FORM 10-Q

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C.  20549


[X]     Quarterly  report  pursuant  to  section  13  or 15(d) of the Securities
        Exchange Act of  1934 For the fiscal quarter ended  March  31,  2003  or
[ ]     Transition  report  pursuant  to section  13 or 15(d) of the  Securities
        Exchange Act of 1934 For the transition period from ________ to ________

Commission  file  number  0-8773

                                  CRESTED CORP.
--------------------------------------------------------------------------------
              (Exact Name of Company as Specified in its Charter)

           Colorado                                          84-0608126
-------------------------------------              -----------------------------
(State or other jurisdiction of                           (I.R.S.  Employer
incorporation  or organization)                          Identification  No.)

  877 North 8th West, Riverton, WY                              82501
-------------------------------------              -----------------------------
(Address of principal executive offices)                     (Zip Code)

Company's telephone number, including area code:          (307)  856-9271
                                                   -----------------------------

                                      NONE
--------------------------------------------------------------------------------
     (Former name, address and fiscal year, if changed since last report)

     Indicate  by  check  mark  whether  the  Company  (1) has filed all reports
required  to  be  filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the Company
was  required  to  file  such  reports), and (2) has been subject to such filing
requirements  for  the  past  90  days.

                         YES    X     NO
                               ---        ---

     Indicate  the  number of shares outstanding of each of the issuer's classes
of  common  stock,  as  of  the  latest  practicable  date.

              Class                           Outstanding  at  May  13,  2003
----------------------------------         -------------------------------------
Common  stock,  $.01  par  value                     17,133,098  Shares


<PAGE>
                                  CRESTED CORP.

                                      INDEX

                                                                       Page  No.
PART  I.     FINANCIAL  INFORMATION

ITEM  1.     Financial  Statements.

             Condensed  Balance  Sheets
               March  31,  2003  and  December  31,  2002. . . . . . . . . . . 3

             Condensed  Statements  of  Operations
               Three  Months  Ended  March  31,  2003  and  2002. . . . . . . .4

             Condensed  Statements  of  Cash  Flows
               Three  Months  Ended  March  31,  2003  and  2002. . . . . . . .5

             Notes  to  Condensed  Financial  Statements. . . . . . . . . . .6-7

ITEM  2.     Management's  Discussion  and  Analysis  of
               Financial  Condition  and  Results  of  Operations. . . . . .8-10

ITEM  4.     Controls  and  Procedures. . . . . . . . . . . . . . . . . . .10-11

PART  II.    OTHER  INFORMATION

ITEM  1.     Legal  Proceedings. . . . . . . . . . . . . . . . . . . . . . . .12

ITEM  2.     Changes  in  Securities  and  Use  of  Proceeds. . . . . . . . . 12

ITEM  6.     Exhibits  and  Reports  on  Form  8-K. . . . . . . . . . . . . . 12

             Signatures. . . . . . . . . . . . . . . . . . . . . . . . . . . .13

             Certifications. . . . . . . . . . . . . . . . . . . . . . . . 14-15


                                        2
<PAGE>
                          PART I. FINANCIAL INFORMATION

ITEM  1.     FINANCIAL  STATEMENTS

                                  CRESTED CORP.
                            CONDENSED BALANCE SHEETS

                                     ASSETS
<TABLE>
<CAPTION>


                                                   March 31,       December 31,
<S>                                                            <C>            <C>
                                                     2003              2002
                                                  -----------     --------------
                                                  (Unaudited)
CURRENT ASSETS:
  Cash and cash equivalents                       $     3,300     $       3,300

INVESTMENTS IN AFFILIATES                           5,673,800         5,876,600

PROPERTIES AND EQUIPMENT                              896,800           896,800
  Less accumulated depreciation
  depletion and amortization                         (886,800)         (886,800)
                                                 -------------  ----------------
                                                       10,000            10,000
                                                 -------------  ----------------
                                                  $ 5,687,100   $     5,889,900
                                                 =============  ================


                      LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES:
  Current portion of long-term debt to affiliate  $ 8,751,500  $      8,553,900

COMMITMENT TO FUND EQUITY INVESTEES                   215,600           215,600

ASSET RETIREMENT OBLIGATION                         1,064,900           748,400

COMMITMENTS AND CONTINGENCIES

FORFEITABLE COMMON STOCK, $.001 par value
  15,000 shares issued, forfeitable until earned       10,100            10,100

