SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 AND 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): NOVEMBER 5, 2003 (OCTOBER 31,
2003)
U.S. ENERGY CORP.
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(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
WYOMING 0-6814 83-205516
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(STATE OR OTHER JURISDICTION (COMMISSION (I.R.S. EMPLOYER
OF INCORPORATION) FILE NO.) IDENTIFICATION NO.)
GLEN L. LARSEN BUILDING
877 NORTH 8TH WEST
RIVERTON, WY 82501
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(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (307) 856-9271
NOT APPLICABLE
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(FORMER NAME, FORMER ADDRESS OR FORMER FISCAL YEAR,
IF CHANGED FROM LAST REPORT)
ITEM 5. OTHER EVENTS.
U.S. Energy Corp. ( "USEG")and its subsidiary, Crested Corp. (Crested)
announced on October 31, 2003 that USEG's wholly owned subsidiary Plateau
Resources Limited (PRL) received approval from the U.S. Nuclear Regulatory
Commission (NRC) to release $2.9 Million of excess reclamation bond funds on the
Shootaring Canyon Uranium Mill located in southeastern Utah. In 1993, when USEG
acquired the Mill, PRL had posted a surety reclamation bond with the NRC of $2.5
Million for the reclamation of the Shootaring Canyon Uranium Mill. In fiscal
1997, PRL requested that the status of the Mill license be changed from standby
to operational. As a result of the change of the Mill license to operational
status, the NRC required that the cash bond be increased to $6.7 Million. The
bond was posted and the Mill status was changed to operational. Due to uranium
market conditions in 2002, PRL decided to change the license status from
operational back to reclamation and filed a new reclamation plan. The NRC has
reviewed the revised reclamation and decommissioning plan and has agreed to a
$6.1 million reclamation plan. The NRC therefore approved the release of $2.9
Million from the existing cash bond to PRL and retained $6.1 Million to cover
the new reclamation plan. These funds will be used to initiate reclamation
activities as well as advancing the business plan in developing the coalbed
methane natural gas resources held by Rocky Mountain Gas, Inc., a subsidiary of
USEG and Crested.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(a) Financial statements of business acquired. Not applicable.
(b) Pro forma financial information. Not applicable.
(c) Exhibits. Not applicable
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.
U.S. ENERGY CORP.
Dated: November 5, 2003 By: /s/ Daniel P. Svilar
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Secretary