<?xml version="1.0"?>
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
	<periodOfReport>2004-01-05</periodOfReport>
	<notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000101594</issuerCik>
        <issuerName>US ENERGY CORP</issuerName>
        <issuerTradingSymbol>USEG</issuerTradingSymbol>
	</issuer>
	<reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001065876</rptOwnerCik>
            <rptOwnerName>LORIMER R SCOTT</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>877 NORTH 8TH WEST</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>RIVERTON</rptOwnerCity>
            <rptOwnerState>WY</rptOwnerState>
            <rptOwnerZipCode>82501</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
			<isDirector>0</isDirector>
			<isOfficer>1</isOfficer>
			<isTenPercentOwner>0</isTenPercentOwner>
			<isOther>0</isOther>
			<officerTitle>TREASURER and CFO</officerTitle>
		</reportingOwnerRelationship>
	</reportingOwner>
	<nonDerivativeTable>
		<nonDerivativeTransaction>
			<securityTitle>
				<value>U.S. Energy Common Stock</value>
			</securityTitle>
			<transactionDate>
				<value>2004-01-05</value>
			</transactionDate>
			<deemedExecutionDate>
			</deemedExecutionDate>
			<transactionCoding>
				<transactionFormType>4</transactionFormType>
				<transactionCode>J</transactionCode>
				<equitySwapInvolved>0</equitySwapInvolved>
			</transactionCoding>
			<transactionAmounts>
				<transactionShares>
					<value>2500</value>
				</transactionShares>
				<transactionPricePerShare>
					<value>0</value>
				</transactionPricePerShare>
				<transactionAcquiredDisposedCode>
					<value>A</value>
					<footnoteId id="F1"/>
				</transactionAcquiredDisposedCode>
			</transactionAmounts>
			<postTransactionAmounts>
				<sharesOwnedFollowingTransaction>
					<value>139293</value>
				</sharesOwnedFollowingTransaction>
			</postTransactionAmounts>
			<ownershipNature>
				<directOrIndirectOwnership>
					<value>D</value>
					<footnoteId id="F2"/>
					<footnoteId id="F3"/>
				</directOrIndirectOwnership>
				<natureOfOwnership>
					<value/>
				</natureOfOwnership>
			</ownershipNature>
		</nonDerivativeTransaction>
		<nonDerivativeHolding>
			<securityTitle>
				<value>U.S. Energy Common Stock</value>
			</securityTitle>
			<postTransactionAmounts>
				<sharesOwnedFollowingTransaction>
					<value>812915</value>
				</sharesOwnedFollowingTransaction>
			</postTransactionAmounts>
			<ownershipNature>
				<directOrIndirectOwnership>
					<value>I</value>
					<footnoteId id="F4"/>
					<footnoteId id="F5"/>
					<footnoteId id="F6"/>
				</directOrIndirectOwnership>
				<natureOfOwnership>
					<value>By Corporation</value>
				</natureOfOwnership>
			</ownershipNature>
		</nonDerivativeHolding>
		<nonDerivativeHolding>
			<securityTitle>
				<value>U.S. Energy Common Stock</value>
			</securityTitle>
			<postTransactionAmounts>
				<sharesOwnedFollowingTransaction>
					<value>50161</value>
				</sharesOwnedFollowingTransaction>
			</postTransactionAmounts>
			<ownershipNature>
				<directOrIndirectOwnership>
					<value>I</value>
					<footnoteId id="F7"/>
				</directOrIndirectOwnership>
				<natureOfOwnership>
					<value>By ESOP</value>
				</natureOfOwnership>
			</ownershipNature>
		</nonDerivativeHolding>
	</nonDerivativeTable>
	<derivativeTable>
		<derivativeHolding>
			<securityTitle>
				<value>Employee Option 1 (Right to Buy)</value>
			</securityTitle>
			<conversionOrExercisePrice>
				<value>2.875</value>
			</conversionOrExercisePrice>
			<exerciseDate>
				<value>1998-12-04</value>
			</exerciseDate>
			<expirationDate>
				<value>2008-09-05</value>
			</expirationDate>
			<underlyingSecurity>
				<underlyingSecurityTitle>
