UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
ANDERSON, DON C.
P O BOX 1556
MESQUITE, NV 89024
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)
JUNE 10, 1999
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
(X) Director ( ) 10% Owner ( ) Officer (give title below) ( ) Other
(specify below)
7. Individual or Joint/Group Filing (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 |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Month |ect(I)| |
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<S> <C> <C> <C><C> <C> <C> <C> <C> <C>
$.01 PAR VALUE COMMON S|05/17/|J (a| |1,534 |A |NIL |11,329 |D (b) | |
TOCK |99 |) | | | | | | | |
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$.01 PAR VALUE COMMON S|N/A | | |NONE | |N/A |21,000 |D (c) | |
TOCK | | | | | | | | | |
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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 | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price 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 |Date |Code|V| Amount | |ble | | | |Month |(I)| |
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<S> <C> <C> <C> <C><C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Stock Option (Right t|$2.00/sh|N/A | | | | |12/04|09/25|Common Stock|12,500 |N/A |12,500 |D | |
o Buy) | | | | | | |/98 |/08 | | | | | | |
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Stock Option (Right t|$2.00/sh|05/28|D | |12,500 |D |12/04|09/25|Common Stock|12,500 |N/A |-0- |D | |
o Buy) (d) | |/99 | | | | |/98 |/08 | | | | | | |
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Stock Option (Right t|$2.875/s|05/28|A | |12,500 |A |12/04|09/25|Common Stock|12,500 |N/A |12,500 |D | |
o Buy) (d) |h |/99 | | | | |/98 |/08 | | | | | | |
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| | | | | | | | | | | | | | |
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</TABLE>
Explanation of Responses:
(a) Shares issued as compensation for services as a director for calendar
1998.
(b) Consists of 7,174 shares held individually, 3,055 shares held in an
Individual Retirement Account established
for the benefit of the Reporting Person and 1,100 shares held in street name
for the benefit of the Reporting
Person.
(c) The reported transaction involves reclassification of qualified stock
options granted on 9/25/98 conditioned
on shareholder approval of amendments to the USEG Stock Option Plan (obtained
on 12/4/98) from qualified to
non-qualified. An amendment to the May Form 4 filed on June 23, 1999 reported
a reclassification and repricing of
the options to $2.00 per share. It was later determined that the option price
needed to remain at $2.875 per
share, the reason for this additional amendment. The reclassification and
repricing of these stock options are
exempt under Rule
16b-3.
SIGNATURE OF REPORTING PERSON
/s/ Don C. Anderson
DATE
August 18, 1999
