<SEC-DOCUMENT>0001493152-22-002735.txt : 20220131
<SEC-HEADER>0001493152-22-002735.hdr.sgml : 20220131
<ACCEPTANCE-DATETIME>20220131164220
ACCESSION NUMBER:		0001493152-22-002735
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20220117
FILED AS OF DATE:		20220131
DATE AS OF CHANGE:		20220131

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Batchelor Joshua Lane
		CENTRAL INDEX KEY:			0001903548

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-06814
		FILM NUMBER:		22574563

	MAIL ADDRESS:	
		STREET 1:		2121 SAGE ROAD, SUITE 325
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77056

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Woodford Petroleum, LLC
		CENTRAL INDEX KEY:			0001903542
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-06814
		FILM NUMBER:		22574560

	BUSINESS ADDRESS:	
		STREET 1:		P.O. BOX 1328
		CITY:			SPRING
		STATE:			TX
		ZIP:			77383
		BUSINESS PHONE:		713-364-1400

	MAIL ADDRESS:	
		STREET 1:		2121 SAGE ROAD
		STREET 2:		SUITE 325
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77056

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Sage Road Capital, LLC
		CENTRAL INDEX KEY:			0001903543
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-06814
		FILM NUMBER:		22574562

	BUSINESS ADDRESS:	
		STREET 1:		2121 SAGE ROAD
		STREET 2:		SUITE 325
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77056
		BUSINESS PHONE:		713-364-1400

	MAIL ADDRESS:	
		STREET 1:		2121 SAGE ROAD
		STREET 2:		SUITE 325
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77056

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Stamets Benjamin Andrew
		CENTRAL INDEX KEY:			0001904963

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-06814
		FILM NUMBER:		22574558

	MAIL ADDRESS:	
		STREET 1:		2121 SAGE ROAD
		STREET 2:		SUITE 325
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77056

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Banner Oil & Gas, LLC
		CENTRAL INDEX KEY:			0001903556
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-06814
		FILM NUMBER:		22574561

	BUSINESS ADDRESS:	
		STREET 1:		10011 SOUTH PENNSYLVANIA AVE.
		CITY:			OKLAHOMA CITY
		STATE:			OK
		ZIP:			73159
		BUSINESS PHONE:		713-364-1400

	MAIL ADDRESS:	
		STREET 1:		2121 SAGE ROAD
		STREET 2:		SUITE 325
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77056

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Llano Energy LLC
		CENTRAL INDEX KEY:			0001903563
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-06814
		FILM NUMBER:		22574559

	BUSINESS ADDRESS:	
		STREET 1:		P.O. BOX 369
		CITY:			STILLWATER
		STATE:			OK
		ZIP:			74076
		BUSINESS PHONE:		713-364-1400

	MAIL ADDRESS:	
		STREET 1:		2121 SAGE ROAD
		STREET 2:		SUITE 325
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77056

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:		675 BERING, SUITE 100
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77057
		BUSINESS PHONE:		303 993 3200

	MAIL ADDRESS:	
		STREET 1:		675 BERING, SUITE 100
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77057

