<SEC-DOCUMENT>0001437749-24-021455.txt : 20240627
<SEC-HEADER>0001437749-24-021455.hdr.sgml : 20240627
<ACCEPTANCE-DATETIME>20240627183903
ACCESSION NUMBER:		0001437749-24-021455
CONFORMED SUBMISSION TYPE:	SC 13D/A
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20240627
DATE AS OF CHANGE:		20240627
GROUP MEMBERS:		KING OIL & GAS, INC.

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			US ENERGY CORP
		CENTRAL INDEX KEY:			0000101594
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				830205516
		STATE OF INCORPORATION:			WY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-31542
		FILM NUMBER:		241080806

	BUSINESS ADDRESS:	
		STREET 1:		1616 S. VOSS, SUITE 725
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77057
		BUSINESS PHONE:		303 993 3200

	MAIL ADDRESS:	
		STREET 1:		1616 S. VOSS, SUITE 725
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77057

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WESTERN STATES MINING INC
		DATE OF NAME CHANGE:	19851229

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			King Duane H
		CENTRAL INDEX KEY:			0001903594
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		SC 13D/A

	MAIL ADDRESS:	
		STREET 1:		9821 KATY FREEWAY
		STREET 2:		SUITE 805
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77024
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D/A
<SEQUENCE>1
<FILENAME>kdh20240627_sc13da.htm
<DESCRIPTION>SCHEDULE 13D/A
<TEXT>
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<p style="font-family:Times New Roman;font-size:18pt;font-variant:normal;text-align:center;margin:0pt;"><b>UNITED STATES</b><br>
<b>SECURITIES AND EXCHANGE COMMISSION</b><br>
<b>Washington, D.C. 20549</b></p>

<p style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; margin: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>SCHEDULE 13D</b><br>
<b>UNDER THE SECURITIES EXCHANGE ACT OF 1934 </b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>(Amendment No. 3*)</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:18pt;font-variant:normal;text-align:center;margin:0pt;"><b>U.S. Energy Corporation</b><br>
<font style="font-size:10pt;">(Name of Issuer)</font></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>COMMON STOCK, $0.01 PAR VALUE </b><br>
(Title of Class of Securities)</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>911805307</b><br>
(CUSIP Number)</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Duane H. King </b><br>
9811 Katy Freeway, Suite 805<br>
Houston, Texas 77024<br>
(713) 827-9988<br>
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>June 25, 2024</b><br>
(Date of Event Which Requires Filing of this Statement)</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of &#167;&#167;240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. &#9744;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;"><b>Note: </b>Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See &#167;240.13d-7 for other parties to whom copies are to be sent.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">* The remainder of this cover page shall be filled out for a reporting person&#8217;s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">The information required on the remainder of this cover page shall not be deemed to be &#8220;filed&#8221; for the purpose of Section 18 of the Securities Exchange Act of 1934 (&#8220;Act&#8221;) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).</p>

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<div class="hf-cell PGNUM" data-number="1" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: Times New Roman;">1</div>
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:18pt;">CUSIP No. 911805307</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:18pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;">

		<tr>
			<td style="vertical-align: top; width: 5%; border-color: black; border-style: solid; border-width: 1px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">1</p>
			</td>
			<td colspan="2" style="vertical-align: top; width: 95%; border-top: 1px solid black; border-bottom: 1px solid black; border-right: 1px solid black;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 18pt;">Name of Reporting Persons</p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 18pt;">Duane H. King</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 5%; border-bottom: 1px solid black; border-left: 1px solid black; border-right: 1px solid black;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">2</p>
			</td>
			<td colspan="2" style="vertical-align: top; width: 95%; border-bottom: 1px solid black; border-right: 1px solid black;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 19pt;">Check the Appropriate Box if a Member of a Group (See Instructions)</p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 19pt;">(a) &#9744;&nbsp;(b) &#9746;</p>
			</td>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">3</p>
			</td>
			<td colspan="2" style="vertical-align: top; width: 95%; border-bottom: 1px solid black; border-right: 1px solid black;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 19pt;">SEC Use Only</p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 19pt;">&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 5%; border-bottom: 1px solid black; border-left: 1px solid black; border-right: 1px solid black;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">4</p>
			</td>
			<td colspan="2" style="vertical-align: top; width: 95%; border-bottom: 1px solid black; border-right: 1px solid black;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 19pt;">Source of Funds</p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 19pt;">OO</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 5%; border-bottom: 1px solid black; border-left: 1px solid black; border-right: 1px solid black;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">5</p>
			</td>
			<td colspan="2" style="vertical-align: top; width: 95%; border-bottom: 1px solid black; border-right: 1px solid black;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 19pt;">Check Box if Disclosure of Legal Proceedings Is Required Pursuant to Item 2(d) or 2(e)</p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 19pt;">&#9744;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 5%; border-bottom: 1px solid black; border-left: 1px solid black; border-right: 1px solid black;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">6</p>
			</td>
			<td colspan="2" style="vertical-align: top; width: 95%; border-bottom: 1px solid black; border-right: 1px solid black;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 19pt;">Citizenship or Place of Organization</p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 19pt;">United States of America</p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;">

		<tr>
			<td rowspan="4" style="vertical-align: middle; width: 15%; border-left: 1px solid black; border-right: 1px solid black;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">Number of<br>
			Shares<br>
			Beneficially<br>
			Owned by<br>
			Each<br>
			Reporting<br>
			Person With</p>
			</td>
			<td style="vertical-align: top; width: 5%; border-bottom: 1px solid black; border-right: 1px solid black;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">7</p>
			</td>
			<td style="vertical-align: top; width: 80%; border-bottom: 1px solid black; border-right: 1px solid black;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 20pt;">Sole Voting Power<br>
			2,176,312 shares*</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 5%; border-bottom: 1px solid black; border-right: 1px solid black;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">8</p>
			</td>
			<td style="vertical-align: top; width: 80%; border-bottom: 1px solid black; border-right: 1px solid black;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 20pt;">Shared Voting Power<br>
			0*</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 5%; border-bottom: 1px solid black; border-right: 1px solid black;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">9</p>
			</td>
			<td style="vertical-align: top; width: 80%; border-bottom: 1px solid black; border-right: 1px solid black;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 20pt;">Sole Dispositive Power<br>
			2,176,312 shares</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 5%; border-right: 1px solid black;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">10</p>
			</td>
			<td style="vertical-align: top; width: 80%; border-right: 1px solid black;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 20pt;">Shared Dispositive Power<br>
			0 shares</p>
			</td>
		</tr>

