<SEC-DOCUMENT>0001213900-19-007069.txt : 20190424
<SEC-HEADER>0001213900-19-007069.hdr.sgml : 20190424
<ACCEPTANCE-DATETIME>20190424183146
ACCESSION NUMBER:		0001213900-19-007069
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20171227
FILED AS OF DATE:		20190424
DATE AS OF CHANGE:		20190424

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			APEG Energy II GP, LLC
		CENTRAL INDEX KEY:			0001774795
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-06814
		FILM NUMBER:		19764896

	BUSINESS ADDRESS:	
		STREET 1:		2808 FLINTROCK TRACE
		STREET 2:		SUITE 373
		CITY:			AUSTIN
		STATE:			TX
		ZIP:			78738
		BUSINESS PHONE:		(512) 587-5092

	MAIL ADDRESS:	
		STREET 1:		2808 FLINTROCK TRACE
		STREET 2:		SUITE 373
		CITY:			AUSTIN
		STATE:			TX
		ZIP:			78738

ISSUER:		

	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

	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>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>ownership.xml
<DESCRIPTION>OWNERSHIP DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0206</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2017-12-27</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0000101594</issuerCik>
        <issuerName>US ENERGY CORP</issuerName>
        <issuerTradingSymbol>USEG</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001774795</rptOwnerCik>
            <rptOwnerName>APEG Energy II GP, LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>2808 FLINTROCK TRACE SUITE 373</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>AUSTIN</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>78738</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>5819270</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">APEG Energy II, LP (&quot;APEG II LP&quot;) directly owns 5,819,270 shares of Common Stock, par value $0.01 per share (the &quot;Shares&quot;), of U.S. Energy Corp. APEG Energy II GP, LLC (the &quot;Reporting Person&quot;) as general partner and investment advisor of APEG II LP may be deemed the beneficial owner of the 5,819,270 Shares directly owned by APEG II LP. The Reporting Person disclaims beneficial ownership of the securities reported herein except to the extent of its pecuniary interest therein.</footnote>
    </footnotes>

    <remarks>This Form 3 is being filed in connection with the exchange of loans held by APEG II LP and made to U.S. Energy Corp. for 5,819,270 Shares of U.S. Energy Corp.</remarks>

    <ownerSignature>
        <signatureName>/s/ Patrick E. Duke, Sole Member of Duke Capital Services, LLC, as managing member of Angelus Private Equity Group, LLC, as sole member of Angelus Capital, LLC, as sole member of APEG Energy II GP, LLC</signatureName>
        <signatureDate>2019-04-24</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