SHAREHOLDERS' EQUITY
  Common stock, $.001 par value; unlimited shares
  authorized
    17,115,137 and 17,099,276 issued and outstanding   17,200            17,200
  Additional paid-in capital                       11,804,800        11,795,200
  Accumulated deficit                             (16,177,000)      (15,450,500)
                                                 -------------  ----------------
TOTAL SHAREHOLDERS' EQUITY                         (4,355,000)       (3,638,100)
                                                 -------------  ----------------
                                                  $ 5,687,100  $      5,889,900
                                                 =============  ================
</TABLE>

            See accompanying notes to condensed financial statements.
                                        3


<PAGE>
                                  CRESTED CORP.

                       CONDENSED STATEMENTS OF OPERATIONS
                                   (UNAUDITED)
<TABLE>
<CAPTION>
                                                 Three Months Ended
                                                      March 31,
                                             --------------------------
                                                 2003          2002
                                                ------        ------
<S>                                          <C>           <C>
REVENUES:                                    $      --   $        --

COSTS AND EXPENSES:
  Accretion of asset retirement obligations       22,700          --
  General and administrative                      36,500        36,300
                                             ------------  ------------
                                                  59,200        36,300
                                             ------------  ------------

LOSS BEFORE EQUITY LOSS, PROVISION
  FOR INCOME TAXES AND CUMMULATIVE
  EFFECT OF ACCOUNTING CHANGE                    (59,200)      (36,300)

EQUITY IN LOSS OF AFFILIATES                    (373,500)     (628,600)
                                             ------------  ------------

LOSS BEFORE PROVISION FOR INCOME
  TAXES AND CUMMULATIVE
   EFFECT OF ACCOUNTING CHANGE                  (432,700)     (664,900)

PROVISION FOR INCOME TAXES                          --            --
                                             ------------  ------------

LOSS BEFORE CUMMULATIVE EFFECT
  OF ACCOUNTING CHANGE                          (432,700)     (664,900)

CUMMULATIVE EFFECT OF ACCOUNTING CHANGE         (293,800)         --
                                             ------------  ------------

NET LOSS                                     $  (726,500)  $  (664,900)
                                             ============  ============

PER SHARE DATA:
NET LOSS PER SHARE, BASIC AND DILUTED
  FROM CONTINUED OPERATIONS                  $     (0.02)  $     (0.04)
  FROM EFFECT OF ACCOUNTING CHANGE                 (0.02)         --
                                             ------------  ------------
                                             $     (0.04)  $     (0.04)
                                             ============  ============

BASIC WEIGHTED AVERAGE NUMBER
  OF SHARES OUTSTANDING                       17,115,137    17,073,330
                                             ============  ============

DILUTED WEIGHTED AVERAGE NUMBER
  OF SHARES OUTSTANDING                       17,115,137    17,073,330
                                             ============  ============
</TABLE>

            See accompanying notes to condensed financial statements.
                                        4


<PAGE>
                                  CRESTED CORP.

                       CONDENSED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)
<TABLE>
<CAPTION>
                                              Three Months Ended
                                                   March 31,
                                                   ---------

                                                    2003        2002
                                                 ----------  ----------
<S>                                              <C>         <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net loss                                         $  (726,500)    $  (664,900)
  Adjustments to reconcile net loss to net cash
    used in operating activities:
      Equity in loss of affiliates                     373,500         628,600
      Accretion of asset retirement obligation          22,700           --
      Noncash cummulative effect
        of accounting change                           293,800           --
      Noncash compensation                               9,600           --
                                                   ------------    -----------

NET CASH USED IN OPERATING ACTIVITIES                  (26,900)        (36,300)

CASH FLOWS FROM INVESTING ACTIVITIES:
  Investment in affiliates                            (170,700)       (295,700)

CASH FLOWS FROM FINANCING ACTIVITES:
  Net activity on debt to affiliate                    197,600         332,000
                                                   ------------    -----------

NET DECREASE IN CASH
  AND CASH EQUIVALENTS                                    --             --

CASH AND CASH EQUIVALENTS AT
  BEGINNING OF PERIOD                                    3,300           3,300
                                                   ------------    -----------