</table>

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			<td style="vertical-align: top; width: 5%; border-color: black; border-style: solid; border-width: 1px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">11</p>
			</td>
			<td colspan="2" style="vertical-align: top; width: 95%; border-top: 1px solid black; border-bottom: 1px solid black; border-right: 1px solid black;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 19pt;">Aggregate Amount Beneficially Owned by Each Reporting Person</p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 19pt;">2,176,312 shares*</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 5%; border-bottom: 1px solid black; border-left: 1px solid black; border-right: 1px solid black;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">12</p>
			</td>
			<td colspan="2" style="vertical-align: top; width: 95%; border-bottom: 1px solid black; border-right: 1px solid black;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 19pt;">Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)</p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 19pt;">&#9744;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 5%; border-bottom: 1px solid black; border-left: 1px solid black; border-right: 1px solid black;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">13</p>
			</td>
			<td colspan="2" style="vertical-align: top; width: 95%; border-bottom: 1px solid black; border-right: 1px solid black;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 19pt;">Percent of Class Represented by Amount in Row (11)</p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 19pt;">8.6%**</p>
			</td>
		</tr>
		<tr>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 5%; border-left: 1px solid black; border-right: 1px solid black;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">14</p>
			</td>
			<td colspan="2" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 95%; border-right: 1px solid black;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 19pt;">Type of Reporting Person</p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 19pt;">IN</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">*2,027,399 shares of Common Stock are owned directly by King Oil and Gas, Inc. Duane H. King is the sole shareholder, director and officer of King Oil and Gas, Inc. Includes restricted stock shares subject to time-based vesting, including 30,000 shares of Common Stock that vested on June 2, 2024 and 30,000 shares of Common Stock that vest on June 2, 2025, subject to Mr. King&#8217;s continued services to the Issuer. These shares also expressly exclude shares of Common Stock that are owned and controlled by Katla Energy Holdings, LLC.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">** Does not include shares of Common Stock held by the Separately Filing Group Members (as defined in the Original Schedule 13D, Item 2). The percentage is based on information provided by the Issuer as of May 6, 2024, reflecting 25,287,213 shares of Common Stock of the Issuer outstanding as of such date.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
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<div class="hf-cell PGNUM" data-number="2" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: Times New Roman;">2</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:18pt;">CUSIP No. 911805307</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;">

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			<td style="vertical-align: top; width: 5%; border-color: black; border-style: solid; border-width: 1px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">1</p>
			</td>
			<td colspan="2" style="vertical-align: top; width: 95%; border-top: 1px solid black; border-bottom: 1px solid black; border-right: 1px solid black;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 18pt;">Name of Reporting Persons</p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 18pt;">King Oil and Gas, Inc.<br>
			76-0348827</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 5%; border-bottom: 1px solid black; border-left: 1px solid black; border-right: 1px solid black;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">2</p>
			</td>
			<td colspan="2" style="vertical-align: top; width: 95%; border-bottom: 1px solid black; border-right: 1px solid black;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 19pt;">Check the Appropriate Box if a Member of a Group (See Instructions)</p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 19pt;">(a) D (b) &#9746;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 5%; border-bottom: 1px solid black; border-left: 1px solid black; border-right: 1px solid black;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">3</p>
			</td>
			<td colspan="2" style="vertical-align: top; width: 95%; border-bottom: 1px solid black; border-right: 1px solid black;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 19pt;">SEC Use Only</p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 19pt;">&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 5%; border-bottom: 1px solid black; border-left: 1px solid black; border-right: 1px solid black;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">4</p>
			</td>
			<td colspan="2" style="vertical-align: top; width: 95%; border-bottom: 1px solid black; border-right: 1px solid black;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 19pt;">Source of Funds</p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 19pt;">OO</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 5%; border-bottom: 1px solid black; border-left: 1px solid black; border-right: 1px solid black;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">5</p>
			</td>
			<td colspan="2" style="vertical-align: top; width: 95%; border-bottom: 1px solid black; border-right: 1px solid black;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 19pt;">Check Box if Disclosure of Legal Proceedings Is Required Pursuant to Item 2(d) or 2(e)</p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 19pt;">&#9744;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 5%; border-bottom: 1px solid black; border-left: 1px solid black; border-right: 1px solid black;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">6</p>
			</td>
			<td colspan="2" style="vertical-align: top; width: 95%; border-bottom: 1px solid black; border-right: 1px solid black;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 19pt;">Citizenship or Place of Organization</p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 19pt;">Texas</p>
			</td>
		</tr>

</table>

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		<tr>
			<td rowspan="4" style="vertical-align: middle; width: 15%; border-left: 1px solid black; border-right: 1px solid black;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">Number of<br>
			Shares<br>
			Beneficially<br>
			Owned by<br>
			Each<br>
			Reporting<br>
			Person With</p>
			</td>
			<td style="vertical-align: top; width: 5%; border-right: 1px solid black; border-bottom: 1px solid black;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">7</p>
			</td>
			<td style="vertical-align: middle; width: 80%; border-bottom: 1px solid black; border-right: 1px solid black;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 20pt;">Sole Voting Power<br>
			2,027,399* shares</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 5%; border-right: 1px solid black; border-bottom: 1px solid black;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">8</p>
			</td>
			<td style="vertical-align: top; width: 80%; border-bottom: 1px solid black; border-right: 1px solid black;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 20pt;">Shared Voting Power<br>
			0</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 5%; border-right: 1px solid black; border-bottom: 1px solid black;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">9</p>
			</td>
			<td style="vertical-align: middle; width: 80%; border-bottom: 1px solid black; border-right: 1px solid black;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 20pt;">Sole Dispositive Power<br>
			2,027,399* shares</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 5%; border-right: 1px solid black;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">10</p>
			</td>
			<td style="vertical-align: top; width: 80%; border-right: 1px solid black;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 20pt;">Shared Dispositive Power<br>
			0 shares</p>
			</td>
		</tr>

</table>

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			<td style="vertical-align: top; width: 5%; border-color: black; border-style: solid; border-width: 1px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">11</p>
			</td>
			<td colspan="2" style="vertical-align: top; width: 95%; border-top: 1px solid black; border-bottom: 1px solid black; border-right: 1px solid black;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 19pt;">Aggregate Amount Beneficially Owned by Each Reporting Person</p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 19pt;">2,027,399 shares*</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 5%; border-bottom: 1px solid black; border-left: 1px solid black; border-right: 1px solid black;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">12</p>
			</td>
			<td colspan="2" style="vertical-align: top; width: 95%; border-bottom: 1px solid black; border-right: 1px solid black;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 19pt;">Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)</p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 19pt;">&#9744;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 5%; border-bottom: 1px solid black; border-left: 1px solid black; border-right: 1px solid black;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">13</p>
			</td>
			<td colspan="2" style="vertical-align: top; width: 95%; border-bottom: 1px solid black; border-right: 1px solid black;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 19pt;">Percent of Class Represented by Amount in Row (11)</p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 19pt;">8.0%**</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 5%; border-bottom: 1px solid black; border-left: 1px solid black; border-right: 1px solid black;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">14</p>
			</td>
			<td colspan="2" style="vertical-align: top; width: 95%; border-bottom: 1px solid black; border-right: 1px solid black;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 19pt;">Type of Reporting Person</p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 19pt;">CO</p>
			</td>
		</tr>

