Insider filing report for Changes in Beneficial Ownership
- Schedule 13G & 13D forms are used to report a party's ownership of stock which exceeds 5% of a company's total stock issue.
- Schedule 13G is a shorter version of Schedule 13D with fewer reporting requirements.
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 |
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 6)*
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US ENERGY CORP (Name of Issuer) |
COMMON STOCK, $0.01 PAR VALUE (Title of Class of Securities) |
911805307 (CUSIP Number) |
Duane H. King 1401 Lake Plaza Dr., Suite 200-185 Spring, TX, 77389 (713) 827-9988 (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) |
10/28/2025 (Date of Event Which Requires Filing of This Statement) |
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the
Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other
provisions of the Act (however, see the Notes).
SCHEDULE 13D
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| CUSIP No. | 911805307 |
| 1 |
Name of reporting person
King Duane H | ||||||||
| 2 | Check the appropriate box if a member of a Group (See Instructions)
(a)
 (b)
| ||||||||
| 3 | SEC use only | ||||||||
| 4 |
Source of funds (See Instructions)
OO | ||||||||
| 5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
| ||||||||
| 6 | Citizenship or place of organization
UNITED STATES
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 11 | Aggregate amount beneficially owned by each reporting person
2,548,641.00 | ||||||||
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
| ||||||||
| 13 | Percent of class represented by amount in Row (11)
7.2 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
IN |
Comment for Type of Reporting Person:
* Sole power includes 2,548,641 shares of Common Stock owned directly by King Oil and Gas, Inc. ("KOG"). Duane H. King is the sole shareholder, director and officer of KOG. Sole power also includes shares restricted stock issued pursuant to award agreements subject to time-based vesting, including 168,913 shares of Common Stock that are currently fully vested and 20,000 shares of Common Stock that vest on January 1, 2026, subject to Mr. King's continued services to the Issuer. These shares exclude shares of Common Stock that are owned and controlled by Katla Energy Holdings, LLC. ** Does not include shares of Common Stock held by the Separately Filing Group Members (as defined in the Original Schedule 13D, Item 2). The percentage is based on information provided by the Issuer as of October 9, 2025, reflecting 35,634,729 shares of Common Stock of the Issuer outstanding as of such date.
SCHEDULE 13D
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| CUSIP No. | 911805307 |
| 1 |
Name of reporting person
King Oil and Gas, Inc. | ||||||||
| 2 | Check the appropriate box if a member of a Group (See Instructions)
(a)
(b)
| ||||||||
| 3 | SEC use only | ||||||||
| 4 |
Source of funds (See Instructions)
OO | ||||||||
| 5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
| ||||||||
| 6 | Citizenship or place of organization
TEXAS
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 11 | Aggregate amount beneficially owned by each reporting person
2,359,728.00 | ||||||||
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
| ||||||||
| 13 | Percent of class represented by amount in Row (11)
6.6 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
CO |
Comment for Type of Reporting Person:
*These shares of Common Stock are owned directly by King Oil and Gas, Inc. ("KOG"). Duane H. King is the sole shareholder, director and officer of King Oil and Gas, Inc. These shares exclude shares of Common Stock that are owned and controlled by Katla Energy Holdings, LLC. ** Does not include shares of Common Stock held by the Separately Filing Group Members (as defined in the Original Schedule 13D, Item 2). The percentage is based on information provided by the Issuer as of October 9, 2025, reflecting 35,634,729 shares of Common Stock of the Issuer outstanding as of such date.
