Fraser H Russell – ‘4’ for 8/31/02 re: US Energy Corp.

On:  Tuesday, 9/3/02, at 3:18pm ET   ·   For:  8/31/02   ·   Accession #:  1028269-2-162   ·   File #:  0-06814

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Statement of Changes in Beneficial Ownership of Securities by an Insider   —   Form 4   —   SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 4           Form 4 - August 31, 2002                               2±    12K 


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                                         
FRASER, H. RUSSELL                                                
3453 SOUTHFORK ROAD                                               
CODY, WY  82414                                                   
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)         
(X) Director ( ) 10% Owner ( ) Officer (give title below) ( ) Other       
(specify below)                                                           

7. Individual or Joint/Group Filing (Check Applicable Line)                     
(X) Form filed by One Reporting Person                                    
( ) Form filed by More than One Reporting Person                          

                                                        [Enlarge/Download Table]

___________________________________________________________________________________________________________________________________ 
 Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned                                                 |
___________________________________________________________________________________________________________________________________|
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     |
                           |      |      |                                  |  Beneficially     |(D)or |                           |
                           |      |    | |                  | A/|           |  Owned at         |Indir |                           |
                           | Date |Code|V|    Amount        | D |    Price  |  End of Month     |ect(I)|                           |
___________________________________________________________________________________________________________________________________|
                                                                                                                                    
    $.01 Par Value Common S|N/A   |    | |NONE              |   |N/A        |14,455             |D (a) |                           |
tock                       |      |    | |                  |   |           |                   |      |                           |
-----------------------------------------------------------------------------------------------------------------------------------|
    $.01 Par Value Common S|N/A   |    | |NONE              |   |N/A        |1,300              |I (b) |By Wife                    |
tock                       |      |    | |                  |   |           |                   |      |                           |
-----------------------------------------------------------------------------------------------------------------------------------|
___________________________________________________________________________________________________________________________________|

___________________________________________________________________________________________________________________________________ 
 Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned                                                   |
___________________________________________________________________________________________________________________________________|
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 |     |      | rities Acqui  |Expiration |  Securities        |vative |tive        |ect|Beneficial  |
                      |cise    |     |      | red(A) or Dis |Date(Month/|                    |Secu   |Securities  |(D)|Ownership   |
                      |Price 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    |Date |Code|V|  Amount   |   |ble  |     |                    |       |Month       |(I)|            |
___________________________________________________________________________________________________________________________________|
                                                                                                                                    
 Stock Option (Right t|$2.00/sh|N/A  |    | |           |   |12/04|09/25|Common Stock|12,500 |N/A    |12,500      |D  |            |
o Buy) (c)            |        |     |    | |           |   |/98  |/08  |            |       |       |            |   |            |
-----------------------------------------------------------------------------------------------------------------------------------|
 Stock Option (Right t|$2.40/sh|N/A  |    | |           |   |01/10|01/09|Common Stock|10,000 |N/A    |10,000      |D  |            |
o Buy) (c)            |        |     |    | |           |   |/01  |/11  |            |       |       |            |   |            |
-----------------------------------------------------------------------------------------------------------------------------------|
 Stock Option (Right t|$3.90/sh|N/A  |    | |           |   |12/07|12/06|Common Stock|20,000 |N/A    |20,000      |D  |            |
o Buy) (d)            |        |     |    | |           |   |/01  |/11  |            |       |       |            |   |            |
-----------------------------------------------------------------------------------------------------------------------------------|
 Stock Option (Right t|$2.25/sh|08/08|A   | |10,000     |A  |08/08|12/07|Common Stock|10,000 |N/A    |10,000      |D  |            |
o Buy) (d)            |        |/02  |    | |           |   |/02  |/11  |            |       |       |            |   |            |
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                      |        |     |    | |           |   |     |     |            |       |       |            |   |            |
___________________________________________________________________________________________________________________________________|

Explanation of Responses:                                                       
Attachment to Form 4 dated August 30,                                           
2002                                                                            
(a)   Includes 4,000 shares held in an Individual Retirement Account            
established for the benefit of the Reporting Person.                            
(b)   Shares are held in an Individual Retirement Account established for the   
benefit of the Reporting Person's wife.   The Reporting Person disclaims        
any beneficial interest in these                                                
shares.                                                                         
(c)   Stock options granted under Issuer's 1998 Incentive Stock Option Plan,    
and exempt under Rule 16b-3.                                                    
(d)   Stock options granted under Issuer's 2001 Incentive Stock Option Plan,    
and exempt under Rule 16b-3.                                                    
SIGNATURE OF REPORTING PERSON                                                   
/s/    H. Russell Fraser                                                
DATE                                                                            
August 30, 2002                                                           

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘4’ Filing		Date		Other Filings
Filed on:		9/3/02		4
For Period end:		8/31/02		10-Q,  4
		8/30/02		4,  5
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