</table>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">*These shares of Common Stock are owned directly by King Oil and Gas, Inc. Duane H. King is the sole shareholder, director and officer of King Oil and Gas, Inc. These shares also expressly exclude shares of Common Stock that are owned and controlled by Katla Energy Holdings, LLC.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">** Does not include shares of Common Stock held by the Separately Filing Group Members (as defined in the Original Schedule 13D, Item 2). The percentage is based on information provided by the Issuer as of May 6, 2024, reflecting 25,287,213 shares of Common Stock of the Issuer outstanding as of such date.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">This Amendment No. 3 amends those Items set forth below with respect to the Amendment No. 2 filed on September 16, 2022 (&#8220;Amendment No. 2&#8221;), Schedule 13D filed on July 22, 2022 by the Reporting Persons, which in turn, amended the original Schedule 13D filed on January 11, 2022 (the &#8220;Original Schedule 13D&#8221;) (Amendment No. 3, Amendment No. 2, Amendment No. 1 and the Original 13D are hereinafter referred to as the &#8220;Schedule 13D). Except as expressly amended hereby, all information in Amendment No. 2, Amendment No. 1 and the Original Schedule 13D is incorporated by reference. All capitalized terms used herein and not otherwise defined shall have the same meaning as in the Original Schedule 13D.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;"><b>Item 2. Identity and Background</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">(a) This Schedule 13D is being filed by Duane H. King and his wholly owned corporation, King Oil and Gas, Inc. as follows:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duane H. King (&#8220;King&#8221;) is the Chief Executive Officer and one of two managers of Synergy; and</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;King Oil and Gas, Inc. (&#8220;KOG&#8221;), a Texas corporation.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;"><b>Item 3. Source and Amount of Funds or Other Consideration</b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">Item 3 of the Original Schedule 13D is hereby amended to add each of the following paragraphs below:</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">On January 17, 2022, the Issuer granted Mr. King 40,000 shares of restricted Common Stock, which vested at a rate of (i) 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.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">On January 5, 2023, the Issuer granted Mr. King 48,913 shares of restricted Common Stock, which vested at the rate of 50% of such shares on each of July 5, 2023 and January 5, 2024.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">On March 19, 2024, the Issuer granted Mr. King 60,000 shares of restricted Common Stock, which vest to Mr. King at the rate of 50% of such shares on June 2, 2024 and 50% of such shares on January 2, 2025, subject to Mr. King&#8217;s continued services to the Issuer.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">On June 25, 2024, the Issuer and Synergy entered into a non-binding Letter of Intent (the &#8220;LOI&#8221;). Pursuant to the LOI, the Issuer and Synergy agreed to negotiate in good faith a purchase and sale agreement relating to the exchange for certain interests in Synergy&#8217;s assets located in Montana and Wyoming (the &#8220;Assets&#8221;) in return for consideration from the Issuer, including (i) 4,845,900 shares of Common Stock and (ii) warrants to acquire up to 6,250,000 shares of Common Stock with an exercise price of $0.01 per share (the &#8220;Warrants&#8221;) that will vest pending certain contingencies and expire 60 months from the date of closing of the purchase and sale agreement (such Common Stock and Warrants, collectively, the &#8220;Equity Consideration&#8221;).</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">The LOI provides that it does not create any legal obligations and that no such obligations will arise unless and until definitive transaction documentation with the Issuer has been executed and delivered, and there can be no assurance that the Issuer and Synergy will enter into a definitive agreement within any specific timeframe or at all. No binding obligation on the part of the Reporting Persons or any of their affiliates will arise with respect to the filing of this Statement. The LOI also provides that the transaction, including the issuance of the Equity Consideration in the transaction, will be conditioned upon approval by holders of a majority of the outstanding shares of Common Stock owned by stockholders unaffiliated with Synergy and its affiliates, in addition to any other requisite stockholder approvals under applicable law or stock exchange rules.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">The LOI may result in one or more of the transactions, events or actions required to be disclosed in Item 4 of the Amendment, including, without limitation, an extraordinary corporate transaction involving the Issuer and other material changes in the Issuer&#8217;s business or corporate structure.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;"><b>Item 4. Purpose of the Transaction</b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">Item 4 of the Original Schedule 13D is hereby amended to add each of the following paragraphs below:</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">The information set forth in&nbsp;<u>Item 3</u>&nbsp;is hereby incorporated by reference into this&nbsp;<u>Item 4</u>.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">Mr. King may from time to time, become aware of, initiate, and/or be involved in discussions that relate to the transactions subject to reporting in this <u>Item 4</u> and thus retains his right to modify his plans with respect to the transactions subject to reporting in this <u>Item 4</u> and to formulate plans and proposals that could result in the occurrence of any such events, subject to applicable laws and regulations. Mr. King also engages in discussions with management, directors and other stockholders of the Issuer that have in the past included, and in the future are expected to include, transactions with affiliates of the Reporting Person or their respective affiliates, which own or control interests in other assets that may be deemed of interest to the Company. These discussions include informal, exploratory discussions as well as asset evaluations and discussions regarding potential structuring matters associated with potential transactions as part of determining their feasibility for any proposal or plan by the Company or such Reporting Persons. Any such transactions would depend on various factors including, without limitation, the Issuer&#8217;s financial position and strategic direction, price levels of the Common Stock, conditions in the securities market and general economic and industry conditions, as well as alternative opportunities available to the Reporting Persons with respect to assets owned or controlled by the Reporting Persons or their affiliates.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">As discussed above in Item 3, on June 25, 2024, the Issuer and Synergy entered into the LOI. The LOI was the result of initial discussions with management of the Issuer, and subsequent negotiations between Synergy and a special committee of the board of directors of the Issuer.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">Pursuant to the LOI, the Issuer and Synergy have agreed to negotiate in good faith a purchase and sale agreement relating to the exchange for certain interests in the Assets in return for consideration from the Issuer, including the Equity Consideration. Additional consideration to Synergy will include (i) $2 million in cash, subject to certain adjustments, (ii) a Carried Working Interest (defined and described below, and (iii) an obligation of the Issuer to deliver payments equal to 18.00% of the cash amounts actually realized and received by the Issuer under Section 45(Q). The Assets will exclude (i) a 12.5% working interest in the Assets (owned by Synergy or affiliates of Synergy) reserved from the transaction and subject to the Carried Working Interest as described below (&#8220;Retained Working Interest&#8221;) and (ii) Synergy&#8217;s existing right, title, and interest in and to certain leases and rights located in the West Poison Spider field in Wyoming.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">The &#8220;Carried Working Interest&#8221; means the Issuer&#8217;s commitment to cover, pay for and be liable for 100% of all SOG Costs attributable to the Retained Working Interest during the Carry Period. The &#8220;Carry Period&#8221; will be from a June 1, 2024 effective date through the date that the SOG Costs attributable to the Retained Working Interest total $12,500,000.00 (the &#8220;Carry Amount&#8221;). &#8220;SOG Costs&#8221; are the costs relating to drilling, completing, and equipping any and all wells to the extent that such costs are chargeable to or payable by Synergy to be further described under a Joint Operating Agreement naming the Issuer as the Operator (the &#8220;JOA&#8221;). SOG Costs will not include the costs of any processing plants, facilities or pipelines. Monthly lease and well operating expenses (including without limitation lease rental payments, lease maintenance payments and title curative expenses and payments) (&#8220;LOE&#8221;) shall not be considered SOG Costs. During the Carry Period, LOE will be netted against revenue. In the event there is insufficient revenue to cover LOE during a particular month, then during the Carry Period, any negative LOE will be carried forward to the next operating month and offset against future net revenue until the cumulative negative LOE is fully offset. Prior to the receipt of first revenues, the Issuer and Synergy will have the option to apply all or any portion of the negative LOE to the outstanding Carry Amount. Following the expiration of the Carry Period, Synergy will be liable for all costs and expenses under the JOA attributable to its working interests.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">The LOI provides that it does not create any legal obligations and that no such obligations will arise unless and until definitive transaction documentation with the Issuer has been executed and delivered. No binding obligation on the part of the Reporting Persons or any of their affiliates will arise with respect to the filing of this Statement. The LOI also provides that the transaction, including the issuance of the shares of Common Stock in the transaction, will be conditioned upon approval by holders of a majority of the outstanding shares of Common Stock owned by stockholders unaffiliated with Synergy and its affiliates, in addition to any other requisite stockholder approvals under applicable law or stock exchange rules.</p>

