary course of business, of the Company and its subsidiaries,
considered as one entity (any such change is called a &ldquo;<B><U>Material Adverse Change</U></B>&rdquo;); (ii) the Company and
its subsidiaries, considered as one entity, have not incurred any material liability or obligation, indirect, direct or contingent,
not in the ordinary course of business nor entered into any material transaction or agreement not in the ordinary course of business;
and (iii) there has been no dividend or distribution of any kind declared, paid or made by the Company or, except for regular
quarterly dividends publicly announced by the Company or dividends paid to the Company or other subsidiaries, by any of its subsidiaries
on any class of capital stock or repurchase or redemption by the Company or any of its subsidiaries of any class of capital stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
<U>Independent Accountants</U>. Each of Hein &amp; Associates LLP and Moss Adams LLP, who has expressed its opinion with respect
to the financial statements (which term as used in this Agreement includes the related notes thereto) and supporting schedules
filed with the Commission or incorporated by reference as a part of the Registration Statement and included in the Prospectus,
is, to the Company&rsquo;s knowledge, after due inquiry, an independent registered public accounting firm as required by the Securities
Act and the Exchange Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)
<U>Preparation of the Financial Statements</U>. The financial statements filed with the Commission as a part of or incorporated
by reference in the Registration Statement and included in the Prospectus present fairly, in all material respects, the consolidated
financial position of the Company and its subsidiaries as of and at the dates indicated and the results of their operations and
cash flows for the periods specified, subject in the case of unaudited financial statements to normal year end annual adjustments.
The supporting schedules included in or incorporated in the Registration Statement present fairly the information required to
be stated therein. Such financial statements and supporting schedules have been prepared in accordance with generally accepted
accounting principles as applied in the United States applied on a consistent basis throughout the periods involved, except as
may be expressly stated in the related notes thereto. No other financial statements or supporting schedules are required to be
included in or incorporated in the Registration Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)
<U>XBRL</U>. The interactive data in eXtensible Business Reporting Language included or incorporated by reference in the Registration
Statement fairly presents the information called for in all material respects and has been prepared in accordance with the Commission&rsquo;s
rules and guidelines applicable thereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)
<U>Incorporation and Good Standing of the Company and its Subsidiaries</U>. The Company is incorporated and is validly existing
as a corporation in good standing under the laws of the State of Wyoming and has corporate power and authority to own, lease and
operate its properties and to conduct its business as described in the Prospectus and to enter into and perform its obligations
under this Agreement. Each material subsidiary of the Company is organized and is validly existing as a corporation or limited
liability company in good standing under the laws of the jurisdiction of its organization and has the requisite power and authority
to own, lease and operate its properties and to conduct its business as described in the Prospectus. Each of the Company and the
subsidiaries is duly qualified as a foreign corporation to transact business and is in good standing in each jurisdiction in which
such qualification is required, whether by reason of the ownership or leasing of property or the conduct of business, except for
such jurisdictions where the failure to so qualify or to be in good standing would not, individually or in the aggregate, reasonably
be expected to result in a Material Adverse Change. Except as described in the Prospectus, all of the issued and outstanding equity
interests of the subsidiaries have been duly authorized and validly issued, are fully paid and nonassessable and, with respect
to the subsidiary shares owned by the Company, are owned by the Company free and clear of any security interest, mortgage, pledge,
lien, encumbrance or adverse claim except as disclosed in the Prospectus. The Company does not own or control, directly or indirectly,
any corporation, association or other entity, except as disclosed in the Prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m)
<U>Capital Stock Matters</U>. The Common Stock conforms in all material respects to the description thereof contained in the Prospectus.
All of the issued and outstanding shares of Common Stock have been duly authorized and validly issued, are fully paid and nonassessable
and, to the Company&rsquo;s knowledge, have been issued in compliance with federal and state securities laws. None of the outstanding
shares of Common Stock were issued in violation of any preemptive rights, rights of first refusal or other similar rights to subscribe
for or purchase securities of the Company. Except as described in that certain registration statement on Form S-1, declared effective
by the Commission on September 22, 2017 (File No. 333-220363), covering the shares of Common Stock underlying warrants exercisable
for Common Stock by the selling shareholders, there are no authorized or outstanding options, warrants, preemptive rights, rights
of first refusal or other rights to purchase, or equity or debt securities convertible into or exchangeable or exercisable for
any capital stock of the Company or any of its subsidiaries other than those accurately described in all material respects in
the Prospectus. The description of the Company&rsquo;s stock option, stock bonus and other stock plans or arrangements, and the
options or other rights granted thereunder, set forth in the Prospectus accurately and fairly presents in all material respects
the information required to be shown with respect to such plans, arrangements, options and rights under the Exchange Act or the
Securities Act, as applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)
<U>Non-Contravention of Existing Instruments; No Further Authorizations or Approvals Required</U>. Neither the Company nor any
of its subsidiaries is in violation of its charter or by-laws or is in default (or, with the giving of notice or lapse of time,
would be in default) (&ldquo;<B><U>Default</U></B>&rdquo;) under any indenture, mortgage, loan or credit agreement, note, contract,
franchise, lease or other instrument to which the Company or any of its subsidiaries is a party or by which it or any of them
may be bound, or to which any of the property or assets of the Company or any of its subsidiaries is subject (each, an &ldquo;<B><U>Existing
Instrument</U></B>&rdquo;), except for such Defaults as would not, individually or in the aggregate, result in a Material Adverse
Change. The Company&rsquo;s execution, delivery and performance of this Agreement or any Terms Agreement and consummation of the
transactions contemplated herein or in any Terms Agreement and by the Prospectus (i) have been duly authorized by all necessary
corporate action and will not result in any violation of the provisions of the charter or by-laws of the Company or any subsidiary,
(ii) will not conflict with or constitute a breach of, or Default under, or result in the creation or imposition of any lien,
charge or encumbrance upon any property or assets of the Company or any of its subsidiaries pursuant to, or, require the consent
of any other party to, any Existing Instrument, except for such conflicts, breaches, Defaults, liens, charges or encumbrances
as would not, individually or in the aggregate, result in a Material Adverse Change and (iii) will not result in any violation
of any law, administrative regulation or administrative or court decree applicable to the Company or any subsidiary. No consent,
approval, authorization or other order of, or registration or filing with, any court or other governmental or regulatory authority
or agency, is required for the Company&rsquo;s execution, delivery and performance of this Agreement or any Terms Agreement and
consummation of the transactions contemplated herein, in any Terms Agreement and by the Prospectus, except such as have been obtained
or made by the Company and are in full force and effect under the Securities Act, or that may be required under applicable state
securities or blue sky laws and from the Financial Industry Regulatory Authority (&ldquo;<B><U>FINRA</U></B>&rdquo;) or Exchange.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(o)
<U>No Material Actions or Proceedings</U>. There are no legal or governmental actions, suits or proceedings pending or, to the
best of the Company&rsquo;s knowledge, threatened (i) against or affecting the Company or any of its subsidiaries, (ii) which
has as the subject thereof any officer or director of, or property owned or leased by, the Company or any of its subsidiaries
or (iii) relating to employment or discrimination matters, where in any such case (A) there is a reasonable possibility that such
action, suit or proceeding might be determined adversely to the Company or such subsidiary and (B) any such action, suit or proceeding,
if so determined adversely, would result in a Material Adverse Change or adversely affect the consummation of the transactions
contemplated by this Agreement or any Terms Agreement. No material labor dispute with the employees of the Company or any of its
subsidiaries exists or, to the Company&rsquo;s knowledge, is threatened or imminent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(p)
<U>All Necessary Permits, etc</U>. The Company and each subsidiary possess such valid and current certificates, authorizations
or permits issued by the appropriate state, federal or foreign regulatory agencies or bodies necessary to conduct their respective
businesses as currently conducted and described in the Prospectus, other than those the failure to possess or own would not result
in a Material Adverse Change, and neither the Company nor any subsidiary has received any notice of proceedings relating to the
revocation or modification of, or non-compliance with, any such certificate, authorization or permit which, singly or in the aggregate,
if the subject of an unfavorable decision, ruling or finding, could result in a Material Adverse Change.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(q)
<U>Tax Law Compliance</U>. Subject to any permitted extensions, the Company and its consolidated subsidiaries have filed all necessary
and material federal, state and foreign income, property and franchise tax returns (or have properly requested extensions thereof)
and have paid all taxes required to be paid by any of them and, if due and payable, any related or similar assessment, fine or
penalty levied against any of them except as may be being contested in good faith and by appropriate proceedings. The Company
has made adequate charges, accruals and reserves in the applicable financial statements referred to in <U>Section 1(i)</U> above
in respect of all federal, state and foreign income, property and franchise taxes for all periods as to which the tax liability
of the Company or any of its consolidated subsidiaries has not been finally determined.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(r)
<U>Company Not an &ldquo;Investment Company</U>. The Company has been advised of the rules and requirements under the Investment
Company Act of 1940, as amended (the &ldquo;<B><U>Investment Company Act</U></B>&rdquo;). The Company is not, and after receipt
of payment for the Placement Shares will not be, an &ldquo;investment company&rdquo; within the meaning of the Investment Company
Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(s)
<U>Insurance</U>. Each of the Company and its subsidiaries are insured by insurers of recognized financial responsibility with
policies in such amounts and with such deductibles and covering such risks as are generally deemed prudent and customary for their
respective businesses as currently conducted and described in the Prospectus. The Company has no reason to believe that it or
any subsidiary will not be able (i) to renew its existing insurance coverage as and when such policies expire or (ii) to obtain
comparable coverage from similar institutions as may be necessary or appropriate to conduct its business as now conducted and
at a cost that would not result in a Material Adverse Change.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(t)
<U>No Price Stabilization or Manipulation</U>. The Company has not taken and will not take, directly or indirectly, any action
designed to or that might be reasonably expected to cause or result in stabilization or manipulation of the price of any security
of the Company to facilitate the sale or resale of the Placement Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(u)
<U>Related Party Transactions</U>. There are no business relationships or related-party transactions involving the Company or
any subsidiary or any other person required to be described in the Prospectus which have not been described as required under
the Securities Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)
<U>Exchange Act Compliance</U>. The documents incorporated or deemed to be incorporated by reference in the Prospectus, at the
time they were or hereafter are filed with the Commission, complied and will comply in all material respects with the requirements
of the Exchange Act, and, when read together with the other information in the Prospectus, at the Settlement Dates, will not contain
an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the
fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which
