UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 5
ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
( ) Form 3 Holdings Reported
(X) Form 4 Transactions Reported
1. Name and Address of Reporting Person
LARSEN, KEITH G.
877 NORTH 8TH WEST
RIVERTON, WY 82501
USA
2. Issuer Name and Ticker or Trading Symbol
U.S. ENERGY CORP.
USEG
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
MAY 1999
5. If Amendment, Date of Original (Month/Year)
AUGUST 18, 1999
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
(X) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
PRESIDENT
7. Individual or Joint/Group Reporting (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
<TABLE>
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Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
|Transaction| or Disposed of (D) | Securities |ect | Beneficial Ownership |
|Date |Code| | Beneficially |(D)or | |
| | | | A/| | Owned at |Indir | |
| | | Amount | D | Price | End of Year |ect(I)| |
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
$.01 PAR VALUE COMMON STO|N/A | |NONE | |N/A |1,774 |D | |
CK | | | | | | | | |
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$.01 PAR VALUE COMMON STO|N/A | |NONE | |N/A |8,820 |D (a) | |
CK | | | | | | | | |
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$.01 PAR VALUE COMMON STO|N/A | |NONE | |N/A |8,000 |I (b) |Custodial |
CK | | | | | | | | |
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$.01 PAR VALUE COMMON STO|05/28/|A |3,953 | |NIL |15,892 |I (c) |ESOP Benef. |
CK |99 | | | | | | | |
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$.01 PAR VALUE COMMON STO|05/28/|A |17,752 | |NIL |76,695 |I (d) |Relatives' ESOP |
CK |99 | | | | | | | |
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Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
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1.Title of Derivative |2.Con |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer |Date |Code| rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise Pr | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|ice of | | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity | | | Amount | |ble | | | |Year |(I)| |
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Stock Option - Qualified|$4.00/sh|N/A | | | |01/01|12/31|Common Stock|30,000 |N/A |30,000 |D | |
(Right to Buy) | | | | | |/96 |/00 | | | | | | |
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Stock Option - Qualified|$2.875/s|N/A | | | |12/04|09/25|Common Stock|34,782 |N/A |34,782 |D | |
(Right to Buy) |h | | | | |/98 |/08 | | | | | | |
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Stock Option - Non-Quali|$2.00/sh|N/A | | | |12/04|09/25|Common Stock|52,718 |N/A |52,718 |D | |
fied
(Right to Buy) (e| | | | | |/98 |/08 | | | | | | |
) | | | | | | | | | | | | | |
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Explanation of Responses:
(a) Consists of shares subject to forfeiture. The shares are deemed "earned
out" by the Reporting Person: (i) if
he is continuously employed by USEG until he retires; (ii) if he becomes
disabled; (iii) upon his death, or (iv) if the
shares are claimed within three years following the occurrence of (i), (ii) or
(iii).
(b) Consists of shares indirectly held by the Reporting Person as Custodian
for his minor children under the
Wyoming Uniform Transfer to Minors Act. The Reporting Person disclaims
beneficial and pecuniary interest in
these
shares.
(c) Consists of shares held in the U.S. Energy Corp. Employee Stock
Ownership Plan (the "ESOP") in an account
established for the benefit of the Reporting
Person.
(d) Consists of shares held in ESOP accounts established to benefit members
of the Reporting Person's
"immediate family" as that term is defined in Rule 16a-1(e), in accordance with
Rule 16a-8(b)(2).
(e) This amendment is being filed to correct the Form 5 filed on August 18,
1999 which reported a change in the
non-qualified stock option price which did not occur. As previously reported,
this transaction was exempt under
Rule
16b-3.
The Reporting Person disclaims beneficial and pecuniary interest in the shares
reported under footnotes b and d.
SIGNATURE OF REPORTING PERSON
/s/ KEITH G. LARSEN
DATE
October 13, 1999