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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">The LOI provides that the definitive agreements will also include a commitment by the Issuer to drill and test at least two wells to at least the depth necessary to test all prospective helium zones on the SOG acreage within 18 months of the closing. The Issuer have sole authority to determine the location of these wells and the manner of drilling and testing such wells. The LOI also provides that definitive agreements will incorporate an Area of Mutual Interest under which Synergy will have the right to participate for its proportionate interest of 12.5% in any new leases, assignments or letter agreements obtained by Issuer, but excluding any such leases or rights currently held or contractually bound by a specified seller of properties to the Issuer.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">A copy of the LOI is filed as Exhibit 2 to this report and is incorporated by reference into this Item 4.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;"><b>Item 5. Interest in Securities of the Issuer.</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">The information provided in Items 2, 3 and 4 of this Schedule 13D is incorporated by reference herein.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">Synergy Offshore, LLC (&#8220;Synergy&#8221;) was originally the holder of record of 6,546,384 shares of the Issuer&#8217;s outstanding Common Stock, as a result of transactions described in the Original Schedule 13D. As of July 22, 2022, Synergy distributed all of the shares of Common Stock (the &#8220;Distribution&#8221;) that it held to the members of the limited liability company that owned 100% of the membership interest of Synergy.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 4pt;text-indent:33pt;">Pursuant to the Nominating and Voting Agreement dated January 5, 2022, if Synergy made a distribution to its members, for so long as the shares of Common Stock are held by those members, the Nominating and Voting Agreement requires those members to vote their shares in accordance with the terms and conditions of the Nominating and Voting Agreement. This Nominating and Voting Agreement was amended as of September 16, 2022, in which the former members of Synergy, except for King Oil and Gas, Inc. and Katla Energy Holdings, LLC, are no longer required to vote the Issuer&#8217;s shares in accordance with the Amended and Restated Nominating and Voting Agreement. As a result, this amendment reduces the number of shares with a &#8220;Shared Vote,&#8221; to reflect that King Oil and Gas, Inc. is bound by the voting provisions of the Amended and Restated Nominating and Voting Agreement. Katla Energy Holdings, LLC (&#8220;Katla&#8221;) shares derived from Synergy are not reported herein either. The Reporting Persons continue to exclude all shares held by the Separately Filing Persons in connection with the numbers of shares reported herein, and the Katla shares of Common Stock derived from Synergy are not reported herein.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">The percentages of beneficial ownership disclosed in this Schedule 13D are based on an aggregate of 25,287,213 shares of Common Stock outstanding as of May 6, 2024, based on information furnished by the Issuer.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;"><b>Item 7. Material to Be Filed as Exhibits</b></p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Exhibit No.</b></p>
			</td>
			<td style="width: auto; border-bottom: 1px solid black; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><u><b>Description</b> </u></p>
			</td>
		</tr>

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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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			<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: center;">1</p>
			</td>
			<td style="width: auto; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: justify;"><a href="http://www.sec.gov/Archives/edgar/data/101594/000149315222030385/ex1.htm" style="-sec-extract:exhibit;">Amended and Restated Nominating and Voting Agreement dated September 16, 2022, by and between U.S. Energy Corp., Banner Oil &amp; Gas, LLC, Woodford Petroleum, LLC, Llano Energy LLC, Lubbock Energy Partners LLC, Synergy Offshore LLC, King Oil &amp; Gas Company, Inc., WDM Family Partnership, LP, and Katla Energy Holdings LLC (incorporated by reference to Exhibit 10.1 to the Issuer&#8217;s Current Report on Form 8- K (File No. 000-06814), filed with the SEC on September 16, 2022)</a></td>
		</tr>

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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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			<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: center;">2</p>
			</td>
			<td style="width: auto; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><a href="ex_693639.htm" style="-sec-extract:exhibit;"><u>Letter of Intent, dated June 25, 2024, between U.S. Energy Corp. and Synergy Offshore, LLC.</u></a></p>
			</td>
		</tr>

</table>

<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGNUM" data-number="6" data-prefix="" data-suffix="" style="text-align: center; width: 100%; font-size: 10pt; font-family: Times New Roman;">6</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">&nbsp;</div>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>SIGNATURES</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Dated: June 27, 2024</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="text-indent: 0; width: 100%;font-family: 'Times New Roman', Times, serif; font-size: 10pt">