they were made, not misleading.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(w)
<U>No Unlawful Contributions or Other Payments</U>. Neither the Company nor any of its subsidiaries nor, to the Company&rsquo;s
knowledge, any director, officer, employee or agent of the Company or any subsidiary acting on behalf of the Company or any of
its subsidiaries has taken any action, directly or indirectly, that would result in a violation by such persons of the Foreign
Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (the &ldquo;<B><U>FCPA</U></B>&rdquo;), including,
without limitation, making use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance of
an offer, payment, promise to pay or authorization of the payment of any money, or other property, gift, promise to give, or authorization
of the giving of anything of value to any &ldquo;foreign official&rdquo; (as such term is defined in the FCPA) or any foreign
political party or official thereof or any candidate for foreign political office, in contravention of the FCPA and the Company
and, to the knowledge of the Company, its controlled affiliates have conducted their businesses in compliance with the FCPA and
have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure,
continued compliance therewith.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(x)
<U>Compliance with Money Laundering Laws</U>. The operations of the Company and its subsidiaries are and have been conducted at
all times in compliance with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions
Reporting Act of 1970, as amended, the money laundering statutes of all jurisdictions, the rules and regulations thereunder and
any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively,
the &ldquo;<B><U>Money Laundering Laws</U></B>&rdquo;) and no action, suit or proceeding by or before any court or governmental
agency, authority or body or any arbitrator involving the Company or any of its subsidiaries with respect to the Money Laundering
Laws is pending or, the knowledge of the Company, threatened.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(y)
<U>Compliance with OFAC</U>. None of the Company, any of its subsidiaries or, to the knowledge of the Company, any director, officer,
agent, employee or affiliate of the Company or any of its subsidiaries is currently subject to any U.S. sanctions administered
by the Office of Foreign Office Control of the U.S. Department of the Treasury (&ldquo;<B><U>OFAC</U></B>&rdquo;); and the Company
will not, directly or indirectly, use the proceeds of the offering of the Placement Shares hereunder, or lend, contribute or otherwise
make available such proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of financing
the activities of any person currently subject to any U.S. sanctions administered by OFAC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(z)
<U>Company&rsquo;s Accounting System</U>. The Company maintains a system of &ldquo;internal control over financial reporting&rdquo;
(as such term is defined in Rule 13a-15(f) of the General Rules and Regulations under the Exchange Act (the &ldquo;<B><U>Exchange
Act Rules</U></B>&rdquo;)) that complies with the requirements of the Exchange Act and has been designed by its principal executive
and principal financial officers, or under their supervision, to provide reasonable assurances that (i) transactions are executed
in accordance with management&rsquo;s general or specific authorizations; (ii) transactions are recorded as necessary to permit
preparation of financial statements in conformity with U.S. GAAP and to maintain accountability for assets; (iii) access to assets
is permitted only in accordance with management&rsquo;s general or specific authorization; and (iv) the recorded accountability
for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences.
Except as described in the Prospectus, since the end of the Company&rsquo;s most recent audited fiscal year, there has been (A)
no material weakness in the Company&rsquo;s internal control over financial reporting (whether or not remediated) and (B) no change
in the Company&rsquo;s internal control over financial reporting that has materially affected, or is reasonably likely to materially
affect, the Company&rsquo;s internal control over financial reporting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(aa)
<U>Disclosure Controls</U>. Except as disclosed in the Prospectus, the Company maintains disclosure controls and procedures (as
such is defined in Rule 13a-15(e) of the Exchange Act Rules) that comply with the requirements of the Exchange Act; such disclosure
controls and procedures have been designed to ensure that information required to be disclosed by the Company in reports that
it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in
the Commission&rsquo;s rules and forms, including controls and procedures designed to ensure that such information is accumulated
and communicated to the Company&rsquo;s management to allow timely decisions regarding disclosures. To the extent required by
the Exchange Act Rules, the Company has conducted evaluations of the effectiveness of its disclosure controls as required by Rule
13a-15 of the Exchange Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(bb)
<U>Compliance with Environmental Laws</U>. Except as otherwise described in the Prospectus, and except as would not, individually
or in the aggregate, result in a Material Adverse Change (i) to the Company&rsquo;s knowledge, neither it nor any of its subsidiaries
is in violation of any federal, state, local or foreign law or regulation relating to pollution or protection of human health
or the environment (including, without limitation, ambient air, surface water, groundwater, land surface or subsurface strata)
or wildlife, including without limitation, laws and regulations relating to emissions, discharges, releases or threatened releases
of chemicals, pollutants, contaminants, wastes, toxic substances, hazardous substances, petroleum and petroleum products (collectively,
&ldquo;<B><U>Materials of Environmental Concern</U></B>&rdquo;), or otherwise relating to the manufacture, processing, distribution,
use, treatment, storage, disposal, transport or handling of Materials of Environmental Concern (collectively, &ldquo;<B><U>Environmental
Laws</U></B>&rdquo;), which violation includes, but is not limited to, noncompliance with any permits or other governmental authorizations
required for the operation of the business of the Company or its subsidiaries under applicable Environmental Laws, or noncompliance
with the terms and conditions thereof, nor has the Company or any of its subsidiaries received any written communication, whether
from a governmental authority, citizens group, employee or otherwise, that alleges that the Company or any of its subsidiaries
is in violation of any Environmental Law; (ii) there is no claim, action or cause of action filed with a court or governmental
authority, no investigation with respect to which the Company has received written notice, and no written notice by any person
or entity alleging potential liability for investigatory costs, cleanup costs, governmental responses costs, natural resources
damages, property damages, personal injuries, attorneys&rsquo; fees or penalties arising out of, based on or resulting from the
presence, or release into the environment, of any Material of Environmental Concern at any location owned, leased or operated
by the Company or any of its subsidiaries, now or in the past (collectively, &ldquo;<B><U>Environmental Claims</U></B>&rdquo;),
pending or, to the Company&rsquo;s knowledge, threatened against the Company or any of its subsidiaries or any person or entity
whose liability for any Environmental Claim the Company or any of its subsidiaries has retained or assumed either contractually
or by operation of law; and (iii) to the Company&rsquo;s knowledge, there are no past or present actions, activities, circumstances,
conditions, events or incidents, including, without limitation, the release, emission, discharge, presence or disposal of any
Material of Environmental Concern, that reasonably could result in a violation of any Environmental Law or form the basis of a
potential Environmental Claim against the Company or any of its subsidiaries or against any person or entity whose liability for
any Environmental Claim the Company or any of its subsidiaries has retained or assumed either contractually or by operation of
law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(cc)
<U>Intellectual Property</U>. The Company and its subsidiaries own, possess or have sufficient rights to use all trademarks, trade
names, patent rights, copyrights, domain names, licenses, approvals, trade secrets, inventions, technology, know-how and other
intellectual property and similar rights, including registrations and applications for registration thereof (collectively, &ldquo;<B><U>Intellectual
Property Rights</U></B>&rdquo;) necessary or material to the conduct of the business now conducted or proposed in the Prospectus
to be conducted by them. Except as disclosed in the Prospectus (i) there are no rights of third parties to any of the Intellectual
Property Rights owned or purported to be owned by the Company or its subsidiaries; (ii) to the Company&rsquo;s knowledge there
is no infringement, misappropriation, breach, or default by any third party of any of the Intellectual Property Rights of the
Company or any of its subsidiaries; (iii) there is no pending or, to the Company&rsquo;s knowledge, threatened action, suit, proceeding
or claim by any third party challenging the Company&rsquo;s or any of its subsidiaries&rsquo; rights in or to, or the violation
of any of the terms of, any of their Intellectual Property Rights; (iv) there is no pending or, to the Company&rsquo;s knowledge,
threatened action, suit, proceeding or claim by any third party challenging the validity, enforceability or scope of any Intellectual
Property Rights of the Company or any of its subsidiaries; (v) there is no pending or, to the Company&rsquo;s knowledge, threatened
action, suit, proceeding or claim by any third party that the Company or any of its subsidiaries infringes, misappropriates or
otherwise violates or conflicts with any Intellectual Property Rights of any third party; (vi) none of the Intellectual Property
Rights used or held for use by the Company or any of its subsidiaries in their businesses has been obtained or is being used or
held for use by the Company or any of its subsidiaries in violation of any contractual obligation binding on the Company or any
of its subsidiaries, and (vii) the Company and its subsidiaries have taken reasonable steps to maintain the confidentiality of
all Intellectual Property Rights the value of which to the Company or any subsidiary is contingent upon maintaining the confidentiality
thereof, except in each case covered by clauses (i) &mdash; (vii) such as would not, if determined adversely to the Company or
any of its subsidiaries, individually or in the aggregate, result in a Material Adverse Change.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(dd)
<U>Listing</U>. The Company is subject to and in compliance in all material respects with the reporting requirements of Section
13 or Section 15(d) of the Exchange Act. The Common Stock is registered pursuant to Section 12(b) or Section 12(g) of the Exchange
Act and is listed on the Exchange, and the Company has taken no action designed to, or reasonably likely to have the effect of,
terminating the registration of the Common Stock under the Exchange Act or delisting the Common Stock from the Exchange, nor has,
except as described in the Prospectus, the Company received any notification that the Commission or Exchange is contemplating
terminating such registration or listing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ee)
<U>Brokers</U>. Except for Northland, there is no broker, finder or other party that is entitled to receive from the Company any
brokerage or finder&rsquo;s fee or other fee or commission as a result of any transactions contemplated by this Agreement or any
Terms Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ff)
<U>No Outstanding Loans or Other Indebtedness</U>. Except as described in the Prospectus, there are no outstanding loans, advances
(except normal advances for business expenses in the ordinary course of business) or guarantees or indebtedness by the Company
to or for the benefit of any of the officers or directors of the Company or any of the immediate family members of any of them.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(gg)
<U>No Reliance</U>. The Company has not relied upon Northland or legal counsel for Northland for any legal, tax or accounting
advice in connection with the offering and sale of the Placement Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(hh)
<U>Northland Purchases</U>. The Company acknowledges and agrees that Northland has informed the Company that Northland may, to
the extent permitted under the Securities Act, the Exchange Act and this Agreement, purchase and sell shares of Common Stock in
the open market for its own account while this Agreement is in effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
certificate signed by an authorized officer of the Company and required to be delivered to Northland under the terms of this Agreement
or any Terms Agreement shall be deemed to be a representation and warranty by the Company to Northland as to the matters set forth
therein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company acknowledges that Northland and, for purposes of the opinions to be delivered pursuant to <U>Section 7</U> hereof, counsel
to the Company and counsel to Northland, will rely upon the accuracy and truthfulness of the foregoing representations, including
any representations in any certificate signed by an authorized officer of the Company, and hereby consents to such reliance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.