CASH AND CASH EQUIVALENTS AT
  END OF PERIOD                                    $     3,300       $   3,300
                                                   ============    ===========

SUPPLEMENTAL DISCLOSURES:
  Interest paid                                    $      --       $     --
                                                   ============    ===========

  Income tax paid                                  $      --       $     --
                                                   ============    ===========

NONCASH INVESTING AND FINANCING ACTIVITIES:
  Issuance of stock to outside directors           $     9,600       $     --
                                                   ============    ===========
</TABLE>

            See accompanying notes to condensed financial statements.
                                        5


<PAGE>
                                  CRESTED CORP.

                     NOTES TO CONDENSED FINANCIAL STATEMENTS


     1)  The  Condensed  Balance  Sheet  as  of March 31, 2003 and the Condensed
Statements  of  Operations  and  Cash Flows for the three months ended March 31,
2003  and  2002,  have been prepared by the Company without audit. The Condensed
Balance  Sheet at December 31, 2002, has been derived from the audited financial
statements included in the Company's Annual Report on Form 10-K/A for the period
then ended. In the opinion of the Company, the accompanying financial statements
contain all adjustments (consisting of only normal recurring accruals except for
the  cumulative effect of a change in accounting principle in 2003) necessary to
fairly  present  the  financial position of the Company as of March 31, 2003 and
the  results  of  operations and cash flows for the three months ended March 31,
2003  and  2002.

     2)  Certain  information  and  footnote  disclosures  normally  included in
financial statements prepared in accordance with accounting principles generally
accepted  in  the United States of America have been condensed or omitted. It is
suggested  that  these  financial  statements  be  read  in conjunction with the
Company's  December  31,  2002  Form  10-K/A.  The results of operations for the
periods  ended  March  31,  2003  and 2002 are not necessarily indicative of the
operating  results  for  the  full  year.

     3)  Debt  at March 31, 2003 and December 31, 2002, consists of debt payable
to  the Company's parent U.S. Energy Corp. ("USE") of $8,751,500 and $8,553,900,
respectively

     4)  The  asset retirement obligation of $1,064,900 represents the Company's
share  of  the  liability  at  the Sheep Mountain Mines in the Crooks Gap Mining
District.  This  reclamation  work  will  be  performed  over several years. The
Company  has  pledged  its  interest in certain real estate that it jointly owns
with  USE  to  bond  this  reclamation  obligation.

     5)  The Company presents basic and diluted earnings per share in accordance
with  the  provisions  of  Statement  of Financial Accounting Standards No. 128,
"Earnings  per Share". Basic earnings per common share, is based on the weighted
average  number of common shares outstanding during the period. Diluted earnings
per  share  does not include the dilutive effect of common stock equivalents for
the  three  months  ended  March  31,  2003  and  2002 because stock options and
warrants which comprised common stock equivalents would have been anti-dilutive.

     6)  Certain  reclassifications  have  been  made  in  the December 31, 2002
financial  statements  to conform to the classifications used in March 31, 2003.

     7)  The Company has mine properties that are in a shut down mode in central
Wyoming  for  which  it  is responsible for one half of the reclamation expense.
These  reclamation  activities are scheduled to be completed over the next seven
years.  The  Company  cannot  predict  the  exact  amount  of  such future asset
retirement  obligations.  Estimated  future reclamation costs are based upon the
Company's  best  engineering  estimates  considering  legal  and  regulatory
requirements.

     Effective  January  1,  2003, the Company adopted SFAS No. 143, "Accounting
for  Asset  Retirement Obligation." The statement requires the Company to record
the  fair  value of the reclamation liability on its shut down mining properties
as  of  the date that the liability is incurred with a corresponding increase in
the  properties.  The  statement  further  requires  that the Company review the
liability  each  quarter  to  determine  whether its estimates of timing or cash
flows  have  changed as well as accrete the total liability on a quarterly basis
for  the  passage  of  time.


                                        6
<PAGE>
     The  Company  will  also deduct from the accrued liability any actual funds
expended for reclamation during the quarter in which it is expended. As a result
of  the  Company  taking impairment allowances in prior periods on its shut down
mining  properties,  it  has  no  remaining  book  value for the properties. All
accretion  amounts  will  therefore be expensed in the quarter in which they are
recorded.