					<value>U.S. Energy Common Stock</value>
				</underlyingSecurityTitle>
				<underlyingSecurityShares>
					<value>34782</value>
				</underlyingSecurityShares>
			</underlyingSecurity>
			<postTransactionAmounts>
				<sharesOwnedFollowingTransaction>
					<value>34782</value>
					<footnoteId id="F8"/>
				</sharesOwnedFollowingTransaction>
			</postTransactionAmounts>
			<ownershipNature>
				<directOrIndirectOwnership>
					<value>D</value>
				</directOrIndirectOwnership>
				<natureOfOwnership>
					<value/>
				</natureOfOwnership>
			</ownershipNature>
		</derivativeHolding>
		<derivativeHolding>
			<securityTitle>
				<value>Employee Option 1a (Right to Buy)</value>
			</securityTitle>
			<conversionOrExercisePrice>
				<value>2.000</value>
			</conversionOrExercisePrice>
			<exerciseDate>
				<value>1998-12-04</value>
			</exerciseDate>
			<expirationDate>
				<value>2008-09-25</value>
			</expirationDate>
			<underlyingSecurity>
				<underlyingSecurityTitle>
					<value>U.S. Energy Common Stock</value>
				</underlyingSecurityTitle>
				<underlyingSecurityShares>
					<value>40218</value>
				</underlyingSecurityShares>
			</underlyingSecurity>
			<postTransactionAmounts>
				<sharesOwnedFollowingTransaction>
					<value>40218</value>
					<footnoteId id="F8"/>
				</sharesOwnedFollowingTransaction>
			</postTransactionAmounts>
			<ownershipNature>
				<directOrIndirectOwnership>
					<value>D</value>
				</directOrIndirectOwnership>
				<natureOfOwnership>
					<value/>
				</natureOfOwnership>
			</ownershipNature>
		</derivativeHolding>
		<derivativeHolding>
			<securityTitle>
				<value>Employee Option 2 (Right to Buy)</value>
			</securityTitle>
			<conversionOrExercisePrice>
				<value>2.400</value>
			</conversionOrExercisePrice>
			<exerciseDate>
				<value>2001-01-10</value>
			</exerciseDate>
			<expirationDate>
				<value>2011-01-09</value>
			</expirationDate>
			<underlyingSecurity>
				<underlyingSecurityTitle>
					<value>U.S. Energy Common Stock</value>
				</underlyingSecurityTitle>
				<underlyingSecurityShares>
					<value>121900</value>
				</underlyingSecurityShares>
			</underlyingSecurity>
			<postTransactionAmounts>
				<sharesOwnedFollowingTransaction>
					<value>121900</value>
					<footnoteId id="F8"/>
				</sharesOwnedFollowingTransaction>
			</postTransactionAmounts>
			<ownershipNature>
				<directOrIndirectOwnership>
					<value>D</value>
				</directOrIndirectOwnership>
				<natureOfOwnership>
					<value/>
				</natureOfOwnership>
			</ownershipNature>
		</derivativeHolding>
		<derivativeHolding>
			<securityTitle>
				<value>Employee Option 3 (Right to Buy)</value>
			</securityTitle>
			<conversionOrExercisePrice>
				<value>3.900</value>
			</conversionOrExercisePrice>
			<exerciseDate>
				<value>2001-12-07</value>
			</exerciseDate>
			<expirationDate>
				<value>2011-12-06</value>
			</expirationDate>
			<underlyingSecurity>
				<underlyingSecurityTitle>
					<value>U.S. Energy Common Stock</value>
				</underlyingSecurityTitle>
				<underlyingSecurityShares>
					<value>100000</value>
				</underlyingSecurityShares>
			</underlyingSecurity>
			<postTransactionAmounts>
				<sharesOwnedFollowingTransaction>
					<value>100000</value>
					<footnoteId id="F9"/>
				</sharesOwnedFollowingTransaction>
			</postTransactionAmounts>
			<ownershipNature>
				<directOrIndirectOwnership>
					<value>D</value>
				</directOrIndirectOwnership>
				<natureOfOwnership>
					<value/>
				</natureOfOwnership>
			</ownershipNature>
		</derivativeHolding>
		<derivativeHolding>
			<securityTitle>
				<value>Employee Option 4 (Right to Buy)</value>
			</securityTitle>
			<conversionOrExercisePrice>
				<value>2.250</value>