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			<p style="margin: 0px 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td colspan="2" valign="top" width="38%">
			<p style="margin: 0px 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif;"><b>King Oil &amp; Gas, Inc.</b></p>
			</td>
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			<p style="margin: 0px 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
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			<p style="margin: 0px 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td valign="top" width="3%">
			<p style="margin: 0px 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td valign="top" width="35%">
			<p style="margin: 0px 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
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			<td valign="top" width="12%">
			<p style="margin: 0px 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
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			<p style="margin: 0px 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td valign="top" width="3%">
			<p style="margin: 0px 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td align="left" nowrap="nowrap" valign="bottom" width="35%">
			<p style="margin: 0px 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td valign="top" width="12%">
			<p style="margin: 0px 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
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			<td align="left" style="text-align: left;" valign="top" width="50%">
			<p style="margin: 0px 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td style="text-align: left" valign="top" width="3%">
			<p style="margin: 0px 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">By: </font></p>
			</td>
			<td align="left" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="top" width="35%">
			<p style="margin: 0px 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif;"><i><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">/s/&nbsp;</font>Duane H. Kin</i></p>
			</td>
			<td valign="top" width="12%">
			<p style="margin: 0px 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
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			<p style="margin: 0px 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td valign="top" width="3%">
			<p style="margin: 0px 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif;">Name:</p>
			</td>
			<td valign="top" width="35%">
			<p style="margin: 0px 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif;">Duane H. King</p>
			</td>
			<td valign="top" width="12%">
			<p style="margin: 0px 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
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			<td valign="top" width="50%">&nbsp;</td>
			<td valign="top" width="3%">Title:</td>
			<td valign="top" width="35%">President</td>
			<td valign="top" width="12%">&nbsp;</td>
		</tr>
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			<td valign="top" width="50%">
			<p style="margin: 0px 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td valign="top" width="3%">
			<p style="margin: 0px 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td valign="top" width="35%">
			<p style="margin: 0px 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&nbsp;</p>

			<p style="margin: 0px 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&nbsp;</p>
			</td>
			<td valign="top" width="12%">
			<p style="margin: 0px 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
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			<td valign="top" width="50%">&nbsp;</td>
			<td valign="top" width="3%">&nbsp;</td>
			<td valign="top" width="35%">
			<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"><b>Duane II. King</b></p>

			<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</p>
			</td>
			<td valign="top" width="12%">&nbsp;</td>
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			<td valign="top" width="50%">&nbsp;</td>
			<td valign="top" width="3%">&nbsp;</td>
			<td valign="top" width="35%">&nbsp;</td>
			<td valign="top" width="12%">&nbsp;</td>
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			<td valign="top" width="50%">&nbsp;</td>
			<td valign="top" width="3%">X:</td>
			<td style="border-bottom: 1px solid black;" valign="top" width="35%"><i>/s/ Duane H. King</i></td>
			<td valign="top" width="12%">&nbsp;</td>
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<DOCUMENT>
<TYPE>EX-2
<SEQUENCE>2
<FILENAME>ex_693639.htm
<DESCRIPTION>EXHIBIT 2
<TEXT>
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<p style="margin: 0px 0pt; text-align: right; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt"><b>Exhibit 2</b></font></p>

<p style="margin: 0px 0pt; text-align: left; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: right;"><img alt="ex_693639img001.jpg" src="ex_693639img001.jpg" style="width:188;height:48;"></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">1616 Voss, Suite 725</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">Houston, TX 77057</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">Phone: 303-993-3200</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;"><u>www.usnrg.com</u></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 5pt;"><b><u>STRICTLY CONFIDENTIAL</u></b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 5pt;">June 24, 2024</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 5pt;">Synergy Offshore LLC</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 5pt;">Attn: Duane King, CEO</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 5pt;">Dear Mr. King,</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 5pt; text-align: justify;">U.S. Energy Corp. (&#8220;<b><i>U.S. Energy</i></b>&#8221; or &#8220;<b><i>USEG</i></b>&#8221;) is pleased to offer to you this Letter of Intent (&#8220;<b><i>Letter of Intent</i></b>&#8221;) to acquire all of Synergy Offshore LLC&#8217;s (&#8220;<b>SOG</b>&#8221;) right, title, and interest in and to all of the leases and wells currently controlled by SOG located in Montana and Wyoming (subject to the exclusions described below, the &#8220;<b><i>Assets</i></b>&#8221;), pursuant to a definitive purchase and sale agreement and other applicable documents (&#8220;<b><i>PSA</i></b>&#8221;) to be negotiated between U.S. Energy and SOG. U.S. Energy and SOG are collectively called the &#8220;<b><i>Parties</i></b>&#8221; and individually a &#8220;<b><i>Party</i></b>.&#8221;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 5pt; text-align: justify;">1. &nbsp; &nbsp; &nbsp; &nbsp;&nbsp; &nbsp; <u>Assets</u>. The Assets shall include SOG&#8217;s rights, title and interests to SOG leases and wells in Montana and Wyoming, excluding the following, without limitation:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">&nbsp;</p>

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			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">&#9679;</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">The twelve- and one-half percent (12.5%) working interest in the Assets (owned by SOG or affiliates of SOG) reserved from the transaction and subject to the Carried Working Interest as described below (&#8220;<b><i>Retained Working Interest</i></b>&#8221;).</p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">&nbsp;</p>

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			<td style="width: 36pt; text-align: justify;">&nbsp;</td>
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			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">&#9679;</p>
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			<td style="vertical-align:top;">
			<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">SOG&#8217;s existing right, title, and interest in and to certain leases and rights located in the West Poison Spider field in Wyoming.</p>
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<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 5pt; text-align: justify;">2. &nbsp; &nbsp; &nbsp; &nbsp;&nbsp; &nbsp; <u>PSA</u>. Upon SOG&#8217;s acceptance of this Letter of Intent, U.S. Energy and SOG will negotiate in good faith to execute a PSA covering the sale of the Assets from SOG to U.S. Energy. Among other standard terms and conditions for a transaction of this type described in this Letter of Intent, the PSA will contain the following terms and conditions:</p>