          The  following  is  a  reconciliation of the total liability for asset
          retirement  obligations  (unaudited)

          Balance  December  31,  2002                               $   748,400
          Impact  of  adoption  of  SFAS  No.  143                       293,800
          Addition  to  Liability
          Liability  Settled
          Accretion  Expense  -  8%  discount  rate                       22,700
                                                                     -----------
          Balance  March  31,  2003                                   $1,064,900

     The  following  table  shows  what  the Company's net loss and net loss per
share would have been in the first quarter of 2002 if the provisions of SFAS No.
143  had  been  applied  in that period, compared with net loss and net loss per
share  recorded  in  the  first  quarter  of  2003.

<TABLE>
<CAPTION>

                                           Three months ended March 31,
                                        ----------------------------------
                                               2003           2002
                                               ----           ----
<S>                                 <C>         <C>
NET LOSS:
  Reported net loss                       $   (726,500)   $   (664,900)
  Cummulative effect of adoption
    of SFAS No. 143                            293,800          --
  Pro-Forma SFAS No. 143 accretion               --            (22,300)
                                          -------------   -------------
Adjusted net loss:                        $   (432,700)   $   (687,200)
                                          =============   =============

PER SHARE OF COMMON STOCK:
  Reported net loss                       $      (0.04)   $      (0.04)
  Cummulative effect of adoption
    of SFAS No. 143                               0.02          --
  Pro-Forma SFAS No. 143 accretion              --              --
Adjusted net loss:                        $      (0.02)   $      (0.04)
                                          =============   =============
</TABLE>


     The  Company  has  reviewed  other  current outstanding statements from the
Financial  Accounting  Standards  Board  and  does not believe that any of those
statements  will  have  a material adverse affect on the financial statements of
the  Company  when  adopted.


                                        7
<PAGE>
                                  CRESTED CORP.


ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
         OF  OPERATIONS.
         -----------------------------------------------------------------------

     The  following  is  Management's  Discussion  and  Analysis  of significant
factors,  which  have  affected  the  Company's liquidity, capital resources and
results  of operations during the periods included in the accompanying financial
statements.  For  a  detailed explanation of the Company's Business Overview, it
is  suggested  that  Management's Discussion and Analysis of Financial Condition
and  Results  of  Operations  for  the  quarter  ended March 31, 2003 be read in
conjunction  with  the Company's Form 10-K for the year ended December 31, 2002.

OVERVIEW  OF  BUSINESS

     The  Company  has  interests  in  a uranium mine and mill in Southern Utah;
uranium mines in central Wyoming; a gold property in California; coalbed methane
properties  in  the  Powder River Basin in Wyoming and Montana, and various real
estate including a townsite near Lake Powell, Utah.  The mine properties are all
in  a shut down mode.  All these businesses are operated in conjunction with the
Company's  parent, U.S. Energy Corp. ("USE") through a joint venture between the
two  companies,  the  USECB  Joint  Venture ("USECB").  The Company accounts for
USECB  using  the  equity  method  of  accounting.

CRITICAL  ACCOUNTING  POLICIES
------------------------------

     RECLAMATION  LIABILITIES  - The Company's policy is to accrue the liability
for  future  reclamation  costs  of  its mineral properties based on the current
estimate  of the future reclamation costs as determined by internal and external
experts.

RECENT  ACCOUNTING  PRONOUNCEMENTS
----------------------------------

     SFAS  NO.  143  -  The  Company  has  implemented  the Financial Accounting
Standards  Board  issued  SFAS  No.  143  "Accounting  for  Asset  Retirement
Obligations"  effective  January 1, 2003.  The statement requires the Company to
record  the  fair value of a liability for legal obligations associated with the
retirement  of  obligations of tangible long-lived assets in the period in which
it  is incurred.  The Company's reclamation liabilities on its mining properties
are  subject  to  SFAS No. 143.   See note 7 of the interim financial statements
for  details  of  the  adoption.

