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 ZWICKL, MICHAEL D. BEECH STREET LAW OFFICES 123 S. DURBIN STREET CASPER, WY 82601 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 August 31, 2002 5. If Amendment, Date of Original (Month/Year) 6. Relationship of Reporting Person(s) to Issuer (Check all applicable) ( ) Director ( ) 10% Owner ( ) Officer (give title below) (X) Other (specify below) DIRECTOR OF MAJORITY OWNED SUBSIDIARY 7. Individual or Joint/Group Filing (Check Applicable Line) (X) Form filed by One Reporting Person ( ) Form filed by More than One Reporting Person

Explanation of Responses: Attachment to Form 4 dated August 30, 2002. (a) Consists of shares held in an Individual Retirement Account established for the benefit of the Reporting Person. (b) Consists of shares owned by two limited partnerships of which NUPEC Resources, Inc. ("NUPEC") is a general partner. The Reporting Person is the sole director of NUPEC. The partnerships, U.S. Energy 1977 Minerals Program, Ltd. and U.S. Energy 1978 Minerals Program, Ltd., hold 19,250 and 34,375 shares, respectively. NUPEC has waived its rights to recieve a distribution upon total or partial dissolution of the 1977 and 1978 partnerships in excess of 10,000 shares for both partnerships. Mr. Zwickl disclaims beneficial and pecuniary interest in the shares held by the two partnerships. c) Consists of shares held by Crested Corp. ("Crested"), a majority owned subsidiary of USEG. The Reporting Person is a director of 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) and disclaims any beneficial interest in the USEG shares held by Crested. (d) Stock options granted under the U.S. Energy Corp. 2001 Incentive Stock Option Plan, and exempt under Rule 16b-3. SIGNATURE OF REPORTING PERSON /s/ MICHAEL D. ZWICKL DATE August 30, 2002

ZWICKL MICHAEL D 4