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			<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><u>Effective Date</u>. The PSA will have an effective date of June 1, 2024 (the <b><i>&#8220;Effective Date</i></b>&#8221;<i>)</i>.</p>
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			<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><u>Purchase Price</u>. The total purchase price for the Assets shall consist of the following:</p>
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			<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><u>Cash</u>. Two million dollars ($2,000,000) of cash at closing (the &#8220;<b><i>Cash</i></b>&#8221;), reduced as necessary by the provisions of Section 3.f, plus</p>
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			<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><u>Shares</u>. Four million, eight hundred forty-five thousand, nine hundred (4,845,900) shares of U.S. Energy common stock (the &#8220;<b><i>Shares</i></b>&#8221;). This amount represents five million dollars ($5,000,000) in value converted to shares at the 15-day Volume Weighted Average Price (&#8220;<b><i>VWAP</i></b>&#8221;) of U.S. Energy common stock for the period prior to execution of this Letter of Intent, and</p>
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			<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><u>Warrants</u>. Six million, two hundred fifty thousand (6,250,000) warrants to acquire USEG common stock that vest upon the first sale of helium from the Initial Processing Plant (as defined below, the &#8220;<b><i>Initial Plant</i></b>&#8221;) processing helium from a predominantly CO2-based or nitrogen-based gas stream sourced from wells located on the Synergy acreage or covered under the AMI. For clarity, such warrants will expire if not exercised within sixty (60) months from the date of Closing of the PSA and will be issued as &#8220;penny warrants&#8221;&nbsp;(the &#8220;<b><i>Warrants</i></b>&#8221;), and</p>
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			<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><u>Carried Working Interest</u>. The &#8220;<b><i>Carried Working Interest</i></b>&#8221;&nbsp;means USEG&#8217;s commitment to cover, pay for and be liable for one hundred percent (100%) of all SOG Costs attributable to the Retained Working Interest during the Carry Period. The &#8220;<b><i>Carry Period</i></b>&#8221;&nbsp;is the Effective Date of this Agreement through the date that the SOG Costs attributable to the Retained Working Interest total twelve-million five hundred thousand dollars ($12,500,000.00) (the &#8220;<b><i>Carry Amount</i></b>&#8221;). &#8220;<b><i>SOG Costs</i></b>&#8221;&nbsp;are the costs relating to drilling, completing, and equipping any and all wells to the extent that such costs are chargeable to or payable by SOG to be further described under the Joint Operating Agreement naming USEG as the Operator (the &#8220;<b><i>JOA</i></b>&#8221;). For the avoidance of doubt, SOG Costs shall not include the costs of any processing plants, facilities or pipelines. Monthly lease and well operating expenses (including without limitation lease rental payments, lease maintenance payments and title curative expenses and payments) (&#8220;<b><i>LOE</i></b>&#8221;) shall not be considered SOG Costs. During the Carry Period, LOE shall be netted against revenue. In the event there is insufficient revenue to cover LOE during a particular month, then during the Carry Period, any negative LOE will be carried forward to the next operating month and offset against future net revenue until the cumulative negative LOE is fully offset. Prior to the receipt of first revenues, USEG and SOG shall have the option to apply all or any portion of the negative LOE to the outstanding Carry Amount. Following the expiration of the Carry Period, SOG shall be liable for all costs and expenses under the JOA attributable to its working interests, and</p>
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			<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><u>Tax Credit Payments</u>. USEG shall deliver payments equal to 18.00% of the cash amounts actually realized and received by USEG under Section 45(Q) (the &#8220;<b><i>Tax Credit Payments</i></b>&#8221;).</p>
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			<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><u>Additional Terms and Provisions</u>.</p>
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			<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><u>Drilling Commitment</u>. USEG commits to drill and test at least two wells to at least the depth necessary to test all prospective helium zones on the SOG acreage within eighteen (18) months of the Closing. USEG shall have sole authority to determine the location of these wells and the manner of drilling and testing such wells. It is contemplated, though not required, that these wells, together with the existing Kiefer Farms #1, will constitute the primary gas stream supply for the Initial CO2 Plant. See Further AMI Participation, below for additional provisions on this matter. In the event USEG does not meet this obligation, SOG&#8217;s sole remedy shall be the right to terminate the project contemplated by the applicable definitive agreements. In such event, USEG shall earn and keep the wellbores and acreage associated with any wells it has drilled and any related infrastructure. USEG shall return the remaining acreage and have no further obligations to SOG under the applicable definitive agreements, except for any provisions that may be binding at such termination. This right to terminate will take the form of a one-time option, exercisable for 45 days, after which USEG will continue to own its interests in the Assets.</p>
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			<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><u>AMI</u>. The PSA or associated documents will incorporate an Area of Mutual Interest covering all of Township and Range 35N-1W, 35N&#8208;2W, 34N-1W, 34N-2W, 33N-1W and 33N-2W and the Cut Bank producing interval, under which SOG will have the right to participate for its proportionate interest of twelve and one half percent (12.5%) in any new leases, assignments or letter agreements obtained by USEG, but excluding any such leases or rights currently held or contractually bound by Wavetech Helium, Inc. or its affiliates. The cost of acquiring such leases or rights and the costs of drilling any wells that include such additional leases or rights shall be included in the SOG Costs as defined in the Carried Working Interest above. USEG will use commercially reasonable efforts to maintain the existing leases and agreements owned by SOG in the AMI.</p>
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			<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><u>Further AMI Participation in Initial CO2 Plant</u>. It is the expectation of both parties that one or more gas processing plants to process helium from a predominantly CO2 stream utilizing some type of cryogenic processing technology (the &#8220;<b>Processing Plants</b>&#8221;) will be constructed by or for the benefit of USEG or its affiliates. For purposes of the net revenue interest from the Carried Working Interest in the Initial CO2 processing plant, SOG or its affiliates shall be paid its proportionate share of twelve- and one-half percent (12.5%) of the helium revenues attributable to the working interest owners on 100% of the gas processed through the plant, as if 100% of such gas came from the SOG acreage or AMI acreage discussed above. Nothing in this paragraph or elsewhere will create a binding obligation on USEG to construct such plant. This provision shall apply only to the first such CO2 Gas Plant that may be constructed by USEG.</p>
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			<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><u>Gas Plant Terms</u>. Processing of gas produced from the Retained Working Interest by the Processing Plants shall be governed by commercially reasonable terms and shall reflect market rates considering all facts and circumstances, including but not limited to, location, time to construct and operating and capital cost to provide the necessary facilities.</p>
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			<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><u>Cut Bank Reserve Report and Development Plan</u>. USEG agrees to undertake and complete a reserve report on a Cut Bank tertiary flood program by a mutually agreeable third-party reserve engineering firm. Additionally, USEG will develop a full cycle development program for a Cut Bank tertiary flood. The program will be reviewed annually by the full USEG Board of Directors, including the two existing SOG principals (John Weinzierl and Duane King).</p>
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			<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><u>Provision of CO2</u>. USEG will offer to provide CO2 to the Cut Bank field upon request at a commercial market rate. The commercial market rate will be determined by a mutually agreeable 3<sup style="vertical-align:top;line-height:120%;">rd</sup>&nbsp;party in a scenario where USEG and SOG cannot agree on a commercial market rate amount. Any such CO2 will be delivered to SOG at the outlet of the Processing Plants, so long as it does not impact the Section 45(Q) tax credit treatment of sequestered CO2 from the Processing Plants. USEG will have no obligation to transport such gas.</p>
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			<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><u>Cut Bank Farmout</u>. SOG agrees not to exercise the right to farm into the Cut Bank Field per the terms of the Farm-Out agreement between USEG and SOG dated January 5, 2022, for a period of 3 years from the date of Closing of the PSA. If, at the end of such period, SOG decides to exercise the Farm-Out Agreement, SOG may, at its sole cost, drill and complete such CO2 supply wells on the SOG acreage as may be necessary to supply CO2 to the Cut Bank field, but only so long as such wells do not adversely affect the supply of inlet gas to the Processing Plants, including any sanctioned expansion to such plants.</p>
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			<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><u>Reversion of Project</u>. If USEG has not signed a binding contract for the construction of the CO2 Gas Plant within thirty-six (36) months from Closing, SOG or its successors in interest shall have the right to terminate the project contemplated by this agreement. In such event, USEG shall earn and keep the wellbores and acreage associated with any wells it has drilled, including the Kiefer Farms #1, and any related infrastructure. USEG shall return the remaining acreage and have no further obligations to SOG under this agreement, except for any provisions that may be binding at such termination. This right to terminate will take the form of a one-time option, exercisable for 45 days, after which USEG will continue to own its interests in the Assets.</p>
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			<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><u>Nominating and Voting Agreement</u>. The Nominating and Voting agreement dated January 5, 2022, shall remain in effect with Duane King and John Weinzierl continuing to serve on the USEG Board of Directors, with John Weinzierl continuing to serve as Chairman.</p>
			</td>
		</tr>

