Sec Form 4 Filing - King Duane H @ US ENERGY CORP - 2022-07-20

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 King Duane H 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 X __ 10% Owner _____ Officer (give title below) X __ Other (specify below) Member of 10% owner group (Last) (First) (Middle) 9821 KATY FWY, SUITE 805 3. Date of Earliest Transaction (MM/DD/YY) 07/20/2022 (Street) HOUSTON,, TX77024 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 40,000( 1 ) D( 2 ) Common Stock 07/20/2022 J( 3 ) 6,546,384 D $ 0( 3 ) 0( 1 )( 7 ) D( 4 ) Common Stock 07/20/2022 J( 5 ) 2,027,399 A $ 0( 5 ) 2,027,399( 1 ) D( 6 )

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 King Duane H 9821 KATY FWY, SUITE 805 HOUSTON,, TX77024 X X Member of 10% owner group Hightower Lee 9821 KATY FWY, SUITE 805 HOUSTON,, TX77024 Members of 10% owner group Synergy Offshore LLC 9821 KATY FWY, SUITE 805 HOUSTON,, TX77024 X King Oil & Gas Company, Inc. 9821 KATY FWY, SUITE 805 HOUSTON,, TX77024 Members of 10% owner group Signatures /s/ Duane H. King 07/21/2022 Signature of Reporting Person Date /s/ Lee Hightower 07/21/2022 Signature of Reporting Person Date /s/ Duane H. King, Chief Executive Officer of Synergy Offshore, LLC 07/21/2022 Signature of Reporting Person Date /s/ Duane H. King, Chief Executive Officer of King Oil and Gas Company, LLC 07/21/2022 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Excludes shares of common stock relating to the voting group included under "Remarks". ( 2 )Represents shares of common stock, $0.01 par value per share of the Issuer, held by Mr. Duane H. King. ( 3 )On July 20, 2022, Synergy Offshore LLC ("Synergy"), a Texas limited liability company, distributed all 6,546,384 shares of the common stock of the Issuer which it then held, for no consideration, to members of Synergy Producing Properties, LLC ("SPP"), a Texas limited liability company, which is the parent and 100% owner of Synergy (the "Distribution"). ( 4 )Represents shares of common stock, $0.01 par value per share of the Issuer, held by Synergy. Shares held by Synergy may be deemed to be beneficially owned by Mr. King and Mr. Lee Hightower due to their status as Chief Executive Officer and Manager and President and Manager, respectively, of Synergy, and a result of their respective ownership and positions as Managers and Officers of the limited liability company that owns 100% of the membership interests of Synergy. Mr. King and Mr. Hightower, however, disclaim beneficial ownership of the securities reported herein except to the extent of their pecuniary interest therein. ( 5 )On July 20, 2022, King Oil and Gas Company, Inc. ("King Oil"), received 2,027,399 shares of common stock in the Distribution, for no consideration. ( 6 )Represents shares of common stock, $0.01 par value per share of the Issuer, held by King Oil, which is 100% owned by Duane K. King. The shares held by King Oil may be deemed to be beneficially owned by Mr. King due to his status as Chief Executive Officer of King Oil. Mr. King however, disclaims beneficial ownership of the securities reported herein except to the extent of his pecuniary interest therein. ( 7 )After the Distribution (see footnote 3), Reporting Person Synergy does not hold any ownership interest in the Issuer and Reporting Person Lee Hightower does not own any beneficial interest and both are no longer Reporting Persons.

Remarks: By virtue of being party to a Nominating and Voting Agreement, dated as of January 5, 2022 (the "Voting Agreement"), Synergy, and Mr. King and Mr. Hightower, due to their status as Chief Executive Officer and Manager, and President Manager, respectively, of Synergy, may be deemed to be a member of a "group" for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), with respect to the securities reported herein with the other parties who are bound by the Voting Agreement and their control persons, which such "group" beneficially owns, in the aggregate, more than 10% of the outstanding shares of common stock of the Issuer. In addition to Synergy, the parties to the Voting Agreement are the Issuer, Lubbock Energy Partners LLC; Banner Oil & Gas, LLC; Woodford Petroleum, LLC; and Llano Energy LLC. Separately, the control persons of the other parties to the Voting Agreement may also be part of the Section 13(d) "group". The reporting persons disclaim beneficial ownership of any securities owned by any of the other signatories to the Voting Agreement (and/or their control persons) and the filing of this Form 4 shall not be deemed an admission, for purposes of Section 16 of the Exchange Act or otherwise, that any of the reporting persons and any other person or persons constitute a "group" for purposes of Section 13(d)(3) of the Exchange Act or Rule 13d-5 thereunder. In addition, none of the reporting persons have any pecuniary interest in any of the securities beneficially owned by any of the other signatories to the Voting Agreement (and/or their control persons). For a description of the Voting Agreement, see the Current Report on Form 8-K filed by the Issuer with the United States Securities and Exchange Commission on January 10, 2022.

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

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