<U>Covenants of the Company</U>. The Company covenants and agrees with Northland that:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
<U>Registration Statement Amendments</U>. After the date of this Agreement or any Terms Agreement and during any period in which
a Prospectus relating to any Placement Shares is required to be delivered by Northland under the Securities Act (including in
circumstances where such requirement may be satisfied pursuant to Rule 172 under the Securities Act), (i) the Company will notify
Northland promptly of the time when any subsequent amendment to the Registration Statement, other than Incorporated Documents
or amendments not related to any Placement, has been filed with the Commission and/or has become effective or any subsequent supplement
to the Prospectus has been filed and of any request by the Commission for any amendment or supplement to the Registration Statement
or Prospectus related to any Placement Shares or for additional information related to any Placement Shares, (ii) the Company
will prepare and file with the Commission, promptly upon Northland&rsquo;s reasonable request, any amendments or supplements to
the Registration Statement or Prospectus that, upon the advice of Company&rsquo;s legal counsel, may be necessary or advisable
in connection with the distribution of the Placement Shares by Northland (<I>provided, however</I>, that the failure of Northland
to make such request shall not relieve the Company of any obligation or liability hereunder, or affect Northland&rsquo;s right
to rely on the representations and warranties made by the Company in this Agreement and provided, further, that the only remedy
Northland shall have with respect to the failure to make such filing shall be to cease making offers and sales of Placement Shares
until such amendment or supplement is filed); (iii) the Company will not file any amendment or supplement to the Registration
Statement or Prospectus relating to the Placement Shares or a security convertible into the Placement Shares (other than an Incorporated
Document) unless a copy thereof has been submitted to Northland within a reasonable period of time before the filing and Northland
has not reasonably objected thereto (<I>provided, however</I>, that the failure of Northland to make such objection shall not
relieve the Company of any obligation or liability hereunder, or affect Northland&rsquo;s right to rely on the representations
and warranties made by the Company in this Agreement or any Terms Agreement, and the Company has no obligation to provide Northland
any advance copy of such filing or to provide Northland an opportunity to object to such filing if the filing does not name Northland
or does not relate to the transaction herein provided, and provided that the only remedy Northland shall have with respect to
the failure by the Company to provide Northland with such copy of the filing of such amendment or supplement if required hereby
despite Northland&rsquo;s objection shall be to cease making offers and sales of Placement Shares under this Agreement or any
Terms Agreement) and the Company will furnish to Northland at the time of filing thereof a copy of any document that upon filing
is deemed to be incorporated by reference into the Registration Statement or Prospectus, except for those documents available
via EDGAR; and (iv) the Company will cause each amendment or supplement to the Prospectus, to be filed with the Commission as
required pursuant to the applicable paragraph of Rule 424(b) of the Securities Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
<U>Notice of Commission Stop Orders</U>. The Company will advise Northland, promptly after it receives notice or obtains knowledge
thereof, of the issuance or threatened issuance by the Commission of any stop order suspending the effectiveness of the Registration
Statement, of the suspension of the qualification of the Placement Shares for offering or sale in any jurisdiction, or of the
initiation or threatening of any proceeding for any such purpose; and it will use its commercially reasonable efforts to prevent
the issuance of any stop order or to obtain its withdrawal if such a stop order should be issued.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
<U>Delivery of Prospectus; Subsequent Changes</U>. During any period in which a Prospectus relating to the Placement Shares is
required to be delivered by Northland under the Securities Act with respect to a pending sale of the Placement Shares (including
in circumstances where such requirement may be satisfied pursuant to Rule 172 under the Securities Act), the Company will use
its commercially reasonably efforts to comply with all requirements imposed upon it by the Securities Act, as from time to time
in force, and to file on or before their respective due dates (taking into account any extensions available under the Exchange
Act) all reports and any definitive proxy or information statements required to be filed by the Company with the Commission pursuant
to Sections 13(a), 13(c), 14, 15(d) or any other provision of or under the Exchange Act. If during such period any event occurs
as a result of which the Prospectus as then amended or supplemented would include an untrue statement of a material fact or omit
to state a material fact necessary to make the statements therein, in the light of the circumstances then existing, not misleading,
or if during such period it is necessary to amend or supplement the Registration Statement or Prospectus to comply with the Securities
Act, the Company will promptly notify Northland to suspend the offer and sale of Placement Shares during such period and the Company
will promptly amend or supplement the Registration Statement or Prospectus (at the expense of the Company) so as to correct such
statement or omission or effect such compliance; <I>provided, however</I>, that the Company may delay the filing of any amendment
or supplement if, in the good faith judgment of the Company, and upon the advice of counsel to the Company, it is in the best
interest of the Company to do so.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
<U>Listing of Placement Shares</U>. During any period in which the Prospectus relating to the Placement Shares is required to
be delivered by Northland under the Securities Act with respect to a pending sale of the Placement Shares (including in circumstances
where such requirement may be satisfied pursuant to Rule 172 under the Securities Act), the Company will use its commercially
reasonable efforts to cause the Placement Shares to be listed on the Exchange and to qualify the Placement Shares for sale under
the securities laws of such jurisdictions in the United States as Northland reasonably designates and to continue such qualifications
in effect so long as required for the distribution of the Placement Shares; <I>provided, however,</I> that the Company shall not
be required in connection therewith to qualify as a foreign corporation or dealer in securities or file a general consent to service
of process, or subject itself to taxation or the requirement to qualify to do business as foreign corporation in any jurisdiction
if not previously required to do so.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)
<U>Delivery of Registration Statement and Prospectus</U>. The Company will furnish to Northland and its counsel (at the expense
of the Company) copies of the Registration Statement, the Prospectus (including all Incorporated Documents ) and all amendments
and supplements to the Registration Statement or Prospectus that are filed with the Commission during any period in which a Prospectus
relating to the Placement Shares is required to be delivered under the Securities Act (including all documents filed with the
Commission during such period that are deemed to be incorporated by reference therein), in each case as soon as reasonably practicable
and in such quantities as Northland may from time to time reasonably request and, at Northland&rsquo;s request, will also furnish
copies of the Prospectus to each exchange or market on which sales of the Placement Shares may be made; <I>provided, however,
</I>that the Company shall not be required to furnish any document (other than the Prospectus) to Northland to the extent such
document is available on EDGAR.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)
<U>Earnings Statement</U>. The Company will make generally available to its security holders as soon as practicable, but in any
event not later than 15 months after the end of the Company&rsquo;s current fiscal quarter, an earnings statement covering a 12-month
period that satisfies the provisions of Section 11(a) and Rule 158 of the Securities Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)
<U>Expenses</U>. The Company, whether or not the transactions contemplated hereunder are consummated or this Agreement is terminated,
in accordance with the provisions of <U>Section 11</U> hereunder, will pay all of its own expenses incident to the performance
of its obligations under this Agreement or any Terms Agreement, including (i) the preparation and filing, including any fees required
by the Commission, and printing (if required by law) of the Registration Statement (including financial statements and exhibits)
as originally filed and of each amendment and supplement thereto and each free writing prospectus, (ii) the print (if required
by law) and delivery to Northland of this Agreement and such other documents as may be required by Northland in connection with
the offering, purchase, sale, issuance or delivery of the Placement Shares, (iii) the preparation, issuance and delivery of the
certificates, if any, for the Placement Shares to Northland, including any stock or other transfer taxes and any capital duties,
stamp duties or other duties or taxes payable upon the sale, issuance or delivery of the Placement Shares to Northland, (iv) the
fees and disbursements of the counsel, accountants and other advisors to the Company, (v) the fees and disbursements of counsel
to Northland in connection with entering into the transactions contemplated by this Agreement up to $40,000, the quarterly disbursements
of Counsel to Northland up to $5,000 per calendar quarter and $2,500 for all other reimbursable expenses incurred by Northland
in connection with this offering; (vi) the fees and expenses of the Company&rsquo;s transfer agent and registrar for the Common
Stock, (vii) the filing fees and any associated reasonable fees and disbursements of counsel incident to any review by FINRA of
the terms of the sale of the Placement Shares, (viii) the fees and expenses incurred in connection with the listing of the Placement
Shares on the Exchange, (ix) all trading, execution, settlement, or wiring fees incurred by Northland in connection with the sale
of the Placement Shares and (x) all other costs and expenses of the Company incident to the performance of its obligations hereunder
or pursuant to any Terms Agreement that are not otherwise specifically provided for herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)
<U>Use of Proceeds</U>. The Company will use the Net Proceeds from the sale of the Placement Shares pursuant to this Agreement
and any Terms Agreement as described in the Prospectus in the section entitled &ldquo;Use of Proceeds,&rdquo; as such disclosure
may be amended or supplemented from time to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
<U>Notice of Other Sales</U>. During the pendency of any Placement Notice or Terms Agreement, and for five (5) Trading Days following
the termination of any Placement Notice or Terms Agreement, the Company shall provide Northland notice as promptly as reasonably
possible before it offers to sell, contracts to sell, sells, grants any option to sell or otherwise disposes of any shares of
Common Stock (other than Placement Shares offered pursuant to the provisions of this Agreement or any Terms Agreement) or securities
convertible into or exchangeable for Common Stock, warrants or any rights to purchase or acquire Common Stock; <I>provided</I>,
that such notice shall not be required in connection with the (i) issuance, grant or sale of Common Stock, options to purchase
shares of Common Stock or any other equity awards, or Common Stock issuable upon the exercise of options or other equity awards
pursuant to any stock option, stock bonus, employee stock purchase or other stock plan or arrangement described in the Prospectus,
(ii) the issuance, grant or sale of Common Stock, or securities convertible into or exercisable for Common Stock, in connection
with any joint venture, commercial, strategic or collaborative relationship, or the acquisition or license by the Company of the
securities, businesses, property or other assets of another person or entity, (iii) the issuance or sale of Common Stock pursuant
