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
LORIMER, ROBERT SCOTT
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
OCTOBER 31, 2001
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)
TREASURER, VICE PRESIDENT FINANCE, CFO
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|10/29/|F | |15,285 |D |$4.40 (a) | -0- |D | |
tock |01 | | | | | | | | |
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$.01 Par Value Common S|10/29/|M | |24,456 |A |$2.75 (b) |24,456 |D | |
tock |01 | | | | | | | | |
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$.01 Par Value Common S|N/A | | |NONE | |N/A |57,233 |D (c) | |
tock | | | | | | | | | |
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$.01 Par Value Common S|N/A | | |NONE | |N/A |32,693 |I (d) |ESOP Benef. |
tock | | | | | | | | | |
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$.01 Par Value Common S|N/A | | |NONE | |N/A |175,000 |I (e) |By SGMC |
tock | | | | | | | | | |
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$.01 Par Value Common S|N/A | | |NONE | |N/A |125,556 |I (f) |By Plateau |
tock | | | | | | | | | |
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$.01 Par Value Common S|N/A | | |NONE | |N/A |512,359 |I (g) |By Crested |
tock | | | | | | | | | |
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|N/A | | |NONE | |N/A |1,581 |I (h) |By NWG |
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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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Qualified Stock Optio|$2.75/sh|10/29|M | |24,456 |D |05/01|04/30|Common Stock|29,700 |$2.75 (|5,244 |D | |
n
(Right to Buy) (i| |/01 | | | | |/92 |/02 | | |b) | | | |
) | | | | | | | | | | | | | | |
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Qualified Stock Optio|$2.875/s| | | | | |12/04|09/25|Common Stock|34,782 | |34,782 |D | |
n
(Right to Buy) (i)|h | | | | | |/98 |/08 | | | | | | |
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Nonqualified Stock Op|$2.00/sh| | | | | |12/04|09/25|Common Stock|40,218 | |40,218 |D | |
tion
(Right to Buy) | | | | | | |/98 |/08 | | | | | | |
(i) | | | | | | | | | | | | | | |
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Qualified Stock Optio|$2.40/sh| | | | | |01/10|01/09|Common Stock|41,667 | |41,667 |D | |
n
(Right to Buy) (i)| | | | | | |/01 |/11 | | | | | | |
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Nonqualified Stock Op|$2.40/sh| | | | | |01/10|01/09|Common Stock|80,233 | |80,233 |D | |
tion
(Right to Buy) | | | | | | |/01 |/11 | | | | | | |
(i) | | | | | | | | | | | | | | |
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| | | | | | | | | | | | | | |
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Explanation of Responses:
Attachment to Form 4 for October 31,
2001
(a) Consists of shares surrendered by the Reporting Person to issuer as
payment for exercise of options.
(b) Exercise of options, paid for by surrender of directly owned
shares.
(c) Consists of 15,120 shares and 42,113 shares subject to forfeiture by the
Reporting person. The 15,120 shares, issued under the USEG
Restricted Stock Bonus Plan, are deemed "earned out" by the Reporting Person:
(i) if he is continuously employed by U.S. Energy Corp. until he retires;
(ii) if he becomes totally disabled; (iii) upon his death, or (iv) if the
shares are claimed within three years following the occurrence of (i), (ii) or
(iii). The
32,113 shares, issued under the 1996 Stock Award Program vest over a 5 year
period at the rate of 20% per year 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 dispositve rights over all 57,233 shares.
The shares do not come under the control of the Reporting Person until
termination of employment. 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 held in the U.S. Energy Corp. Employee Stock Ownership
Plan (the"ESOP") in an account established for the benefit of the
Reporting
Person.
(e) Consists of shares held by Sutter Gold Mining Company ("SGMC"), a
subsidiary of USEG. The Reporting person is an officer of both USEG and
SGMC. The Reporting Person is not a controlling shareholder of SGMC, and
therefore the Reporting Person does not have a pecuniary interest in the
USEG shares held by SGMC, under Rule
16a-1(a)(2)(iii).
(f) 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 the Reporting Person does not have a
pecuniary interest in the USEG shares held by Plateau, 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 both USEG
and Crested. The Reporting Person is not a controlling shareholder of Crested,
and therefore the Reporting Person 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 Northwest Gold, Inc. ("NWG"), a subsidiary of
USEG. The Reporting Person is an officer of both USEG and NWG. The
Reporting Person is not a controlling shareholder of NWG, and therefore the
Reporting Person does not have a pecuniary interest in the USEG shares
held by NWG, under Rule
16a-1(a)(2)(iii).
(i) Stock options granted under the Issuer's Incentive Stock Option Plan, and
exempt under Rule 16b-3.
NOTE: Pursuant to SEC Rule 16a-1(a)(2), information on Plateau, SGMC, Crested
and NWG is not required, however, Registrant has
undertaken comprehensive disclosure and reports shares held by
Plateau, SGMC, Crested and NWG as indirectly owned by
the Reporting Person.
The Reporting Person disclaims beneficial and pecuniary interest
in the shares reported under footnotes e, f, g and h.
SIGNATURE OF REPORTING PERSON
/s/ ROBERT SCOTT LORIMER
DATE
February 6, 2002