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
U.S.
ENERGY CORP.
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(Exact
Name of Company as Specified in its
Charter)
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Wyoming
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83-0205516
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(State
or other jurisdiction of
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(Commission
File No.)
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(I.R.S.
Employer
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incorporation
or organization)
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Identification
No.)
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Glen
L. Larsen Building
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877
North 8th
West
Riverton,
WY
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82501
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant's
telephone number, including area code: (307)
856-9271
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Not
Applicable
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Former
Name, Former Address or Former Fiscal Year,,
If
Changed From Last Report)
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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.
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-
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Cash
Dividend on Common Stock
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On
June
28, 2007, U.S. Energy Corp. announced that it will pay a one time special
dividend of $0.10 per share to each common shareholder of record on July
6,
2007. The dividend will be paid on July 16, 2007.
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-
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Common
Stock Buy Back Program
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The
Board
of Directors of U.S. Energy Corp. has approved a share buy back program
for up
to $5 million in common stock. The buy back program, effective
immediately, will be handled exclusively through an individual brokerage
firm
and will be subject to blackout periods.
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-
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Oil
and Gas Exploration
Activities
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U.S.
Energy Corp. has signed an Exploration and Area of Mutual Interest agreement
with a Gulf Coast (United States) oil and gas exploration and production
company. U.S. Energy Corp. anticipates it will participate as a 20%
working interest partner in numerous wells that will be drilled over the
next
three to five years. Approximately $3 million has been paid under the
agreement to date. Two prospects have already been leased, and
exploration and development activities should commence in the later part
of the
fourth quarter 2007 or the first quarter of 2008.
U.S.
Energy Corp. believes that numerous prospects will be generated, leased
and
drilled potentially resulting in $10,000,000 to $15,000,000 in exploration
and
development expenditures for its working interest over the course of the
anticipated three to five year program.
U.S.
Energy Corp. has retained Brian Wildes to act as technical advisor to the
Company in regards to the program. Mr. Wildes has over 30 years
experience in the exploration and development of oil and gas properties
in
Kansas, Oklahoma, Texas and Louisiana.
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 report
to
be signed on its behalf by the undersigned hereunto duly
authorized.
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U.S.
ENERGY CORP.
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By:
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/s/ Keith
G. Larsen
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Chief
Executive Officer
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