UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (date of earliest event reported): June 427, 2007 (~~May~~June 2320, 2007)

CRESTED CORP.

(Exact Name of Company as Specified in its Charter)

Colorado	0-8773	84-0608126
(State or other jurisdiction of	(Commission File No.)	(I.R.S. Employer
incorporation or organization)		Identification No.)

Glen L. Larsen Building
877 North 8^th West Riverton, WY		82501
(Address of principal executive offices)		(Zip Code)

Registrant's telephone number, including area code: (307) 856-9271

Not Applicable

Former Name, Former Address or Former Fiscal Year,,

If Changed From Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2):

o Written communications pursuant to Rule 425 under the Securities Act

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act

Section 8: Other Events

Item 8.01. Other Events~~: TSX-V Approval of the Exploration, Development and Mine Operating Agreement with Kobex Resources Ltd~~. ~~for the Mt. Emmons “Lucky Jack” Molybdenum Property.~~

~~On May 23, 2007, the TSX~~-V ~~approved~~Credit ~~the~~Facility ~~Exploration, Development~~for ~~and~~Sutter ~~Mine~~Gold ~~Operating~~Mining ~~Agreement between (i) Kobex Resources Ltd~~Inc.~~, and (ii) U.S. Energy Corp., its majority-owned subsidiary Crested Corp., and their jointly owned private subsidiary U.S. Moly Corp.~~

~~The~~On ~~effectiveness~~ June 20, of2007, ~~the~~U.S. ~~Agreement~~Energy ~~was~~Corp. ~~subject~~and Crested Corp., acting pursuant to ~~TSX-V~~the ~~approval~~USECC Joint byVenture ~~July~~Agreement 2between the two corporations, ~~2007.~~signed a Line of Credit ~~Kobex~~ and ~~may~~Loan ~~pay~~Agreement ~~options~~(the “agreement”) with ~~cash~~Sutter orGold ~~common~~Mining ~~stock~~Inc. ~~Upon approval~~(“Sutter”), ~~Kobex was~~by ~~required~~ which the Joint Venture has agreed to ~~pay~~loan up to $1 million to Sutter for Sutter’s working capital requirements. Loans under the ~~first~~agreement ~~option~~all will ~~payment~~be due on ~~the~~or ~~later~~before ~~date~~June 20, 2009, with quarterly interest at an annual rate of ~~April~~12%. Loans ~~13,~~under ~~2007~~the agreement will be collateralized by ~~or TSX-V~~ interests ~~approval~~in Sutter’s gold properties in California.

~~Pursuant to~~At ~~the~~any ~~Agreement~~time, ~~Kobex~~at ~~has~~the ~~paid~~Joint ~~the~~Venture’s ~~first~~sole ~~option~~election, ~~payment~~all principal outstanding (~~US$750,000)~~but ~~by issuing~~not ~~285~~interest,~~632~~ ~~shares~~which ofmust ~~Kobex~~be ~~common~~paid ~~stock~~quarterly ~~(142,816~~in ~~shares~~cash) may be converted to ~~each~~common stock of ~~U.S. Energy~~Sutter ~~Corp.~~at ~~and~~a ~~Crested~~10% ~~Corp.),~~discount ~~valued~~to at the ~~market~~10 ~~price~~day ~~for~~volume ~~Kobex~~weighted ~~stock on May~~average ~~22,~~price ~~2007~~before payment, ~~the~~subject ~~day~~to ~~prior~~approval toby the TSX-V ~~approval~~(where Sutter’s stock is traded). Prepayment without penalty is allowed.

~~For detailed~~Terms ~~information~~of ~~about~~ the Line of Credit and Loan Agreement, ~~please~~were ~~see~~negotiated and approved by the ~~Form~~independent ~~8-K~~directors ~~filed~~of ~~on April 9~~Sutter and USE, ~~2007~~and by the directors of Crested.

Section 9. Financial Statements and Exhibits. None

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this amended report to be signed on its behalf by the undersigned hereunto duly authorized.

	CRESTED CORP.
Dated: June 4, 2007	By:	/s/ Harold F. Herron
Dated: June 27, 2007	By:	/s/ Keith G. Larsen
		Harold F. Herron, President
		Keith G. Larsen, Co-Chairman

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