SCHEDULE 13D
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| Item 1. | Security and Issuer | |
| (a) | Title of Class of Securities:
COMMON STOCK, $0.01 PAR VALUE | |
| (b) | Name of Issuer:
US ENERGY CORP | |
| (c) | Address of Issuer's Principal Executive Offices:
1616 S. VOSS, SUITE 725, HOUSTON,
TEXAS
, 77057. | |
Item 1 Comment:
This Amendment No. 6 ("Amendment No. 6") amends those Items set forth below with respect to the Amendment No. 5 filed on January 22, 2025 ("Amendment No. 5"), Amendment No. 4 filed on September 20, 2024 ("Amendment No. 4"), the Amendment No. 3 filed on June 27, 2024 ("Amendment No. 3"), Amendment No. 2 filed on September 16, 2022 ("Amendment No. 2"), and Schedule 13D filed on July 22, 2022 ("Amendment No. 1") by the Reporting Persons, which in turn, amended the original Schedule 13D filed on January 11, 2022 (the "Original Schedule 13D") (Amendment No. 6, Amendment No. 5, Amendment No. 4, Amendment No. 3, Amendment No. 2, Amendment No. 1 and the Original 13D are hereinafter referred to as the "Schedule 13D). Except as expressly amended hereby, all information in Amendment No. 4, Amendment No. 3, Amendment No. 2, Amendment No. 1 and the Original Schedule 13D is incorporated by reference. All capitalized terms used herein and not otherwise defined shall have the same meaning as in the Original Schedule 13D. | ||
| Item 2. | Identity and Background | |
| (a) | This Schedule 13D is being filed by Duane H. King and his wholly owned corporation, King Oil and Gas, Inc. as follows: (1) Duane H. King ("King") is the Chief Executive Officer and one of two managers of Synergy; and (2) King Oil and Gas, Inc. ("KOG"), a Texas corporation. | |
| Item 3. | Source and Amount of Funds or Other Consideration | |
Item 3 of the Original Schedule 13D is hereby amended to add the following paragraph below: On February 14, 2025, the Issuer granted 40,000 shares of Common Stock to Mr. King in consideration for services rendered and agreed to be rendered to the Issuer as a member of the Board of Directors of the Issuer. Such shares of Common Stock are subject to vesting 50% on July, 1, 2025 and 50% on January 1, 2026, subject to King's continued service to the Issuer. On October 28, 2025, Synergy distributed all of the 1,400,000 shares of Common Stock owned by it to SPP, and SPP distributed all of such shares to its members, including 796,761 shares to Katla and 332,329 shares to King Oil. | ||
| Item 4. | Purpose of Transaction | |
Item 4 of the Original Schedule 13D is hereby amended to add each of the following paragraphs below: The information set forth in Item 3 is hereby incorporated by reference into this Item 4. On February 14, 2025, the Issuer granted 40,000 shares of Common Stock to Mr. King in consideration for services rendered and agreed to be rendered to the Issuer as a member of the Board of Directors of the Issuer. Such shares of Common Stock are subject to vesting 50% on July, 1, 2025 and 50% on January 1, 2026, subject to King's continued service to the Issuer. On October 28, 2025, Synergy distributed all of the 1,400,000 shares of Common Stock owned by it to SPP, and SPP distributed all of such shares to its members, including 796,761 shares to Katla and 332,329 shares to King Oil. | ||
| Item 5. | Interest in Securities of the Issuer | |
| (a) | The information provided in Items 2, 3 and 4 of this Schedule 13D is incorporated by reference herein. Pursuant to the Nominating and Voting Agreement dated January 5, 2022, if Synergy made a distribution to its members, for so long as the shares of Common Stock are held by those members, the Nominating and Voting Agreement requires those members to vote their shares in accordance with the terms and conditions of the Nominating and Voting Agreement. This Nominating and Voting Agreement was amended as of September 16, 2022, in which the former members of Synergy, except for King Oil and Gas, Inc. and Katla Energy Holdings, LLC, are no longer required to vote the Issuer's shares in accordance with the Amended and Restated Nominating and Voting Agreement. As a result, this amendment reduces the number of shares with a "Shared Vote," to reflect that King Oil and Gas, Inc. is bound by the voting provisions of the Amended and Restated Nominating and Voting Agreement. Katla Energy Holdings, LLC ("Katla") shares derived from Synergy are not reported herein either. The Reporting Persons continue to exclude all shares held by the Separately Filing Persons in connection with the numbers of shares reported herein, and the Katla shares of Common Stock derived from Synergy are not reported herein. The percentages of beneficial ownership disclosed in this Schedule 13D are based on an aggregate of 35,634,729 shares of Common Stock outstanding as of October 9, 2025, based on information furnished by the Issuer. | |
| Item 7. | Material to be Filed as Exhibits. | |
1 Amended and Restated Nominating and Voting Agreement dated September 16, 2022 (filed on September 16, 2022, as Exhibit 10.1 to the Form 8-K filed by U.S. Energy Corp. and incorporated herein by reference). 2 Letter of Intent, dated June 25, 2024, between U.S. Energy Corp. and Synergy Offshore, LLC (filed on June 27, 2027, as Exhibit 8 to the Schedule 13D/A filed by Duane H. King and incorporated herein by reference). 3 Purchase and Sale Agreement, dated January 9, 2025, between U.S. Energy Corp. and Synergy Offshore, LLC (filed on January 10, 2025, as Exhibit 10.1 to the Form 8-K filed by U.S. Energy Corp. and incorporated herein by reference). | ||
| SIGNATURE | |
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
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