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			<td style="width: 41pt; text-align: justify;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(e)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><u>Release</u>. Effective with the execution of this LOI, SOG releases any and all claims that it or its affiliates may have with respect to any potential claims by SOG against USEG up to the date of this LOI and including any and all actions taken by the Board of Directors of USEG on such date, and USEG releases any and all claims that it or its affiliates may have with respect to potential claims by USEG against SOG or its affiliates up to the date of this LOI. This release shall be a binding agreement that survives the term of this LOI.</p>
			</td>
		</tr>

</table>

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			<td style="width: 42pt; text-align: justify;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(f)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><u>Diligence; Access to Information</u>. U.S. Energy shall have the opportunity under both the Letter of Intent and the PSA to conduct a confirmatory due diligence review and to receive timely access to information in SOG&#8217;s control including leases, title files, environmental, contracts, rights-of-way, easements, third party reports and any operational diligence, with respect to the Assets that is usual and customary for a transaction of the type contemplated in this Letter of Intent. Similarly, SOG shall have the reciprocal opportunity under both this Letter of Intent and the PSA to conduct confirmatory due diligence.</p>
			</td>
		</tr>

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		<tr>
			<td style="width: 42pt; text-align: justify;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(g)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><u>Representations.</u>&nbsp;The PSA shall include typical representations and warranties for a transaction of the type described in this Letter of Intent, as well as typical limitations on liability of SOG for breaches of such representations and warranties. The ABOS shall contain a special warranty of title and an assumption by USEG of all liabilities and obligations associated with the transferred assets, whether arising prior to or after the effective date.</p>
			</td>
		</tr>

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		<tr>
			<td style="width: 42pt; text-align: justify;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(h)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><u>Registration Rights</u>. The PSA will contain mutually acceptable terms for registration rights, demand rights and piggyback rights with regard to the offering of the USEG stock issued in this transaction.</p>
			</td>
		</tr>

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		<tr>
			<td style="width: 42pt; text-align: justify;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(i)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><u>Closing</u>. It is anticipated that the &#8220;<b><i>Closing</i></b>&#8221;<i>&nbsp;</i>of the PSA will occur on or before September 30, 2024, subject to timing uncertainties surrounding the approval of the definitive proxy statement by the Securities and Exchange Commission and scheduling of the vote of the USEG common shareholders.</p>
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		</tr>

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<div class="hf-cell PGNUM" data-number="5" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: Times New Roman;">5</div>
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<div class="hf-cell TOCLink">&nbsp;</div>
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			<td style="width: 41pt; text-align: justify;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(j)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><u>Consideration</u>. At Closing, U.S. Energy will deliver the Purchase Price, including any adjustments made under the terms of the PSA, in cash and USEG common stock, together with agreements governing the Warrants, the Carried Working Interest and the Tax Credit Payments.</p>
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		</tr>

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<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 5pt; text-align: justify;">3. &nbsp; &nbsp; &nbsp; &nbsp;&nbsp; &nbsp; <u>Contingencies.</u> This Letter of Intent and the execution of and Closing of the PSA are subject to certain conditions, including but not limited to the following:</p>

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			<td style="width: 42pt; text-align: justify;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">a.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><i><u>Approvals</u></i><i>. </i>Prior to the execution and delivery of the PSA, the USEG and SOG shall have obtained all necessary Board and other required approvals for the proposed acquisition and shall have authorized the execution and delivery of the PSA.</p>
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		</tr>

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			<td style="width: 41pt; text-align: justify;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">b.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><i><u>Due Diligence</u></i><i>. </i>The due diligence conducted by each party and its legal counsel in connection with the proposed acquisition shall not have caused such party or its legal counsel to become aware of any facts relating to the business, assets, properties, liabilities, financial condition, results of operations or affairs of the other party or its subsidiaries which, in the judgment of such party or its legal counsel, make it inadvisable for such party to proceed with the proposed acquisition. No material adverse change in the business, operations or financial condition of either party or its subsidiaries shall have occurred after the date hereof.</p>
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			<td style="width: 41pt; text-align: justify;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">c.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><i><u>Financing</u></i>. There are no financing contingencies.</p>
			</td>
		</tr>

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		<tr>
			<td style="width: 41pt; text-align: justify;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">d.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><i><u>Shareholder Vote</u></i>. The transaction, including the issuance of the shares of USEG common stock in the transaction, will be conditioned upon approval by holders of a majority of the outstanding shares of USEG common stock owned by stockholders unaffiliated with SOG and its affiliates, in addition to any other requisite stockholder approvals under applicable law or stock exchange rules.</p>
			</td>
		</tr>

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		<tr>
			<td style="width: 41pt; text-align: justify;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">e.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><i><u>JOA</u></i>. A mutually acceptable JOA will be negotiated and attached to the PSA to be executed at the Closing of the PSA.</p>
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		<tr>
			<td style="width: 41pt; text-align: justify;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">f.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><i><u>Lease Extensions</u></i>. SOG will cooperate with USEG in permitting USEG to obtain mutually acceptable extensions and necessary amendments for helium development to all fee leases and partial term assignments prior to Closing at a total cost not to exceed four hundred thousand dollars ($400,000.00). To the extent the costs exceed such amount, if SOG elects to proceed with Closing, the excess shall be deducted from the cash payable at Closing.</p>
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<div class="hf-row">
<div class="hf-cell PGNUM" data-number="6" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: Times New Roman;">6</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 5pt; text-align: justify;">4. &nbsp; &nbsp; &nbsp; &nbsp;&nbsp; &nbsp; <u>Confidentiality Agreement.</u> This Letter of Intent is confidential information between U.S. Energy and SOG. Furthermore, the Parties agree that the terms and conditions of this Letter of Intent, including its existence, shall be treated as confidential. Except as may be required by law or the rules of an applicable stock exchange, no Party shall issue any press release, make a public filing or otherwise make any public disclosure with respect to this Letter of Intent without the prior written consent of the other Parties; provided that if there are any legally mandated disclosures of this Letter of Intent, the Party required to make such disclosures shall (a) immediately notify the other Parties of the existence, terms and circumstances surrounding such legal requirement, (b) consult with the other Parties on the advisability of taking legally available steps to resist or narrow such required disclosure, (c) assist the Party required to make the disclosure in seeking a protective order or other appropriate remedy, and (d) in all events disclose only that information which it is advised by counsel it is legally required to disclose. Upon written acceptance of the terms of this Letter of Intent, SOG shall not offer the Assets or any portion thereof or enter into any transaction with any third party prior to August 15, 2024.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 6pt; text-align: justify;">5. &nbsp; &nbsp; &nbsp; &nbsp;&nbsp; &nbsp; <u>PSA Signing.</u> U.S. Energy is prepared to commit the necessary time and resources to execute the PSA on or before August 15, 2024.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 5pt; text-align: justify;">6. &nbsp; &nbsp; &nbsp; &nbsp;&nbsp; &nbsp; <u>U.S. Energy Authority.</u> The following individual(s) have the decision-making authority regarding the contents of this Letter of Intent, and you may discuss this Letter of Intent with them directly utilizing the contact information as set forth below:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 41pt; text-align: justify;">Randall D. Keys</p>

