U.S. Energy Corp. (USE) is engaged in the acquisition, exploration, holding, sale and/or development of mineral and coalbed methane (CBM) gas properties; the production of petroleum properties, and the marketing of minerals and methane gas. Principal mineral interests are in CBM, uranium, gold and molybdenum. The Company's uranium and gold properties are all in a shut-down status. USE also holds various real and personal properties used in commercial activities. During the year ended December 31, 2002, most of the Company's business activity was devoted to the CBM area (acquiring acreage, drilling exploratory wells, testing the wells and closing the purchase of the Bobcat Field (a CBM producing field) in Wyoming). CBM activities are conducted through Rocky Mountain Gas, Inc (RMG), a Wyoming corporation owned 51.1% by USE and 40.4% by Crested Corp. As of December 31, 2002, Crested was a 70.5% majority-owned subsidiary of USE.
5329 MORNING LIGHT DR,