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WESTERN STATES MINING INC
		DATE OF NAME CHANGE:	19851229
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>ownership.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0306</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2022-01-17</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001903548</rptOwnerCik>
            <rptOwnerName>Batchelor Joshua Lane</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>2121 SAGE ROAD, SUITE 325</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>HOUSTON,</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>77056</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>1</isOther>
            <officerTitle></officerTitle>
            <otherText>Member of 10% owner group</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001903543</rptOwnerCik>
            <rptOwnerName>Sage Road Capital, LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>2121 SAGE ROAD, SUITE 325</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>HOUSTON,</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>77056</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>1</isOther>
            <officerTitle></officerTitle>
            <otherText>Member of 10% owner group</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001903556</rptOwnerCik>
            <rptOwnerName>Banner Oil &amp; Gas, LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>2121 SAGE ROAD, SUITE 325</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>HOUSTON,</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>77056</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>1</isOther>
            <officerTitle></officerTitle>
            <otherText>Member of 10% owner group</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001903542</rptOwnerCik>
            <rptOwnerName>Woodford Petroleum, LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>2121 SAGE ROAD, SUITE 325</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>HOUSTON,</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>77056</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>1</isOther>
            <officerTitle></officerTitle>
            <otherText>Member of 10% owner group</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001903563</rptOwnerCik>
            <rptOwnerName>Llano Energy LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>2121 SAGE ROAD, SUITE 325</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>HOUSTON,</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>77056</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>1</isOther>
            <officerTitle></officerTitle>
            <otherText>Member of 10% owner group</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001904963</rptOwnerCik>
            <rptOwnerName>Stamets Benjamin Andrew</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>2121 SAGE ROAD, SUITE 325</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>HOUSTON,</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>77056</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>1</isOther>
            <officerTitle></officerTitle>
            <otherText>Member of 10% owner group</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2022-01-17</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>40000</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                    <footnoteId id="F3"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>40000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F4"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>5668121</value>
                    <footnoteId id="F2"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F5"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>434130</value>
                    <footnoteId id="F2"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F6"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>688273</value>
                    <footnoteId id="F2"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F7"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Represents restricted stock shares subject to time-based vesting, which vest at the rate of (a) 1/4th of such shares on January 17, 2022, and (b) 1/4th of such shares on the last day of each six months thereafter for the following eighteen months, subject to the recipient's continued service to the Issuer.</footnote>
        <footnote id="F2">Excludes shares of common stock relating to the voting group included under &quot;Remarks&quot;, except as described in footnotes (5), (6) and (7).</footnote>
        <footnote id="F3">Issued to the Reporting Person in consideration for services rendered and agreed to be rendered to the Issuer as a member of the Board of Directors of the Issuer.</footnote>
        <footnote id="F4">Represents shares of shares of common stock, $0.01 par value per share of the Issuer, held by Mr. Joshua L. Batchelor.</footnote>
        <footnote id="F5">Represents shares of common stock, $0.01 par value per share of the Issuer, held by Banner Oil &amp; Gas, LLC (&quot;Banner&quot;). The shares held by Banner may be deemed to be beneficially owned by Sage Road Capital, LLC (&quot;Sage Road&quot;), which indirectly controls Banner and manages certain funds which own a majority interest of Banner, and by Mr. Batchelor and Mr. Stamets, due to their status as co-Managing Partners of Sage Road. Mr. Batchelor and Mr. Stamets disclaim beneficial ownership of the securities reported herein except to the extent of each of their pecuniary interest therein.</footnote>
        <footnote id="F6">Represents shares of common stock, $0.01 par value per share of the Issuer, held by Woodford Petroleum, LLC (&quot;Woodford&quot;). The shares held by Woodford may be deemed to be beneficially owned by Sage Road, which indirectly controls Woodford and manages certain funds which own a majority interest of Woodford, and by Mr. Batchelor and Mr. Stamets, due to their status as co-Managing Partners of Sage Road. Mr. Batchelor and Mr. Stamets disclaim beneficial ownership of the securities reported herein except to the extent of each of their pecuniary interest therein.</footnote>
        <footnote id="F7">Represents shares of common stock, $0.01 par value per share of the Issuer, held by Llano Energy LLC (&quot;Llano&quot;). The shares held by Llano may be deemed to be beneficially owned by Sage Road, which indirectly controls Llano and manages certain funds which own a majority interest of Llano, and by Mr. Batchelor and Mr. Stamets, due to their status as co-Managing Partners of Sage Road. Mr. Batchelor and Mr. Stamets disclaim beneficial ownership of the securities reported herein except to the extent of each of their pecuniary interest therein.</footnote>
    </footnotes>

    <remarks>By virtue of being party to a Nominating and Voting Agreement, dated as of January 5, 2022 (the &quot;Voting Agreement&quot;), Banner, Woodford and Llano, and Sage Road and Mr. Batchelor and Mr. Stamets, due to their control of such entities, may be deemed to be a member of a &quot;group&quot; for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended (the &quot;Exchange Act&quot;), with respect to the securities reported herein with the other parties who are bound by the Voting Agreement and their control persons, which such &quot;group&quot; beneficially owns, in the aggregate, more than 10% of the outstanding shares of common stock of the Issuer. In addition to Banner, Woodford and Llano, the parties to the Voting Agreement are the Issuer, Lubbock Energy Partners LLC; and Synergy Offshore LLC. Separately, the control persons of the other parties to the Voting Agreement may also be part of the Section 13(d) &quot;group&quot;.The reporting persons disclaim beneficial ownership of any securities owned by any of the other signatories to the Voting Agreement (and/or their control persons) and the filing of this Form 4 shall not be deemed an admission, for purposes of Section 16 of the Exchange Act or otherwise, that any of the reporting persons and any other person or persons constitute a &quot;group&quot; for purposes of Section 13(d)(3) of the Exchange Act or Rule 13d-5 thereunder. In addition, none of the reporting persons have any pecuniary interest in any of the securities beneficially owned by any of the other signatories to the Voting Agreement (and/or their control persons).For a description of the Voting Agreement, see the Current Report on Form 8-K filed by the Issuer with the United States Securities and Exchange Commission on January 10, 2022.</remarks>

    <ownerSignature>
        <signatureName>/s/ Joshua L. Batchelor</signatureName>
        <signatureDate>2022-01-31</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Benjamin A. Stamets</signatureName>
        <signatureDate>2022-01-31</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Joshua L. Batchelor, Managing Partner of Sage Road Capital, LLC</signatureName>
        <signatureDate>2022-01-31</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Joshua L. Batchelor, Manager of Banner Oil &amp; Gas, LLC</signatureName>
        <signatureDate>2022-01-31</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Joshua L. Batchelor, Manager of Woodford Petroleum, LLC</signatureName>
        <signatureDate>2022-01-31</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Joshua L. Batchelor, Manager of Llano Energy LLC</signatureName>
        <signatureDate>2022-01-31</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
