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):
January 8, 2003 (January 7, 2003)
U.S. ENERGY CORP.
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Exact Name of Registrant as Specified in its Charter)
Wyoming 0-6814 83-0205516
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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
Former fiscal year end May 31; new fiscal year end December 31.
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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. announces that its majority-owned subsidiary Rocky
Mountain Gas, Inc. ("RMG") has signed an Option Agreement to acquire certain
coalbed methane ("CBM") properties and assets in the Powder River Basin near
Gillette, Wyoming. The agreement, with an undisclosed party, covers more than
10,000 gross acres of producing, proven and undeveloped CBM prospects. Under the
terms of the agreement, RMG has until April 1, 2003 to complete its due
diligence, raise sufficient capital to exercise the option and enter into a
definitive Agreement for Purchase and Sale of the subject assets.
The optioned properties are reported to be producing CBM from 184 wells
producing from various coal seams ranging from 400 to 500 feet in depth.
Management believes that several deeper coals are prospective for development
and that operational and infrastructure improvements, as well as drilling
additional wells, could enhance current production. Included with the properties
are various gas gathering contracts, gas purchasing contracts and additional
drilling permits. RMG will utilize the services of recently retained Ryder Scott
Company Petroleum Consultants of Houston, TX for reservoir evaluations while in
the due diligence phase of the Option Agreement.
Forward Looking Statements
This Report on Form 8-K includes "forward-looking statements" within the
meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the
"Exchange Act"). All statements other than statements of historical fact
included in this Report, are forward-looking statements. In addition, whenever
words like "expect," "anticipate" or "believe" are used, we are making
forward-looking statements.
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: January 7, 2003 By: /s/ Daniel P. Svilar
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DANIEL P. SVILAR, Secretary
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