UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 5
ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
( ) Form 3 Holdings Reported
(X) Form 4 Transactions Reported
1. Name and Address of Reporting Person
       SVILAR, DANIEL P.
       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
     MAY 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)
   ASSISTANT SECRETARY AND GENERAL COUNSEL
7. Individual or Joint/Group Reporting (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     |
                             |Date  |Code|                                  |  Beneficially     |(D)or |                           |
                             |      |    |                  | A/|           |  Owned at         |Indir |                           |
                             |      |    |    Amount        | D |    Price  |  End of Year      |ect(I)|                           |
___________________________________________________________________________________________________________________________________|
                                                                               
    $.01 PAR VALUE COMMON STO|N/A   |    |NONE              |   |N/A        |91,915             |D (a) |                           |
CK                           |      |    |                  |   |           |                   |      |                           |
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    $.01 PAR VALUE COMMON STO|N/A   |    | NONE             |   |N/A        |85,850             |D (b) |                           |
CK                           |      |    |                  |   |           |                   |      |                           |
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    $.01 PAR VALUE COMMON STO|05/25/|A-4 |3,558             |A  |NIL        |3,558              |I (c) |ESOP Benef.                |
CK                           |01    |    |                  |   |           |                   |      |                           |
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    $.01 PAR VALUE COMMON STO|N/A   |    |NONE              |   |N/A        |1,000              |I (d) |Custodial                  |
CK                           |      |    |                  |   |           |                   |      |                           |
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    $.01 PAR VALUE COMMON STO|N/A   |    |NONE              |   |N/A        |125,556            |I (e) |By Plateau                 |
CK                           |      |    |                  |   |           |                   |      |                           |
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    $.01 PAR VALUE COMMON STO|N/A   |    |NONE              |   |N/A        |175,000            |I (f) |By SGMC                    |
CK                           |      |    |                  |   |           |                   |      |                           |
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    $.01 PAR VALUE COMMON STO|N/A   |    |NONE              |   |N/A        |512,359            |I (g) |By Crested                 |
CK                           |      |    |                  |   |           |                   |      |                           |
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    $.01 PAR VALUE COMMON STO|N/A   |    |NONE              |   |N/A        |5,000              |I (h) |By Svilar, Inc.            |
CK                           |      |    |                  |   |           |                   |      |                           |
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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 |Date |Code| rities Acqui  |Expiration |  Securities        |vative |tive        |ect|Beneficial  |
                        |cise Pr |     |    | red(A) or Dis |Date(Month/|                    |Secu   |Securities  |(D)|Ownership   |
                        |ice  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    |     |    |  Amount   |   |ble  |     |                    |       |Year        |(I)|            |
___________________________________________________________________________________________________________________________________|
                                                                               
 Qualified Stock Option |$2.90/sh|N/A  |    |           |   |04/15|04/14|Common Stock|66,000 |N/A    |66,000      |D  |            |

 (Right to Buy) (i)   |        |     |    |           |   |/92  |/02  |            |       |       |            |   |            |
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 Qualified Stock Option |$2.875/s|N/A  |    |           |   |12/04|09/25|Common Stock|34,782 |N/A    |34,782      |D  |            |

 (Right to Buy) (i)   |h       |     |    |           |   |/98  |/08  |            |       |       |            |   |            |
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 Nonqualified Stock Opti|$2.00/sh|N/A  |    |           |   |12/04|09/25|Common Stock|40,218 |N/A    |40,218      |D  |            |
on
  (Right to Buy) (i)|        |     |    |           |   |/98  |/08  |            |       |       |            |   |            |
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 Qualified Stock Option |$2.40/sh|N/A  |    |           |   |01/10|01/09|Common Stock|41,667 |N/A    |41,667      |D  |            |

 (Right to Buy) (i)   |        |     |    |           |   |/01  |/01  |            |       |       |            |   |            |
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 Nonqualified Stock Opti|$2.40/sh|N/A  |    |           |   |01/10|01/09|Common Stock|80,233 |N/A    |80,233      |D  |            |
on
 (Right to Buy) (i)|        |     |    |           |   |/01  |/01  |            |       |       |            |   |            |
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___________________________________________________________________________________________________________________________________|

Explanation of Responses:
(a)   Includes 12,950 shares held in joint tenancy with the Reporting Person's
wife and 33,600 shares held in an Individual Retirement Account ("IRA")
established for the benefit of the Reporting
Person.
(b)   Includes 22,680 and 63,170 shares subject to forfeiture.  The 22,680
shares, issued under the USEG Restricted Stock bonus Plan, are deemed
'earned out": (i) if he is continuously employed by USEG unitl he reitres; (ii)
if he becomes totally disabled; (iii) upon his death, or (iv) if the shares are
claimed within three years following the occurence of (i), (ii) or (iii).  The
63,170 shares, issued under the 1996 Stock Award Program vest at the rate
of 20% each year over a five year period 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 dispositive rights over all 85,850
shares.  The shares do not come under the control of the Reporting Person until
termination.  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.
(c)   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.  The Reporting Person is over the age of 70 1/2 and therefore
the shares will be immediately distributed to him (ie. his IRA);
distribution to the Reporting Person will not be separately
reported.
(d)  Consists of shares indirectly held by the Reporting Person as Custodian
for his minor child under the Wyoming Uniform Transfers to Minors Act.
(e)  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 does not have a pecuniary interest in the USEG
shares held by Plateau, under Rule
16a-1(a)(2)(iii).
(f)   Consists of shares held by Sutter Gold Mining Company ("SGMC"), a
subsidiary of USEG.  The Reporting Person is an officer of USEG and SGMC.
The Reporting Person is not a controlling shareholder of SGMC, and therefore
does not have a pecuniary interest in the USEG shares held by SGMC,
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 USEG and an
officer and director of Crested.  The Reporting Person is not a controlling
shareholderof Crested, and therefore 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 Svilar, Inc. a private corporation of which
the Reporting Person is a major shareholder, officer and director.
(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 and
Crested is not required, however, Regsitrant has undertaken
            comprehensive disclosure and reports shares held by Plateau, SGMC
and Crested  as indirectly owned by the Reporting Person.
            The Reporting Person disclaims beneficial and pecuniary interest in
the shares reported under footnotes  d, e, f and  g above.
SIGNATURE OF REPORTING PERSON
   /s/   DANIEL P. SVILAR
DATE
    July 23, 2001