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
SVILAR, DANIEL P.
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
April 1, 2003
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
( ) Director (X) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
SECRETARY AND GENERAL COUNSEL
7. Individual or Joint/Group Filing (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
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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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$.01 Par Value Common S|12/31/|A | |3,815 |D |NIL | |D (a) | |
tock |02 | | | | | | | | |
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$.01 Par Value Common S|04/01/|G | |2,000 |D |NIL |98,849 |D (b) | |
tock |03 | | | | | | | | |
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$.01 Par Value Common S|N/A | | |NONE | |N/A |100,850 |D (c) | |
tock | | | | | | | | | |
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$.01 Par Value Common S|N/A | | |NONE | |N/A |1,000 |I (d) |Custodial |
tock | | | | | | | | | |
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$.01 Par Value Common S|N/A | | |NONE | |N/A |125,556 |I (e) |By Plateau |
tock | | | | | | | | | |
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$.01 Par Value Common S|N/A | | |NONE | |N/A |175,000 |I (f) |By SGMC |
tock | | | | | | | | | |
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$.01 Par Value Common S|N/A | | |NONE | |N/A |512,359 |I (g) |By Crested |
tock | | | | | | | | | |
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$.01 Par Value Common S|N/A | | |NONE | |N/A |5,000 |I (h) |By Svilar, Inc. |
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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Stock Option (Right t|$2.875/s|N/A | | | | |12/04|09/25|Common Stock|34,782 |N/A |34,782 |D | |
o Buy) (i) |h | | | | | |/98 |/08 | | | | | | |
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Stock Option (Right t|$2.00/sh|N/A | | | | |12/04|09/25|Common Stock|40,218 |N/A |40,218 |D | |
o Buy) (i) | | | | | | |/98 |/08 | | | | | | |
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Stock Option (Right t|$2.40/sh|N/A | | | | |01/10|01/09|Common Stock|121,900|N/A |121,900 |D | |
o Buy) (i) | | | | | | |/01 |/11 | | | | | | |
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Stock Option (Right t|$3.90/sh|N/A | | | | |12/07|12/06|Common Stock|100,00 |N/A |100,00 |D | |
o Buy) (j) | | | | | | |/01 |/11 | | | | | | |
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Stock Option (Right t|$2.25/sh|N/A | | | | |08/08|12/07|Common Stock|97,000 |N/A |97,000 |D | |
o Buy) (j) | | | | | | |/02 |/11 | | | | | | |
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Explanation of Responses:
Attachment to Form 4 dated April 1,
2003
(a) Consists of shares held in the USEG Employee Stock Ownership Plan
("ESOP"). The Reporting Person is over age 70 1/2 and therefore the
shares are immediately distributed to him (ie. his IRA). The transaction date
(12/31/02) reflects USEG's fiscal year end date, which date is used to
determine the total number of shares contributed to the ESOP, however, the
individual contribution amounts are not available until after audit of the
company's payroll. Distribution was made to the Reporting Persons' IRA on
March 11, 2003.
(b) Consists of 50,121 shares held directly by the Reporting Person, 8,375
shares in joint tenancy with the Reporting Person's wife and 37,723
shares held in an Individual Retirement Account established for the benefit of
the Reporting Person, and 630 shares held in a street name account for
the benefit of the Reporting
Person.
(c) Consists of 22,680 and 78,170 shares subject to forfeiture. The 22,680
shares, issued under the USEG Restricted Stock bonus Plan, are deemed
'earned out": (i) if he is continuously employed by USEG unitl he reitres; (ii)
if he becomes totally disabled; (iii) upon his death, or (iv) if the shares are
claimed within three years following the occurence of (i), (ii) or (iii). The
78,170 shares, issued under the 1996 Stock Award Program vest at the rate
of 20% each year over a five year period and are subject to the forfeiture
conditions noted previously. The treasurer of USEG holds the shares in
trust for the benefit of the Reporting Person, while the non-employee directors
of USEG exercise shared voting and dispositive rights over all 100,850
shares. The shares do not come under the control of the Reporting Person until
termination. The total number of shares is presently reported;
distributions to the Reporting Person will not be separately reported. The
acquisitions of the shares by the Reporting Person from both the Bonus Plan
and the Award Program are exempt under Rule
16b-3.
(d) Consists of shares indirectly held by the Reporting Person as Custodian
for his minor child under the Wyoming Uniform Transfers to Minors Act.
(e) Consists of shares held by Plateau Resources Limited ("Plateau"), a
wholly-owned subsidiary of USEG. The Reporting Person is an officer of both
USEG and Plateau. The Reporting Person is not a controlling shareholder of
Plateau, and therefore does not have a pecuniary interest in the USEG
shares held by Plateau, under Rule
16a-1(a)(2)(iii).
(f) Consists of shares held by Sutter Gold Mining Company ("SGMC"), a
subsidiary of USEG. The Reporting Person is an officer of USEG and SGMC.
The Reporting Person is not a controlling shareholder of SGMC, and therefore
does not have a pecuniary interest in the USEG shares held by SGMC,
under Rule
16a-1(a)(2)(iii).
(g) Consists of shares held by Crested Corp. ("Crested"), a majority-owned
subsidiary of USEG. The Reporting Person is an officer of USEG and an
officer and director of Crested. The Reporting Person is not a controlling
shareholderof Crested, and therefore does not have a pecuniary interest in
the USEG shares held by Crested, under rule
16a-1(a)(2)(iii).
(h) Consists of shares held by Svilar, Inc. a private corporation of which
the Reporting Person is a major shareholder, officer and director.
(i) Stock options granted under the Issuer's 1998 Incentive Stock Option
Plan, and exempt under Rule 16b-3.
(j) Stock options granted under the Issuer's 2001 Incentive Stock Option
Plan, and exempt under Rule 16b-3.
NOTE: Pursuant to SEC Rule 16a-1(a)(2), information on Plateau, SGMC and
Crested is not required, however, Regsitrant has undertaken
comprehensive disclosure and reports shares held by Plateau, SGMC and Crested
as indirectly owned by the Reporting Person.
The Reporting Person disclaims beneficial and pecuniary interest in
the shares reported under footnotes d, e,f and g above.
SIGNATURE OF REPORTING PERSON
/s/ DANIEL P. SVILAR
DATE
April 1, 2003