<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 42pt; text-align: justify;">Chair of Special Committee</p>

<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 41pt; text-align: justify;">Phone: (281) 620-4468</p>

<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 41pt; text-align: justify;">E-mail: <u>randy@rdkinterests.com</u></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 5pt; text-align: justify;">7. &nbsp; &nbsp; &nbsp; &nbsp;&nbsp; &nbsp; <u>Non-Binding Letter of Intent</u>. The Parties intend that this Letter of Intent serve as a broad outline of a proposed agreement to be further negotiated between the Parties. This Letter of Intent constitutes a statement of that intent, not an agreement, except with respect to obligations set forth in Paragraphs 2(d), 2(e) and Paragraph 4 of this Letter of Intent, which shall be binding agreements between the parties and shall survive the termination of this LOI. This Letter of Intent is not intended to impose any legally binding obligations upon the Parties, except as otherwise noted in the immediately preceding sentence. Neither U.S. Energy nor SOG shall be obligated to negotiate or consummate the transaction contemplated in this Letter of Intent or enter into any agreement proposed in this Letter of Intent unless and until the PSA is properly executed and delivered by the Parties. If this Letter of Intent is accepted by SOG but the PSA has not been executed and delivered by the Parties on or before August 15, 2024, neither Party will have any further obligations under this Letter of Intent, except with respect to Paragraphs 2(d), 2(e) and 4 of this Letter of Intent, which shall survive such termination.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 5pt; text-align: justify;">8. &nbsp; &nbsp; &nbsp; &nbsp;&nbsp; &nbsp; <u>Time is of the essence.</u></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 5pt; text-align: justify;">If the terms and conditions of this Letter of Intent are acceptable to SOG, please contact the undersigned in writing at the above-stated address. This offer will expire if not executed on or before June 24, 2024.</p>

<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 5pt; text-align: justify;">&nbsp;</p>

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<div class="PGNUM" data-number="7" data-prefix="" data-suffix="" style="text-align: center; width: 100%; font-size: 10pt; font-family: Times New Roman;">7</div>

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			<td colspan="2" style="vertical-align: top; width: 3%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 9pt;">Sincerely,</p>
			</td>
			<td style="vertical-align: top; width: 12%;">&nbsp;</td>
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			<td style="vertical-align: top; width: 50%;">&nbsp;</td>
			<td colspan="2" style="vertical-align: top; width: 3%;">&nbsp;</td>
			<td style="vertical-align: top; width: 12%;">&nbsp;</td>
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			<td colspan="2" style="vertical-align: top; width: 3%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">U.S. ENERGY CORP.</p>
			</td>
			<td style="vertical-align: top; width: 12%;">&nbsp;</td>
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			<td style="vertical-align: top; width: 3%;">&nbsp;</td>
			<td style="vertical-align: top; width: 35%;">&nbsp;</td>
			<td style="vertical-align: top; width: 12%;">&nbsp;</td>
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			<td style="vertical-align: top; width: 3%;">&nbsp;</td>
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			<td style="vertical-align: top; width: 12%;">&nbsp;</td>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">By:</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 35%;">/s/ Randall D. Keys</td>
			<td style="vertical-align: top; width: 12%;">&nbsp;</td>
		</tr>
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			<td colspan="2" style="vertical-align: top; width: 3%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Randall D. Keys</p>
			</td>
			<td style="vertical-align: top; width: 12%;">&nbsp;</td>
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			<td style="vertical-align: top; width: 50%;">&nbsp;</td>
			<td colspan="2" style="vertical-align: top; width: 3%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Chair of Special Committee</p>
			</td>
			<td style="vertical-align: top; width: 12%;">&nbsp;</td>
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			<td style="vertical-align: top; width: 50%;">&nbsp;</td>
			<td style="vertical-align: top; width: 3%;">&nbsp;</td>
			<td style="vertical-align: top; width: 35%;">&nbsp;</td>
			<td style="vertical-align: top; width: 12%;">&nbsp;</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;">ACCEPTED AND AGREED TO</p>

<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;">this<u> </u><u>&nbsp; &nbsp;25&nbsp; &nbsp; &nbsp;&nbsp;</u>day of June 2024.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;">SYNERGY OFFSHORE LLC</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;</u><u>&nbsp;/s/ Duane King</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u> </u><u>&nbsp;</u><u> </u><u>&nbsp;</u><u> </u><u>&nbsp;</u><u> </u><u>&nbsp;</u><u> </u><u>&nbsp;</u><u> </u><u>&nbsp;</u><u> </u><u>&nbsp;</u><u> </u><u>&nbsp;</u><u> </u><u>&nbsp;</u><u> </u><u>&nbsp;</u><u> </u><u>&nbsp;</u><u> </u><u>&nbsp;</u><u> </u><u>&nbsp;</u><u> </u><u>&nbsp;</u><u> </u><u>&nbsp;</u><u> </u><u>&nbsp;</u><u> </u><u>&nbsp;</u><u> </u><u>&nbsp;</u><u> </u><u>&nbsp;</u><u> </u><u>&nbsp;</u><u> </u><u>&nbsp;</u><u> </u><u>&nbsp;</u><u> </u><u>&nbsp;</u><u> </u><u>&nbsp;</u><u> </u><u>&nbsp;</u><u> </u><u>&nbsp;</u><u> </u><u>&nbsp;</u><u> </u><u>&nbsp;</u><u> </u><u>&nbsp;</u><u> </u><u>&nbsp;</u><u> </u><u>&nbsp;</u><u> </u><u>&nbsp;</u><u> </u><u>&nbsp;</u><u>&nbsp;</u><u> </u><u>&nbsp;</u><u>&nbsp;</u></p>

<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;">Name:&nbsp;&nbsp;&nbsp; Duane King</p>

<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;">Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Executive Officer</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<div class="hf-cell PGNUM" data-number="8" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: Times New Roman;">8</div>
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