			</conversionOrExercisePrice>
			<exerciseDate>
				<value>2002-08-08</value>
			</exerciseDate>
			<expirationDate>
				<value>2011-12-07</value>
			</expirationDate>
			<underlyingSecurity>
				<underlyingSecurityTitle>
					<value>U.S. Energy Common Stock</value>
				</underlyingSecurityTitle>
				<underlyingSecurityShares>
					<value>97000</value>
				</underlyingSecurityShares>
			</underlyingSecurity>
			<postTransactionAmounts>
				<sharesOwnedFollowingTransaction>
					<value>97000</value>
					<footnoteId id="F9"/>
				</sharesOwnedFollowingTransaction>
			</postTransactionAmounts>
			<ownershipNature>
				<directOrIndirectOwnership>
					<value>D</value>
				</directOrIndirectOwnership>
				<natureOfOwnership>
					<value/>
				</natureOfOwnership>
			</ownershipNature>
		</derivativeHolding>
	</derivativeTable>
	<footnotes>
		<footnote id="F1">Shares issued to the Reporting Person under the USEG 2001 Stock Compensation Plan.  The issuance of these shares is for the funding obligation under the plan for the first quarter of the calendar year ending December 31, 2004.  The Issuer has agreed under the terms of the Plan to pay all taxes due.  The Reporting Person has agreed not to sell these shares to the market or pledge them on obligations until after his (i) retirement; (ii) total disability or (iii) in the case of the death of the Reporting Person his estate may sell the shares of stock.</footnote>
		<footnote id="F2">Includes 64,173 shares held directly by the Reporting Person.</footnote>
		<footnote id="F3">Includes  15,120 shares issued under the Restricted Stock Bonus Plan and 60,000 under the 1996 Stock Award program which are subject to forfeiture by the Reporting Person. Shares issued under the 1996 Stock Award program vest over a 5-year period at the rate of 20% per year, The forfeitable shares issued under both plans 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) (iii). The treasurer of USEG holds the shares in trust for the benefit of the Reporting Person, while non-employee directors of USEG exercise shared voting and dispositive rights over all forfeitable shares.  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.</footnote>
		<footnote id="F4">Includes 512,359 shares held by Crested Corp. (Crested), a majority-owned subsidiary of USEG. The Reporting Person is an Officer and/or Director of both USEG and Crested and is not a controlling shareholder and therefore does not have a pecuniary interest in the USEG shares held by Crested, under rule 16a-1(a)(2)(iii).</footnote>
		<footnote id="F5">Includes 175,000 shares held by Sutter Gold Mining Company (SGMC), a subsidiary of USEG. The Reporting Person is an Officer and/or Director of both USEG and SGMC and is not a controlling shareholder and therefore does not have a pecuniary interest in the USEG shares held by SGMC, under rule 16a-1(a)(2)(iii).</footnote>
		<footnote id="F6">Includes 125,556 shares held by Plateau Resources Limited (Plateau), a wholly owned subsidiary of USEG. The Reporting Person is an Officer and/or Director of both USEG and Plateau and is not a controlling shareholder and therefore does not have a pecuniary interest in the USEG shares held by Plateau, under rule 16a-1(a)(2)(iii).</footnote>
		<footnote id="F7">Includes 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. Subsequent to the final year end close the number of shares issued to the Reporting Person's ESOP account may be adjusted.</footnote>
		<footnote id="F8">Includes stock options granted under the Issuer's 1998 Incentive Stock Option Plan and exempt under Rule 16b-3.</footnote>
		<footnote id="F9">Includes stock options granted under the Issuer's 2001 Incentive Stock Option Plan and exempt under Rule 16b-3.</footnote>