to any dividend reinvestment plan that the Company may adopt from time to time provided the implementation of such is disclosed
to Northland in advance or (iv) any shares of Common Stock issuable upon the exchange, conversion or redemption of securities
or the exercise or vesting of warrants, options or other rights in effect or outstanding. Notwithstanding the foregoing provisions,
nothing herein shall be construed to restrict the Company&rsquo;s ability, or require the Company to provide notice to Northland,
to file a registration statement under the Securities Act or to require Northland&rsquo;s consent to any subsequent issuance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)
<U>Change of Circumstances</U>. The Company will, at any time during a fiscal quarter in which the Company intends to tender a
Placement Notice, enter into a Terms Agreement or sell Placement Shares, advise Northland promptly after it shall have received
notice or obtained knowledge thereof, of any information or fact that would alter or affect in any material respect any opinion,
certificate, letter or other document required to be provided to Northland pursuant to this Agreement or any Terms Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)
<U>Due Diligence Cooperation</U>. During the term of this Agreement or any Terms Agreement, the Company will cooperate with any
reasonable due diligence review conducted by Northland or its agents in connection with the transactions contemplated herein or
in any Terms Agreement, including, without limitation, providing information and making available documents and senior corporate
officers, during regular business hours and at the Company&rsquo;s principal offices, as Northland may reasonably request.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)
<U>Required Filings Relating to Placement of Placement Shares</U>. To the extent that the filing of a prospectus supplement with
the Commission with respect to a placement of Placement Shares is required under Rule 424(b) under the Securities Act, the Company
agrees that on or before such dates as the Securities Act shall require, the Company will (i) file a prospectus supplement with
the Commission under the applicable paragraph of Rule 424(b) under the Securities Act, which prospectus supplement will set forth,
to the extent required, within the relevant period, the amount of Placement Shares sold through Northland, the Net Proceeds to
the Company and the compensation payable by the Company to Northland with respect to such Placement Shares (provided that the
Company may satisfy its obligations under this <U>Section 7(l)(i)</U> by making a filing in accordance with the Exchange Act with
respect to such required information), and (ii) deliver such number of copies of each such prospectus supplement to each exchange
or market on which such sales were effected as may be required by the rules or regulations of such exchange or market.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m)
<U>Representation Dates; Certificate</U>. On the date of this Agreement and each time Placement Shares are delivered to Northland
as principal on a Settlement Date, and each time the Company (i) amends or supplements the Registration Statement or the Prospectus
relating to the Placement Shares (other than a prospectus supplement filed in accordance with <U>Section 7(l)</U> of this Agreement)
by means of a post-effective amendment, sticker, or supplement but not the filing of Incorporated Documents; (ii) files an annual
report on Form 10-K under the Exchange Act; (iii) files its quarterly reports on Form 10-Q under the Exchange Act; or (iv) files
a current report on Form 8-K under the Exchange Act containing amended audited financial information (other than information &ldquo;furnished&rdquo;
pursuant to Items 2.02 or 7.01 of Form 8-K or to provide disclosure pursuant to Item 8.01 of Form 8-K relating to the reclassification
of certain properties as discontinued operations in accordance with Statement of Financial Accounting Standards No. 144 under
the Exchange Act) under the Exchange Act (each date of filing of one or more of the documents referred to in clauses (i) through
(iv) shall be a &ldquo;<B><U>Representation Date</U></B>&rdquo;); the Company shall furnish Northland (but in the case of clause
(iv) above, only if Northland reasonably determines that the information contained in such Form 8-K is material) with a certificate,
in the form attached hereto as <B><U>Exhibit 1</U></B> within five (5) Trading Days of any Representation Date. The requirement
to provide a certificate under this <U>Section 7(m)</U> shall be automatically waived for any Representation Date occurring at
a time at which no Placement Notice or Terms Agreement is pending, which waiver shall continue until the earlier to occur of the
date the Company delivers a Placement Notice or Terms Agreement hereunder (which for such calendar quarter shall be considered
a Representation Date, including for purposes of <U>Sections 7(n)</U> and <U>7(o)</U> hereof) and the next occurring Representation
Date; <I>provided</I>, <I>however</I>, that such waiver shall not apply for any Representation Date on which the Company files
its annual report on Form 10-K. Notwithstanding the foregoing, if the Company subsequently decides to sell Placement Shares following
a Representation Date when the Company relied on such waiver and did not provide Northland with a certificate under this <U>Section
7(m)</U>, then before the Company delivers the Placement Notice or at such time a Terms Agreement is executed, the Company shall
provide Northland with a certificate, in the form attached hereto as <B><U>Exhibit 1</U></B>, dated the date of the Placement
Notice or such Terms Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2
</SUP>NTD: To discuss delivery of opinions</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)
<U>Legal Opinion</U>. (i) On the date of this Agreement the Company shall cause to be furnished to Northland a written opinion
and a negative assurance statement of Kutak Rock LLP, or other counsel reasonably satisfactory to Northland (&ldquo;<B><U>Company
Counsel</U></B>&rdquo;), in form and substance reasonably satisfactory to Northland and its counsel, of the same tenor as the
opinions and letters referred to in <U>Section 8(e)</U>, dated the date that such opinion and negative assurance letter are required
to be delivered (the &ldquo;<B><U>Opinion Date</U></B>&rdquo;) and (ii) within the later of (A) five (5) Trading Days of each
Representation Date with respect to which the Company is obligated to deliver a certificate in the form attached hereto as <B><U>Exhibit
1</U></B> (to the extent that no waiver is in effect), but in any event not more than once per calendar quarter, unless
Northland agrees otherwise, the Company shall cause to be furnished to Northland a written opinion and negative assurance
letter of Company Counsel, in form and substance reasonably satisfactory to Northland and its counsel, of the same tenor as the
opinions and letters referred to in <U>Section 8(e)</U>, dated the Opinion Date, modified, as necessary, to relate to the Registration
Statement and the Prospectus as then amended or supplemented; <I>provided</I>, <I>however</I>, that in lieu of a negative assurance
letter for subsequent Representation Dates, counsel may furnish Northland with a letter (a &ldquo;<B><U>Reliance Letter</U></B>&rdquo;)
to the effect that Northland may rely on a prior negative assurance letter delivered under this <U>Section 7(n)</U> to the same
extent as if it were dated the date of such Reliance Letter (except that statements in such prior negative assurance letter shall
be deemed to relate to the Registration Statement and the Prospectus as amended or supplemented as of the date of such Reliance
Letter).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(o)
<U>Comfort and Reserve Engineer Letters</U>. On the date of this Agreement and within five (5) Trading Days of each subsequent Representation Date with respect to which
the Company is obligated to deliver a certificate in the form attached hereto as <B><U>Exhibit 1</U></B> (to the extent that no
waiver is in effect), unless Northland agrees otherwise, the Company shall cause its independent accountants and reserve engineers
to furnish Northland letters, dated the date the comfort letter and reserve engineer letter are delivered, in form and substance
reasonably satisfactory to Northland, of the same tenor as the letters referred to in <U>Sections 8(g)</U> and <U>(h)</U>, respectively,
modified, as necessary, to relate to the Registration Statement and the Prospectus as then amended or supplemented; <I>provided</I>,
<I>however</I>, that in lieu of such comfort and reserve engineer letters for subsequent Representation Dates, each of the Company&rsquo;s
independent accountants and reserve engineers may furnish Northland with a Reliance Letter to the effect that Northland may rely
on the prior comfort letter and reserve engineer letter delivered under this <U>Section 7(o)</U>, respectively, to the same extent
as if each were dated the date of such Reliance Letter (except that statements in such comfort letter and reserve engineer letter
shall be deemed to relate to the Registration Statement and the Prospectus as amended or supplemented as of the date of such Reliance
Letter).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(p)
<U>Market Activities</U>. The Company will not, directly or indirectly, (i) take any action designed to cause or result in, or
that constitutes or would reasonably be expected to constitute, the stabilization or manipulation of the price of any security
of the Company to facilitate the sale or resale of the Placement Shares or (ii) sell, bid for, or purchase the Placement Shares
in violation of Regulation M, or pay anyone any compensation for soliciting purchases of the Placement Shares other than Northland;
provided, however, that the Company may bid for and purchase shares of its Common Stock in accordance with Rule 10b-18 under the
Exchange Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(q)
<U>Insurance</U>. The Company and its subsidiaries shall maintain, or cause to be maintained, insurance in such amounts and covering
such risks as is reasonable and customary for the business for which it is engaged.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(r)
<U>Compliance with Laws</U>. The Company and each of its subsidiaries (i) will use commercially reasonable efforts to maintain,
or cause to be maintained, all material environmental permits, licenses and other authorizations required by federal, state and
local law in order to conduct their businesses as described in the Prospectus, and (ii) shall conduct their businesses, or cause
their businesses to be conducted, in substantial compliance with such permits, licenses and authorizations and with applicable
environmental laws, except where the failure to maintain or be in compliance with such permits, licenses and authorizations with
respect to clauses (i) and/or (ii) could not reasonably be expected to result in a Material Adverse Change.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(s)
<U>Investment Company Act</U>. The Company will conduct its affairs in such a manner so as to reasonably ensure that neither it
nor its subsidiaries will be or become, at any time during the pendency of this Agreement, an &ldquo;investment company,&rdquo;
as such term is defined in the Investment Company Act, assuming no change in the Commission&rsquo;s current interpretation as
to entities that are not considered an investment company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(t)
<U>Securities Act and Exchange Act</U>. The Company will use its best efforts to comply with all requirements imposed upon it
by the Securities Act and the Exchange Act as from time to time in force, so far as necessary to permit the continuance of sales
of, or dealings in, the Placement Shares as contemplated by the provisions hereof and the Prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(u)
<U>No Offer to Sell</U>. Other than any free writing prospectus (as defined in Rule 405 under the Securities Act) approved in
advance by the Company and Northland in its capacity as principal or agent hereunder, neither Northland nor the Company (including
its agents and representatives, other than Northland in its capacity as such) will make, use, prepare, authorize, approve or refer
to any written communication (as defined in Rule 405 under the Securities Act), required to be filed with the Commission, that
constitutes an offer to sell or solicitation of an offer to buy Placement Shares hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)
<U>Sarbanes-Oxley Act</U>. The Company and its subsidiaries will use their best efforts to comply with all effective provisions
of the Sarbanes-Oxley Act applicable to the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.
