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 MARTIN, KATHLEEN R 309 N BROADWAY 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 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 directly by the Reporting Person's husband who exercises sole voting and dispositive powers over the shares. The Reporting Person disclaims beneficial and pecuniary interest in these shares. (b) Consists of shares held by Crested Corp., a majority-owned subsidiary of USEG. The Reporting Person is a director of Crested. The Reporting Person is not controlling shareholder of Crested, and therefore 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. (c) 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/ KATHLEEN R. MARTIN DATE August 30, 2002

MARTIN KATHLEEN R 4