Sec Form 4 Filing - Duke Patrick E. @ US ENERGY CORP - 2021-01-19

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person Duke Patrick E. 2. Issuer Name and Ticker or Trading Symbol US ENERGY CORP [ USEG] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X __ Director _____ 10% Owner _____ Officer (give title below) X __ Other (specify below) Former 10% Owner (Last) (First) (Middle) 2808 FLINTROCK TRACE SUITE 373 3. Date of Earliest Transaction (MM/DD/YY) 01/19/2021 (Street) AUSTIN, TX78738 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) _____ Form filed by One Reporting Person __ X __ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 01/19/2021 J( 1 ) 581,927 ( 1 ) D $ 0 0 I See Footnote ( 2 ) ( 3 ) Common Stock 0 D ( 4 )

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other Duke Patrick E. 2808 FLINTROCK TRACE SUITE 373 AUSTIN, TX78738 X Former 10% Owner Angelus Private Equity Group, LLC 2808 FLINTROCK TRACE SUITE 373 AUSTIN, TX78738 Former 10% Owner APEG Energy II GP, LLC 2808 FLINTROCK TRACE SUITE 373 AUSTIN, TX78738 Former 10% Owner Duke Capital Services, LLC 2808 FLINTROCK TRACE SUITE 373 AUSTIN, TX78738 Former 10% Owner Angelus Capital, LLC 2808 FLINTROCK TRACE SUITE 373 AUSTIN, TX78738 Former 10% Owner APEG Energy II, LP 2808 FLINTROCK TRACE SUITE 373 AUSTIN, TX78738 Former 10% Owner Haarman Paul W. 2808 FLINTROCK TRACE SUITE 373 AUSTIN, TX78738 Former 10% Owner Signatures /s/ Patrick E. Duke 01/21/2021 Signature of Reporting Person Date /s/ Patrick E. Duke, Sole Member of Duke Capital Services, LLC, as managing member of Angelus Private Equity Group, LLC, as sole member of Angelus Capital, LLC, as sole member of APEG Energy II GP, LLC, as general partner of APEG Energy II, LP 01/21/2021 Signature of Reporting Person Date /s/ Patrick E. Duke, Sole Member of Duke Capital Services, LLC, as managing member of Angelus Private Equity Group, LLC, as sole member of Angelus Capital, LLC 01/21/2021 Signature of Reporting Person Date /s/ Patrick E. Duke, Sole Member of Duke Capital Services, LLC 01/21/2021 Signature of Reporting Person Date /s/ Patrick E. Duke, Sole Member of Duke Capital Services, LLC, as managing member of Angelus Private Equity Group, LLC, as sole member of Angelus Capital, LLC, as sole member of APEG Energy II GP, LLC 01/21/2021 Signature of Reporting Person Date /s/ Patrick E. Duke, Sole Member of Duke Capital Services, LLC, as managing member of Angelus Private Equity Group, LLC 01/21/2021 Signature of Reporting Person Date /s/ Paul W. Haarman 01/21/2021 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Represents a pro-rata in-kind distribution, and not a purchase or sale, of the Issuer's shares, by APEG II LP (defined in Footnote 2), to its partners without consideration. ( 2 )APEG Energy II, LP ("APEG II LP") directly owned 581,927 shares of Common Stock, par value $0.01 per share (the "Shares"), of U.S. Energy Corp. APEG Energy II GP, LLC ("APEG II GP") as general partner and investment advisor of APEG II LP may be deemed the beneficial owner of the 581,927 Shares directly owned by APEG II LP. Angelus Capital, LLC ("Angelus Capital") as the sole member of APEG II GP may be deemed to beneficially own the 581,927 Shares beneficially owned by APEG II GP. ( 3 )Angelus Private Equity Group, LLC ("Angelus Group") as the sole member of Angelus Capital may be deemed to beneficially own the 581,927 Shares beneficially owned by Angelus Capital. Paul W. Haarman as a managing member of Angelus Group may be deemed to beneficially own the 581,927 Shares beneficially owned by Angelus Group. Patrick E. Duke as sole member of Duke may be deemed to beneficially own 581,927 Shares beneficially owned by Duke. Each Reporting Person disclaims beneficial ownership of securities reported herein except to the extent of its/his pecuniary interest therein. ( 4 )After the pro-rata in-kind distribution (see footnote 1), none of the Reporting Persons, including Mr. Patrick E. Duke, who is a member of the Board of Directors of the Issuer, hold any ownership interest in the Issuer.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

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