<U>Conditions to Northland&rsquo;s Obligations</U>. The obligations of Northland hereunder or pursuant to any Terms Agreement
with respect to a Placement will be subject to the continuing accuracy and completeness of the representations and warranties
made by the Company herein, to the due performance by the Company of its obligations hereunder, to the completion by Northland
of a due diligence review satisfactory to Northland in its reasonable judgment, and to the continuing satisfaction (or waiver
by Northland in its sole discretion) of the following additional conditions:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
<U>Registration Statement Effective</U>. The Registration Statement shall be effective and shall be available for the sale of
all Placement Shares contemplated to be issued under this Agreement or any Terms Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
<U>No Material Notices</U>. None of the following events shall have occurred and be continuing: (i) receipt by the Company of
any request for additional information from the Commission or any other federal or state governmental authority during the period
of effectiveness of the Registration Statement, the response to which would require any post-effective amendments or supplements
to the Registration Statement or the Prospectus, which filings or submissions have not, as of the time of a Placement, been made
and deemed effective; (ii) the issuance by the Commission or any other federal or state governmental authority of any stop order
suspending the effectiveness of the Registration Statement or the initiation of any proceedings for that purpose; (iii) receipt
by the Company of any notification from the Commission or any other federal or state governmental authority with respect to the
suspension of the qualification or exemption from qualification of any of the Placement Shares for sale in any U.S. jurisdiction
or the initiation of any proceeding for such purpose; or (iv) the occurrence of any event that makes any material statement made
in the Registration Statement or the Prospectus or any Incorporated Document untrue in any material respect or that requires the
making of any changes in the Registration Statement, the related Prospectus or such Incorporated Document so that, in the case
of the Registration Statement, it will not contain any untrue statement of fact or omit to state any material fact required to
be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading
and, that in the case of the Prospectus or any Incorporated Document, it will not contain any untrue statement of a material fact
or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading, which changes have not, as of the time of a Placement, been made and
deemed effective.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
<U>No Misstatement or Material Omission</U>. Northland shall not have advised the Company that the Registration Statement or Prospectus,
or any amendment or supplement thereto, contains an untrue statement of fact that in Northland&rsquo;s reasonable opinion is material,
or omits to state a fact that in Northland&rsquo;s reasonable opinion is material and is required to be stated therein or is necessary
to make the statements therein not misleading.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
<U>Material Changes</U>. Except as contemplated in the Prospectus, or disclosed in the Company&rsquo;s reports filed with the
Commission, there shall not have been any Material Adverse Change or any development since the date of this Agreement that could
reasonably be expected to result in a Material Adverse Change.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)
<U>Company Counsel Legal Opinion</U>. Northland shall have received the opinion and negative assurance letters, in the form
last provided to, and approved by, Northland and its counsel on or prior to the date of this Agreement</FONT> or Reliance
Letters of Company Counsel required to be delivered pursuant to <U>Section 7(n)</U> on or before the date on which such delivery
of such opinion and negative assurance letter is required pursuant to <U>Section 7(n)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)
<U>Northland Counsel Legal Opinion</U>. On every date specified in <U>Section 7(n)</U>, Faegre Baker Daniels LLP, counsel for
Northland, shall have furnished Northland such written opinion or opinions, dated as of such date, with respect to such matters
as Northland may reasonably request, and such counsel shall have received such papers and information as they may reasonably request
to enable them to pass upon such matters.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)
<U>Accountant&rsquo;s and Reserve Engineer&rsquo;s Letters</U>. Northland shall have received the comfort letters and reserve
engineer letters, each of which shall contain statements and information of the type ordinarily included in such letters to underwriters
with respect to public offerings of securities, or Reliance Letters required to be delivered pursuant to <U>Section 7(o)</U> on
or before the date on which such delivery of such letters is required pursuant to <U>Section 7(o)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)
<U>Representation Certificate</U>. Northland shall have received the certificate required to be delivered pursuant to <U>Section
7(m)</U> on or before the date on which delivery of such certificate is required pursuant to <U>Section 7(m)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
<U>Secretary&rsquo;s Certificate</U>. On the date of this Agreement, Northland shall have received a certificate, signed on behalf
of the Company by its corporate Secretary, in form and substance satisfactory to Northland and its counsel.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)
<U>No Suspension</U>. Trading in the Common Stock shall not have been suspended on Exchange.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)
<U>Other Materials</U>. On each date on which the Company is required to deliver a certificate pursuant to <U>Section 7(m)</U>,
the Company shall have furnished to Northland such appropriate further information, certificates and documents as Northland may
have reasonably requested in furtherance of the transactions contemplated hereby, in form and substance reasonably satisfactory
to Northland and its counsel.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)
<U>Securities Act Filings Made</U>. All filings with the Commission required by Rule 424 under the Securities Act to have been
filed prior to the issuance of any Placement Notice hereunder shall have been made within the applicable time period prescribed
for such filing by Rule 424.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m)
<U>Approval for Listing</U>. The Placement Shares shall either have been (i) approved for listing on the Exchange, subject only
to notice of issuance, or (ii) the Company shall have filed an application for listing of the Placement Shares on Exchange at,
or prior to, the issuance of any Placement Notice.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)
<U>No Termination Event</U>. There shall not have occurred any event that would permit Northland to terminate this Agreement or
any Terms Agreement pursuant to <U>Section 11(a)</U> hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.
<U>Indemnification and Contribution</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
(i) <U>Company Indemnification</U>. The Company agrees to indemnify and hold harmless Northland, the directors, officers, partners,
employees and agents of Northland and each person, if any, who (A) controls Northland within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act, or (B) is controlled by or is under common control with Northland from and against
any and all losses, claims, liabilities, expenses and damages (including, but not limited to, any and all reasonable investigative,
legal and other expenses incurred in connection with, and any and all amounts paid in settlement (in accordance with <U>Section
9(c)</U>) of, any action, suit or proceeding between any of the indemnified parties or between any indemnified party and any third
party, or otherwise, or any claim asserted), as and when incurred, to which Northland, or any such person, may become subject
under the Securities Act, the Exchange Act or other federal or state statutory law or regulation, at common law or otherwise,
insofar as such losses, claims, liabilities, expenses or damages arise out of or are based, directly or indirectly, on any untrue
statement or alleged untrue statement of a material fact contained in the Registration Statement (or any amendment thereto), or
the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements
therein not misleading, or arising out of any untrue statement or alleged untrue statement of a material fact included in any
related free writing prospectus or the Prospectus (or any amendment or supplement thereto), or the omission or alleged omission
therefrom of a material fact necessary in order to make the statements therein, in the light of the circumstances under which
they were made, not misleading; <I>provided</I>, <I>however</I>, that this indemnity agreement shall not apply to the extent that
such loss, claim, liability, expense or damage arises from the sale of the Placement Shares pursuant to this Agreement or any
Terms Agreement and is caused directly or indirectly by an untrue statement or omission or alleged untrue statement or omission
made in reliance upon and in conformity with information relating to Northland and furnished to the Company in writing by Northland
expressly for use in the Registration Statement (or any amendment thereto), the Prospectus (or any amendment thereto) or any related
free writing prospectus. This indemnity agreement will be in addition to any liability that the Company might otherwise have.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
<U>Northland Indemnification</U>. Northland agrees to indemnify and hold harmless the Company and its directors and each officer
of the Company that signed the Registration Statement, and each person, if any, who (A) controls the Company within the meaning
of Section 15 of the Securities Act or Section 20 of the Exchange Act or (B) is controlled by or is under common control with
the Company against any and all loss, liability, claim, damage and expense described in the indemnity contained in <U>Section
9(a)</U>, as incurred, but only with respect to untrue statements or omissions of material fact, or alleged untrue statements
or omissions of material fact, made in the Registration Statement (or any amendments thereto), the Prospectus (or any amendment
or supplement thereto) or in any related free writing prospectus in reliance upon and in conformity with information relating
to Northland and furnished to the Company in writing by Northland expressly for use therein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
<U>Procedure</U>. Any party that proposes to assert the right to be indemnified under this <U>Section 9 </U>will, promptly after
receipt of notice of commencement of any action against such party in respect of which a claim is to be made against an indemnifying
party or parties under this <U>Section 9</U>, notify each such indemnifying party of the commencement of such action, enclosing
a copy of all papers served, but the omission so to notify such indemnifying party will not relieve the indemnifying party from
(i) any liability that it might have to any indemnified party otherwise than under this <U>Section 9</U> and (ii) any liability
that it may have to any indemnified party under the foregoing provision of this <U>Section 9</U> unless, and only to the extent
that, such omission results in the forfeiture of substantive rights or defenses by the indemnifying party. If any such action
is brought against any indemnified party and it notifies the indemnifying party of its commencement, the indemnifying party will
be entitled to participate in and, to the extent that it elects by delivering written notice to the indemnified party promptly
after receiving notice of the commencement of the action from the indemnified party, jointly with any other indemnifying party
similarly notified, to assume the defense of the action, with counsel reasonably satisfactory to the indemnified party, and after
notice from the indemnifying party to the indemnified party of its election to assume the defense, the indemnifying party will
not be liable to the indemnified party for any legal or other expenses except as provided below and except for the reasonable