     In  November 2002, the FASB issued FASB Interpretation No. 45, "Guarantor's
Accounting  and  Disclosure  Requirements  for  Guarantees,  including  indirect
Guarantees  of  Indebtedness  of  Others"  ("FIN  45").  FIN  45  expands  the
information  disclosures  required  by  guarantors for obligations under certain
types  of  guarantees.  It  also requires initial recognition at fair value of a
liability  for such guarantees.  The initial recognition and initial measurement
provisions  of  this  Interpretation  are  applicable  on a prospective basis to
guarantees  issued  or  modified  after  December  31, 2002, irrespective of the
guarantor's  fiscal year-end.  The disclosure requirements in the Interpretation
are effective for financial statements of interim or annual periods ending after
December  15,  2002.  The  adoption  of  this  statement did not have a material
impact  on  the  Company's  financial  condition  or  results  of  operations.

     In January 2003, the FASB issued FASB Interpretation No. 46, "Consolidation
of  Variable  Interest  Entities"  ("FIN  46"), which addresses consolidation by
business  enterprises  where  equity investors do not bear the residual economic
risks  and  rewards.  These  entities  have  been  commonly  referred  to  as
"special-purpose  entities."  Companies  are  required to apply the provision of
FIN  46


                                        8
<PAGE>
prospectively for all variable interest entities created after January 31, 2003.
For  public companies, all interest acquired before February 1, 2003 must follow
the  new rules in accounting periods beginning after June 15, 2003.  The Company
is  currently  evaluating the impact FIN 46 is expected to have on the Company's
financial  condition  or  results  of  operations.

     The  Company  has  reviewed  other  current outstanding statements from the
Financial  Accounting  Standards  Board  and  does not believe that any of those
statements  will  have  a material adverse affect on the financial statements of
the  Company  when  adopted.

LIQUIDITY  AND  CAPITAL  RESOURCES

     The  Company's  working  capital deficit at December 31, 2002 of $8,550,600
increased  to  a  working capital deficit of $8,748,200 at March 31, 2003.  This
decrease of $197,600 in working capital was caused by increased debt to USE as a
result  of  USE  funding  the  Company's obligations for the various ventures in
which  they  operate  jointly.

     Operations  during  the three months ended March 31, 2003 and 2002 consumed
$26,800 and $36,300, respectively.  Financing activities during the three months
ended  March  31,  2003  and  2002 generated $197,600 and 332,000, respectively.
Cash consumed in investing activities of $170,700 at March 31, 2003 and $295,700
at  December  31, 2002 was as a result of Crested using the cash provided by USE
to  fund  its  portion of operating costs in investments jointly owned with USE.

CAPITAL  RESOURCES

     The  Company and USE have a $750,000 line of credit with a commercial bank.
The  line  of  credit  is  secured by various real estate holdings and equipment
belonging  to  the  Company and USE.  At March 31, 2003, the total amount of the
line  of  credit  was  available  to the Company and USE.  The line of credit is
being  used  for  short  term  working capital needs associated with operations.

     The  Company's  cash  resources at March 31, 2003 will not be sufficient to
sustain  operations during 2003.  The Company will continue to rely upon funding
from  USE  to  meet  its operating and administration capital requirements.  The
Company  may  receive  funds  from  a  settlement of the Sheep Mountain Partners
("SMP")  legal  issues  with  Nukem, Inc. and its affiliates.  Additionally, the
Company  may  sell  additional  equipment  or an interest in its various mineral
properties,  which  are jointly owned with USE to fund its capital requirements.



CAPITAL  REQUIREMENTS

     The  Company  and  USE jointly fund the holding costs of the Sheep Mountain
uranium  mines;  the  Plateau uranium mine and mill; costs associated with their
joint  real  estate;  commercial  operations  and  the  development of the Rocky
Mountain  Gas,  Inc.  ("RMG")  natural  gas  properties.

     The  Company  and  USE,  through RMG, have obligations to make delay rental
payments  on  RMG's portion of natural gas leases.  RMG has entered into various
agreements  with  industry  partners  where  a  portion  or  all of its drilling
commitments  on  the  natural  gas  properties are carried.  The Company and USE
through  RMG  continue  to seek additional funding sources to expand the natural
gas  business.

     The  Company  owes USE $8,751,500 as a result of USE funding operations and
capital  expansion  expenses.  The  Company does not have the resources to repay
this  debt  and  must  negotiate  continued


                                        9
<PAGE>
terms  with USE or find some other means of retiring the debt.  To date, USE has
not  called  the  debt  and  has  agreed  not  to  call  the  debt.