	</footnotes>
	<remarks>
	</remarks>
	<ownerSignature>
		<signatureName>/s/ LORIMER, ROBERT SCOTT</signatureName>
		<signatureDate>2004-01-07</signatureDate>
	</ownerSignature>
</ownershipDocument>
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X0201
4
2004-01-05
0
0000101594
US ENERGY CORP
USEG
0001065876
LORIMER R SCOTT
877 NORTH 8TH WEST
RIVERTON
WY
82501
0
1
0
0
TREASURER and CFO
U.S. Energy Common Stock
2004-01-05
4
J
0
2500
0
A
139293
D
U.S. Energy Common Stock
812915
I
By Corporation
U.S. Energy Common Stock
50161
I
By ESOP
Employee Option 1 (Right to Buy)
2.875
1998-12-04
2008-09-05
U.S. Energy Common Stock
34782
34782
D
Employee Option 1a (Right to Buy)
2.000
1998-12-04
2008-09-25
U.S. Energy Common Stock
40218
40218
D
Employee Option 2 (Right to Buy)
2.400
2001-01-10
2011-01-09
U.S. Energy Common Stock
121900
121900
D
Employee Option 3 (Right to Buy)
3.900
2001-12-07
2011-12-06
U.S. Energy Common Stock
100000
100000
D
Employee Option 4 (Right to Buy)
2.250
2002-08-08
2011-12-07
U.S. Energy Common Stock
97000
97000
D
Shares issued to the Reporting Person under the USEG 2001 Stock Compensation Plan.  The issuance of these shares is for the funding obligation under the plan for the first quarter of the calendar year ending December 31, 2004.  The Issuer has agreed under the terms of the Plan to pay all taxes due.  The Reporting Person has agreed not to sell these shares to the market or pledge them on obligations until after his (i) retirement; (ii) total disability or (iii) in the case of the death of the Reporting Person his estate may sell the shares of stock.
Includes 64,173 shares held directly by the Reporting Person.
Includes  15,120 shares issued under the Restricted Stock Bonus Plan and 60,000 under the 1996 Stock Award program which are subject to forfeiture by the Reporting Person. Shares issued under the 1996 Stock Award program vest over a 5-year period at the rate of 20% per year, The forfeitable shares issued under both plans 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) (iii). The treasurer of USEG holds the shares in trust for the benefit of the Reporting Person, while non-employee directors of USEG exercise shared voting and dispositive rights over all forfeitable shares.  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.
Includes 512,359 shares held by Crested Corp. (Crested), a majority-owned subsidiary of USEG. The Reporting Person is an Officer and/or Director of both USEG and Crested and is not a controlling shareholder and therefore does not have a pecuniary interest in the USEG shares held by Crested, under rule 16a-1(a)(2)(iii).
Includes 175,000 shares held by Sutter Gold Mining Company (SGMC), a subsidiary of USEG. The Reporting Person is an Officer and/or Director of both USEG and SGMC and is not a controlling shareholder and therefore does not have a pecuniary interest in the USEG shares held by SGMC, under rule 16a-1(a)(2)(iii).
Includes 125,556 shares held by Plateau Resources Limited (Plateau), a wholly owned subsidiary of USEG. The Reporting Person is an Officer and/or Director of both USEG and Plateau and is not a controlling shareholder and therefore does not have a pecuniary interest in the USEG shares held by Plateau, under rule 16a-1(a)(2)(iii).
Includes 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. Subsequent to the final year end close the number of shares issued to the Reporting Person's ESOP account may be adjusted.
Includes stock options granted under the Issuer's 1998 Incentive Stock Option Plan and exempt under Rule 16b-3.
Includes stock options granted under the Issuer's 2001 Incentive Stock Option Plan and exempt under Rule 16b-3.
/s/ LORIMER, ROBERT SCOTT
2004-01-07