costs of investigation subsequently incurred by the indemnified party in connection with the defense. The indemnified party will
have the right to employ its own counsel in any such action, but the fees, expenses and other charges of such counsel will be
at the expense of such indemnified party unless (1) the employment of counsel by the indemnified party has been authorized in
writing by the indemnifying party, (2) the indemnified party has reasonably concluded (based on advice of counsel) that there
may be legal defenses available to it or other indemnified parties that are different from or in addition to those available to
the indemnifying party, (3) a conflict or potential conflict of interest exists (based on advice of counsel to the indemnified
party) between the indemnified party and the indemnifying party (in which case the indemnifying party will not have the right
to direct the defense of such action on behalf of the indemnified party) or (4) the indemnifying party has not in fact employed
counsel to assume the defense of such action within a reasonable time after receiving notice of the commencement of the action,
in each of which cases the reasonable fees, reasonable and documented out of pocket disbursements and other charges of counsel
will be at the expense of the indemnifying party or parties. It is understood that the indemnifying party or parties shall not,
in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees, disbursements
and other charges of more than one separate firm admitted to practice in such jurisdiction at any one time for all such indemnified
party or parties. All such reasonable and documented out of pocket disbursements and other charges will be reimbursed by the indemnifying
party promptly following the indemnifying party&rsquo;s receipt of reasonably detailed documentation with respect to such fees,
disbursements and other charges. An indemnifying party will not, in any event, be liable for any settlement of any action or claim
effected without its written consent. No indemnifying party shall, without the prior written consent of each indemnified party,
settle or compromise or consent to the entry of any judgment in any pending or threatened claim, action or proceeding relating
to the matters contemplated by this <U>Section 9</U> (whether or not any indemnified party is a party thereto), unless such settlement,
compromise or consent (i) includes an unconditional release of each indemnified party from all liability arising or that may arise
out of such claim, action or proceeding and (ii) does not include any statement or admission as to fault, culpability or a failure
to act on the part of any indemnified party.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
<U>Contribution</U>. In order to provide for just and equitable contribution in circumstances in which the indemnification provided
for in the foregoing paragraphs of this <U>Section 9</U> is applicable in accordance with its terms but for any reason is held
to be unavailable from the Company or Northland, the Company and Northland will contribute to the total losses, claims, liabilities,
expenses and damages (including any investigative, legal and other expenses reasonably incurred in connection with, and any amount
paid in settlement of, any action, suit or proceeding or any claim asserted, but after deducting any contribution received by
the Company from persons other than Northland, such as persons who control the Company within the meaning of the Securities Act
or the Exchange Act, officers of the Company who signed the Registration Statement and directors of the Company, who also may
be liable for contribution) to which the Company and Northland may be subject in such proportion as shall be appropriate to reflect
the relative benefits received by the Company on the one hand and Northland on the other hand. The relative benefits received
by the Company on the one hand and Northland on the other hand shall be deemed to be in the same proportion as the total Net Proceeds
from the sale of the Placement Shares (before deducting expenses) received by the Company bear to the total compensation received
by Northland (before deducting expenses) from the sale of Placement Shares on behalf of the Company. If, but only if, the allocation
provided by the foregoing sentence is not permitted by applicable law, the allocation of contribution shall be made in such proportion
as is appropriate to reflect not only the relative benefits referred to in the foregoing sentence but also the relative fault
of the Company, on the one hand, and Northland, on the other, with respect to the statements or omission that resulted in such
loss, claim, liability, expense or damage, or action in respect thereof, as well as any other relevant equitable considerations
with respect to such offering. Such relative fault shall be determined by reference to, among other things, whether the untrue
or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information
supplied by the Company or Northland, the intent of the parties and their relative knowledge, access to information and opportunity
to correct or prevent such statement or omission. The Company and Northland agree that it would not be just and equitable if contributions
pursuant to this <U>Section 9(c)</U> were to be determined by pro rata allocation or by any other method of allocation that does
not take into account the equitable considerations referred to herein. The amount paid or payable by an indemnified party as a
result of the loss, claim, liability, expense, or damage, or action in respect thereof, referred to above in this <U>Section 9(c)
</U>shall be deemed to include, for the purpose of this <U>Section 9(d)</U>, any legal or other expenses reasonably incurred by
such indemnified party in connection with investigating or defending any such action or claim to the extent consistent with <U>Section
9(c)</U> hereof. Notwithstanding the foregoing provisions of this <U>Section 9(d)</U>, Northland shall not be required to contribute
any amount in excess of the commissions received by it under this Agreement and no person found guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any person who was not guilty
of such fraudulent misrepresentation. For purposes of this <U>Section 9(c)</U>, any person who controls a party to this Agreement
within the meaning of the Securities Act, and any officers, directors, partners, employees or agents of Northland, will have the
same rights to contribution as that party, and each officer of the Company who signed the Registration Statement will have the
same rights to contribution as the Company, subject in each case to the provisions hereof. Any party entitled to contribution,
promptly after receipt of notice of commencement of any action against such party in respect of which a claim for contribution
may be made under this <U>Section 9(c)</U>, will notify any such party or parties from whom contribution may be sought, but the
omission to so notify will not relieve that party or parties from whom contribution may be sought from any other obligation it
or they may have under this <U>Section 9(c)</U> except to the extent that the failure to so notify such other party materially
prejudiced the substantive rights or defenses of the party from whom contribution is sought. Except for a settlement entered into
pursuant to the last sentence of <U>Section 9(c)</U> hereof, no party will be liable for contribution with respect to any action
or claim settled without its written consent if such consent is required pursuant to <U>Section 9(c)</U> hereof.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.
<U>Representations and Agreements to Survive Delivery</U>. The indemnity and contribution agreements contained in <U>Section 9
</U>of this Agreement and all representations and warranties of the Company herein, any Terms Agreement or in certificates delivered
pursuant hereto or any Terms Agreement shall survive, as of their respective dates, regardless of (i) any investigation made by
or on behalf of Northland, any controlling persons, or the Company (or any of their respective officers, directors or controlling
persons), (ii) delivery and acceptance of the Placement Shares and payment therefor or (iii) any termination of this Agreement
or any Terms Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.
<U>Termination.</U></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
Northland shall have the right by giving written notice as hereinafter specified at any time to terminate this Agreement or any
Terms Agreement if (i) since the date of this Agreement or any Terms Agreement any Material Adverse Change, or any development
that would reasonably be expected to result in a Material Adverse Change has occurred that, in the reasonable judgment of Northland,
may materially impair the ability of Northland to sell the Placement Shares hereunder or pursuant to any Terms Agreement, (ii)
the Company shall have failed, refused or been unable to perform any agreement on its part to be performed herein or pursuant
to any Terms Agreement (through no fault of Northland); (iii) any other condition of Northland&rsquo;s obligations herein or pursuant
to any Terms Agreement is not fulfilled by the Company; or (iv) if trading in the Common Stock has been suspended or limited by
the Commission or the Exchange, or if trading generally on the Exchange has been suspended or limited. Any such termination shall
be without liability of any party to any other party except that the provisions of <U>Section 7(g)</U> (Expenses), <U>Section
9</U> (Indemnification and Contribution), <U>Section 10</U> (Representations and Agreements to Survive Delivery), <U>Section 16
</U>(Applicable Law; Consent to Jurisdiction) and <U>Section 17</U> (Waiver of Jury Trial) hereof shall remain in full force and
effect notwithstanding such termination. If Northland elects to terminate this Agreement as provided in this <U>Section 11(a)</U>,
Northland shall provide the required written notice as specified in <U>Section 12</U> (Notices).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
The Company shall have the right, by giving five (5) days&rsquo; notice as hereinafter specified to terminate this Agreement in
its sole discretion at any time after the date of this Agreement<B>.</B> Any such termination shall be without liability of any
party to any other party except that the provisions of <U>Section 7(g)</U>, <U>Section 9</U>, <U>Section 10</U>, <U>Section 16
</U>and <U>Section 17</U> hereof shall remain in full force and effect notwithstanding such termination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
Northland shall have the right, by giving ten (10) days&rsquo; notice as hereinafter specified to terminate this Agreement in
its sole discretion at any time after the date of this Agreement<B>.</B> Any such termination shall be without liability of any
party to any other party except that the provisions of <U>Section 7(g)</U>, <U>Section 9</U>, <U>Section 10</U>, <U>Section 16
</U>and <U>Section 17</U> hereof shall remain in full force and effect notwithstanding such termination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
Unless earlier terminated pursuant to this <U>Section 11</U>, this Agreement shall automatically terminate upon the issuance and
sale of all of the Placement Shares through Northland on the terms and subject to the conditions set forth herein; <I>provided
</I>that the provisions of <U>Section 7(g)</U>, <U>Section 9</U>, <U>Section 10</U>, <U>Section 16</U> and <U>Section 17</U> hereof
shall remain in full force and effect notwithstanding such termination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)
This Agreement shall remain in full force and effect unless terminated pursuant to <U>Sections 11(a)</U>, <U>(b)</U>, <U>(c),
or (d)</U> above or otherwise by mutual agreement of the parties; <I>provided, however, </I>that any such termination by mutual
agreement shall in all cases be deemed to provide that <U>Section 7(g)</U>, <U>Section 9</U>, <U>Section 10</U>, <U>Section 16
</U>and <U>Section 17</U> shall remain in full force and effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)
Any termination of this Agreement shall be effective on the date specified in such notice of termination; <I>provided, however,
</I>that such termination shall not be effective until the close of business on the date of receipt of such notice by Northland
or the Company, as the case may be; and <I>provided further</I> that Northland shall suspend any ongoing Placement as soon as
practicable following receipt of the notice of termination (and in any event by the close of business on the date of receipt).
If such termination shall occur prior to the Settlement Date for any sale of Placement Shares, such Placement Shares shall settle
in accordance with the provisions of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.
<U>Notices</U>. All notices or other communications required or permitted to be given by any party to any other party pursuant
to the terms of this Agreement or any Terms Agreement shall be in writing, unless otherwise specified in this Agreement or any
Terms Agreement, and if sent to Northland, shall be delivered to Northland Securities, Inc. 45 South Seventh Street, Suite 2000,
Minneapolis, Minnesota 55402; Attention: Heidi Fletcher, email: <U>hfletcher@nortlandcapitalmarkets.com</U>, with a copy to
Faegre Baker Daniels LLP, 2200 Wells Fargo Center, 90 South Seventh Street, Minneapolis, Minnesota 55402; Attention: Jonathan
R. Zimmerman, e-mail <U>jon.zimmerman@FaegreBD.com</U>; or if sent to the Company, shall be delivered to U.S. Energy Corp., 980
South Cherry Street, Suite 1515, Denver, Colorado 80246; Attention: Ryan Smith, e-mail: <U>ryan@usnrg.com</U>, with a copy (which
shall not constitute notice) to Kutak Rock LLP, 1801 California Street, Suite 3000, Denver, Colorado 80202; Attention: Kenneth
Witt, e-mail: <U>ken.witt@kutakrock.com.</U> Each party to this Agreement may change such address for notices by sending to the
parties to this Agreement written notice of a new address for such purpose. Each such notice or other communication shall be deemed
given (i) when delivered personally, by email or by verifiable facsimile transmission (with an original to follow) on or before
4:30 p.m., New York City time, on a Business Day (as defined below), or, if such day is not a Business Day on the next succeeding
Business Day, (ii) on the next Business Day after timely delivery to a nationally-recognized overnight courier, and (iii) if sent
by e-mail, on the Business Day on which receipt is confirmed by the individual to whom the notice is sent, other than via auto-reply.
For purposes of this Agreement, &ldquo;<B><U>Business Day</U></B>&rdquo; shall mean any day on which the Exchange and commercial
banks in the City of New York are open for business.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
electronic communication (&ldquo;<B><U>Electronic Notice</U></B>&rdquo;) shall be deemed written notice for purpose of this <U>Section
11</U> if sent to the electronic mail address specified by the receiving party under separate cover. Electronic Notice shall be
deemed to be received at the time the party sending Electronic Notice receives confirmation of receipt by the receiving party.
Any party receiving Electronic Notice may request and shall be entitled to receive the notice on paper, in a non-electronic form
(&ldquo;<B><U>Non-electronic Notice</U></B>&rdquo;) which shall be sent to the requesting party within ten (10) days of receipt
of the written request for Non-electronic Notice.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.
<U>Successors and Assigns</U>. This Agreement and any Terms Agreement shall inure to the benefit of and be binding upon the Company
and Northland and their respective successors and the affiliates, controlling persons, officers and directors referred to in <U>Section
9</U> hereof. References to any of the parties contained in this Agreement and any Terms Agreement shall be deemed to include
the successors and permitted assigns of such party. Nothing in this Agreement or any Terms Agreement, express or implied, is intended
to confer upon any party other than the parties hereto or their respective successors and permitted assigns any rights, remedies,
obligations or liabilities under or by reason of this Agreement or any Terms Agreement, except as expressly provided in this Agreement
or any Terms Agreement. Neither party may assign its rights or obligations under this Agreement or any Terms Agreement without
the prior written consent of the other party.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.
<U>Adjustments for Share Splits</U>. The parties acknowledge and agree that all share-related numbers contained in this Agreement
or any Terms Agreement shall be adjusted to take into account any share split, share dividend, share consolidation or similar
event effected with respect to the Common Stock occurring after the date hereof.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.
<U>Entire Agreement; Amendment; Severability</U>. This Agreement (including all schedules and exhibits attached hereto and Placement
Notices issued pursuant hereto) constitutes the entire agreement and supersedes all other prior and contemporaneous agreements
and undertakings, both written and oral, among the parties hereto with regard to the subject matter hereof. Neither this Agreement
nor any term hereof may be amended except pursuant to a written instrument executed by the Company and Northland. In the event
that any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal
or unenforceable as written by a court of competent jurisdiction, then such provision shall be given full force and effect to
the fullest possible extent that it is valid, legal and enforceable, and the remainder of the terms and provisions herein shall
be construed as if such invalid, illegal or unenforceable term or provision was not contained herein, but only to the extent that
giving effect to such provision and the remainder of the terms and provisions hereof shall be in accordance with the intent of
the parties as reflected in this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.
<U>Applicable Law; Consent to Jurisdiction</U>. This Agreement and any Terms Agreement shall be governed by, and construed in
accordance with, the internal laws of the State of New York without regard to the principles of conflicts of laws. Each party
hereby irrevocably submits to the non-exclusive jurisdiction of the state and federal courts sitting in the City of New York,
borough of Manhattan, for the adjudication of any dispute hereunder or in connection with any transaction contemplated hereby,
and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally
subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that
the venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives personal service of process and
consents to process being served in any such suit, action or proceeding by mailing a copy thereof (certified or registered mail,
return receipt requested) to such party at the address in effect for notices to it under this Agreement and agrees that such service
shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit
in any way any right to serve process in any manner permitted by law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.
<U>Waiver of Jury Trial</U>. The Company and Northland each hereby irrevocably waive, to the fullest extent permitted by law,
any right it may have to a trial by jury in respect of any claim based upon or arising out of this Agreement, any Terms Agreement
or any transaction contemplated herein or in any Terms Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.
<U>Absence of Fiduciary Relationship</U><I>. </I>The Company acknowledges and agrees that:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
Northland has been retained solely to act as sales agent in connection with the sale of the Placement Shares and that no fiduciary
relationship between the Company and Northland has been created in respect of any of the transactions contemplated by this Agreement
or any Terms Agreement, irrespective of whether Northland has advised or is advising the Company on other matters;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
the Company is capable of evaluating and understanding and understands and accepts the terms, risks and conditions of the transactions
contemplated by this Agreement and any Terms Agreement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
the Company has been advised that Northland and its affiliates are engaged in a broad range of transactions which may involve
interests that differ from those of the Company and that Northland has no obligation to disclose such interests and transactions
to the Company by virtue of any fiduciary, advisory or agency relationship; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
the Company waives, to the fullest extent permitted by law, any claims it may have against Northland, for breach of fiduciary
duty or alleged breach of fiduciary duty in connection with the sale of Placement Shares under this Agreement or any Terms Agreement,
and agrees that Northland shall have no liability (whether direct or indirect) to the Company in respect of such a fiduciary claim
or to any person asserting a fiduciary claim on behalf of or in right of the Company, including stockholders, partners, employees
or creditors of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.
<U>Counterparts</U>. This Agreement and any Terms Agreement may be executed in two or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same instrument. Delivery of an executed Agreement
or Terms Agreement by one party to the other may be made by facsimile or other electronic transmission.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[Remainder
of Page Intentionally Blank]</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the foregoing correctly sets forth the understanding between the Company and Northland, please so indicate in the space provided
below for that purpose, whereupon this Agreement shall constitute a binding agreement between the Company and Northland.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very
    truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>U.S.
    ENERGY CORP.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 45%; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ACCEPTED
    as of the date</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>first-above
    written:</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NORTHLAND
    SECURITIES, INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SCHEDULE
1</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>U.S.
ENERGY CORP. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>COMMON
STOCK TERMS AGREEMENT</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">[Insert
Date]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Northland
Securities Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45
South Seventh Street, Suite 2002</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minneapolis,
Minnesota 55402</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ladies
and Gentlemen:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
Energy Corp. a Wyoming corporation (the &ldquo;<B><U>Company</U></B>&rdquo;), proposes, on the basis of the representations and
warranties, and subject to the terms and conditions, stated herein and in the Common Stock Sales Agreement, dated January 5, 2018
(the &ldquo;<B><U>Sales Agreement</U></B>&rdquo;), between the Company and Northland Securities, Inc. (&ldquo;<B><U>Northland</U></B>&rdquo;),
to issue and sell to Northland as principal for resale (the &ldquo;<B><U>Underwriter</U></B>&rdquo;), and the Underwriter agrees
to purchase from the Company the shares of Common Stock specified in Schedule A hereto (the <B>&ldquo;<U>[Initial] Securities</U></B>&rdquo;)
[, and to grant to the Underwriter the option to purchase the additional shares of Common Stock specified in Schedule A hereto
(the &ldquo;<B><U>Option Securities</U></B>&rdquo;, and together with the Initial Securities, the &ldquo;<B><U>Securities</U></B>&rdquo;)]*,
[in each case]* on the terms specified in Schedule A hereto. Capitalized terms but and not defined herein have the respective
meanings ascribed thereto in the Sales Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[The
Company grants an option to the Underwriter to purchase up to an additional [&#9679;] Option Securities at the price per share
set forth in Schedule A hereto, less an amount per share equal to any dividends or distributions declared by the Company and payable
on the Initial Securities but not payable on the Option Securities. The option hereby granted may be exercised for 45 days after
the date hereof and may be exercised in whole or in part at any time from time to time upon notice by the Underwriter to the Company
setting forth the number of Option Securities as to which the Underwriter is then exercising the option and the time and date
of payment and delivery for such Option Securities. Any such time and date of delivery (a &ldquo;<B><U>Date of Delivery</U></B>&rdquo;)
shall be determined by the Underwriter, but shall not be later than seven full business days after the exercise of said option,
nor in any event prior to the Settlement Date (as defined below). [If the option is exercised as to all or any portion of the
Option Securities, the Underwriter will purchase that proportion of the total number of Option Securities then being purchased
which the number of Initial Securities set forth in Schedule A hereto opposite the name of such Underwriter bears to the total
number of Initial Securities, subject, in each case, to such adjustments as Northland in its sole discretion shall make to eliminate
any sales or purchases of fractional shares.] For purposes of clarity, the parties hereto agree that the officers&rsquo; certificate,
opinions and letter of counsel and accountants and reserve engineer letters referred to in <U>Sections 7(m)</U>, <U>(n)</U> and
<U>(o)</U>, respectively, of the Sales Agreement are required to be delivered by or on behalf of the Company on the Settlement
Date.]]*</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment
of the purchase price for, and delivery of certificates for, the Initial Securities shall be made at the offices of Faegre Baker
Daniels LLP, 2200 Wells Fargo Center, 90 S. Seventh Street, Minneapolis, Minnesota 55402-3901, or at such other place as shall
be agreed upon by the Underwriter and the Company, at 9:00 A.M. (New York City time) on the second (or third, if the pricing occurs
after 4:30 P.M. (New York City time) on any given day) business day after the date hereof (unless postponed in accordance with
the provisions of the Sales Agreement), or such other time not later than ten business days after such date as shall be agreed
upon by the Underwriter and the Company (such time and date of payment and delivery being herein called &ldquo;<B><U>Settlement
Date</U></B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, in the event that any or all of the Option Securities are purchased by the Underwriter, payment of the purchase price
for, and delivery of certificates for, such Option Securities shall be made at the above-mentioned offices, or at such other place
as shall be agreed upon by the Underwriter and the Company, on each Date of Delivery as specified in the notice from the Underwriter
to the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment
shall be made to the Company by wire transfer of immediately available funds to a bank account designated by the Company against
delivery to the Underwriter for its account for the Securities to be purchased by them.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
of the provisions of the Sales Agreement not related solely to Northland, as agent of the Company, is incorporated herein by reference
in its entirety, and shall be deemed to be part of this Terms Agreement to the same extent as if each such provision had been
set forth in full herein. Each of the representations and warranties set forth in the Sales Agreement shall be deemed to have
been made at and as of the date of this Terms Agreement [and] [,] the time of sale and any date of delivery.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the foregoing is in accordance with your understanding of our agreement, please sign and return to the Company a counterpart hereof,
whereupon this instrument, along with all counterparts, will become a binding agreement between the Underwriter and the Company
in accordance with its terms.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THIS
TERMS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS TERMS AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO ITS CHOICE OF LAW PROVISIONS.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very
    truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>U.S.
    ENERGY CORP. </B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 45%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:
    </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NORTHLAND
    SECURITIES, INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 45%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">&nbsp;</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:
    </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Include only if the Northland has an over-allotment option.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>SCHEDULE
2</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>FORM
OF PLACEMENT NOTICE</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 1in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">From:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
    Energy Corp.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Northland
    Securities, Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
    the Market Offering&mdash;Placement Notice</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
    20</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ladies
and Gentlemen:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the terms and subject to the conditions contained in the Sales Agreement between U.S. Energy Corp. (the &ldquo;<B><U>Company</U></B>&rdquo;)
and Northland Securities, Inc. (&ldquo;<B><U>Northland</U></B>&rdquo;) dated January 5, 2018 (the &ldquo;<B><U>Agreement</U></B>&rdquo;),
I hereby request on behalf of the Company that Northland sell up to [&#9679;] shares of the Company&rsquo;s common stock, par
value $0.01 per share, at a minimum market price of $[&#9679;] per share. Sales should begin on the date of this Notice and shall
continue until [DATE] [all shares are sold][the aggregate sales price of the shares reaches $[&#9679;]].</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>SCHEDULE
3</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>NOTICE
PARTIES</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>The
Company</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">U.S. Energy Corp.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Attention: Ryan Smith</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">950 S. Cherry Street, Suite 1515</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Denver, Colorado 80246</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">With a copy to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Kutak Rock LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Attention: Kenneth S. Witt</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">1801 California Street, Suite 3000</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Denver, Colorado 80202</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Northland</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">U.S. Energy Corp.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Attention: Ryan Smith</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">950 S. Cherry Street, Suite 1515</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Denver, Colorado 80246</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">With a copy to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Kutak Rock LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Attention: Kenneth S. Witt</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">1801 California Street, Suite 3000</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Denver, Colorado 80202</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR STYLE="clear: both"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>SCHEDULE
4</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>COMPENSATION</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Northland
shall be paid compensation equal to 3.0% of the gross proceeds from the sales of Placement Shares pursuant to the terms of this
Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>EXHIBIT
1</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>OFFICERS&rsquo;
CERTIFICATE</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January
5, 2018</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
undersigned, being the duly appointed Chief Executive Officer and Chief Financial Officer of U.S. Energy Corp., a Wyoming corporation
(the &ldquo;<B><U>Company</U></B>&rdquo;), do hereby certify in such capacities and on behalf of the Company, pursuant to <U>Section
7(m)</U> of the Common Stock Sales Agreement, dated January 5, 2018 (the &ldquo;<B><U>Sales Agreement</U></B>&rdquo;), by and
between the Company and Northland Securities, Inc., that to the best of the knowledge of the undersigned:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.3in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
    has been no Material Adverse Change since the date as of which information was given in the Prospectus as then amended or
    supplemented.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    representations and warranties of the Company contained in the Sales Agreement are true and correct as of the date hereof.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company has complied with all agreements and satisfied all conditions on its part to be performed or satisfied pursuant to
    the Sales Agreement at or prior to the date hereof.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capitalized
terms used but not defined herein shall have the meanings ascribed to them in the Sales Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<I>The
remainder of this page has intentionally been left blank.</I>]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IN
WITNESS WHEREOF, the undersigned have signed this certificate in their official capacities as of the date first written above.</FONT></P>

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    <TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 45%; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">David
    A. Veltri</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Executive Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 45%; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ryan
    L. Smith</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:
    </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Financial Officer</FONT></TD></TR>
</TABLE>
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<TYPE>EX-5.1
<SEQUENCE>3
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<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; text-align: center"><P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>KUTAK
                                         ROCK LLP</B></FONT></P>
                           <P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
                           <P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>suite
3000</B></FONT></P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1801
California Street</B></FONT></P>
<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>denver,
colorado 80202-2626</B></FONT></P>
<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>303-297-2400</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Facsimile
303-292-7799</B></FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>www.kutakrock.com</B></FONT></P>



<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"></P>



<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"></P>


</TD>
    <TD STYLE="width: 25%; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="ex5-1_001.jpg" ALT="">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January
5, 2018</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
Energy Corp.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">950
S. Cherry Street, Suite 1515</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Denver,
CO 80246</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Re:</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>At-The-Market
    Offering of Common Stock</U></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ladies
and Gentlemen:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
have requested our opinion with respect to certain matters in connection with the sale and issuance, from time to time,
by U.S. Energy Corp., a Wyoming corporation (the &ldquo;<U>Company</U>&rdquo;), pursuant to that certain Common Stock Sales
Agreement dated January 5, 2018 (the &ldquo;<U>Sales Agreement</U>&rdquo;), by and between the Company and Northland Securities,
Inc., of shares of the Company&rsquo;s common stock, par value $0.01 per share, having an aggregate sales price of up to $2,500,000
(the &ldquo;<U>Shares</U>&rdquo;) in sales deemed to be &ldquo;at the market offerings&rdquo; as defined in Rule 415 promulgated
under the Securities Act of 1933, as amended (the &ldquo;<U>Act</U>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Shares have been registered pursuant to a Registration Statement on Form S-3 (File No. 333-204350) (the &ldquo;<U>Registration
Statement</U>&rdquo;) filed with the Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;) the Act,
and the related prospectus included therein (the &ldquo;<U>Prospectus</U>&rdquo;), as supplemented by the prospectus supplement
dated January 5, 2018 filed with the Commission pursuant to Rule 424(b) promulgated under the Act (the &ldquo;<U>Prospectus Supplement</U>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with this opinion, we have examined and relied upon the Registration Statement and the related Prospectus and Prospectus
Supplement, the Sales Agreement, the Company&rsquo;s Restated Articles of Incorporation, as amended, and Restated Bylaws, as amended,
each as currently in effect, and the originals or copies certified to our satisfaction of such other documents, records, certificates,
memoranda and other instruments as in our judgment are necessary or appropriate to enable us to render the opinion expressed below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
to certain factual matters relevant to this opinion letter, we have relied conclusively upon the representations, warranties and
statements made in originals or copies, certified or otherwise identified to our satisfaction, of such records, agreements, documents
and instruments, including certificates or comparable documents of officers of the Company and of public officials, as we have
deemed appropriate as a basis for the opinion hereinafter set forth. Except to the extent expressly set forth herein, we have
made no independent investigations with regard thereto, and, accordingly, we do not express any opinion or belief as to matters
that might have been disclosed by independent verification.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left"></P>

<P STYLE="text-align: left; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Kutak
Rock LLP</B></FONT></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
Energy Corp.</FONT></P>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January
5, 2018</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
rendering this opinion, we have assumed the genuineness and authenticity of all signatures; the genuineness and authenticity of
all documents submitted to us as originals; the accuracy and completeness of all documents submitted to us; the conformity to
originals of all documents submitted to us as copies; the legal capacity of all natural persons; the accuracy, completeness and
authenticity of certificates of public officials; and the due authorization, execution and delivery of all documents (other
than by the Company) where due authorization, execution and delivery are prerequisites to the effectiveness of such documents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
the basis of the foregoing, and in reliance thereon, we are of the opinion that the Shares have been duly and validly authorized
and, when issued and sold in accordance with the Sales Agreement, the Registration Statement and the related Prospectus
and Prospectus Supplement, will be validly issued, fully paid and non-assessable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
consent to the reference to our firm under the caption &ldquo;Legal Matters&rdquo; in the Prospectus Supplement and to the filing
of this opinion as an exhibit to a Current Report of the Company on Form 8-K. In giving our consent, we do not thereby admit that
we are in the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations
of the Commission thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
opinion letter is limited to the specific issues addressed herein, and no opinion may be inferred or implied beyond that expressly
stated herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 50%; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very
    truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/<I>s/
    Kutak Rock LLP</I></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kutak
    Rock LLP</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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