     It  is  not  anticipated  that any of the Company's working capital will be
used  for  the  reclamation  of any of its interests in mineral properties.  The
future  reclamation  costs  on  the  Sheep  Mountain properties are covered by a
reclamation  bond,  which  is  secured by a pledge of certain of the Company and
USE's  real  estate assets.  The reclamation bond amount is reviewed annually by
State  regulatory  agencies.

RESULTS  OF  OPERATIONS

     The  Company  had  no revenues during the three months ended March 31, 2003
and  2002.

     Costs  and  expenses  for  the  quarter  ended March 31, 2003, increased by
$22,900  from  those  reported during the same quarter of the previous year. The
main  reason  for the increase was the accretion of reclamation costs of $22,700
during  the  quarter  ended March 31, 2003.  This expense was as a result of the
Company  adopting  SFAS No. 143 on January 1, 2003.  The Company recorded equity
losses  from  USECB  and RMG of $373,500 and $628,600 for the three months ended
March  31,  2003  and  2002,  respectively.

     Operations for the three months ended March 31, 2003, resulted in a loss of
$726,500  as compared to a loss of $664,900 for the three months ended March 31,
2002.

ITEM  4.  CONTROLS  AND  PROCEDURES
          -------------------------

     In  the 90 day period before the filing of this Report, the chief executive
and  chief financial officers of the Company have evaluated the effectiveness of
the Company's disclosure controls and procedures.  These disclosure controls and
procedures  are  those  controls  and  other  procedures  we maintain, which are
designed  to  insure that all of the information required to be disclosed by the
Company  in  all its periodic reports filed with the SEC is recorded, processed,
summarized  and  reported,  within the time periods specified in the SEC's rules
and  forms.  Disclosure  controls  and  procedures  include, without limitation,
controls  and  procedures  designed  to  ensure  that information required to be
disclosed  by the Company in its reports filed or submitted under the Securities
Exchange  Act  of  1934  is  accumulated and communicated to Company management,
including  the  chief  executive and chief financial officers of the Company, as
appropriate  to  allow  those person to make timely decisions regarding required
disclosure.

     Subsequent  to  the  date  when the disclosure controls and procedures were
evaluated,  there  have  not  been  any  significant  changes  in  the Company's
disclosure  controls  or procedures or in other factors that could significantly
affect  such  controls  or  procedures.  No significant deficiencies or material
weaknesses in the controls or procedures were detected, so no corrective actions
needed  to  be  taken.


                                       10
<PAGE>
                           PART II.  OTHER INFORMATION

ITEM  1.  LEGAL  PROCEEDINGS
          ------------------

     There  have  been  no  material developments in the Legal Proceedings since
they  were  last reported by the Company in Item 3 of its December 31, 2002 Form
10-K  except  in  the Sheep Mountain Partners Arbitration litigation.  On May 1,
2003,  the  Special  Master  filed  under  seal  his  Report  of  the Results of
Accounting  ordered  by the U.S. District Court of Colorado.  The details of the
Report  will  not  be  made  public  until  permitted  by  the  Court.

ITEM  2.  CHANGES  IN  SECURITIES  AND  USE  OF  PROCEEDS
          -----------------------------------------------

     During  the  quarter ended March 31, 2003, the Company issued 18,822 shares
of  restricted  common  stock  to  outside  directors.

     The  dollar  value of the issuance was $9,600.  No commissions were paid in
connection  with  any  of  the  issuances.

ITEM  6.  EXHIBITS  AND  REPORTS  ON  FORM  8-K
          -------------------------------------

       (a)     Exhibits.

               99.1   Certification Pursuant  to  Section  1350  of  Chapter  63
                      of  title  18  of  the  United  States  Code

       (b)     REPORTS  ON FORM 8-K. The Company filed three reports on Form 8-K
               for  the  quarter  ended  March  31,  2003.  The events  reported
               were as follows:

        1.     The report filed on January 7, 2003, under Item 5, referenced the
               Company's  subsidiary,  Rocky  Mountain  Gas, Inc. (RMG) entering
               into  an  Option  Agreement  to acquire in excess of 10,000 gross
               acres  of proven and undeveloped coalbed methane (CBM) properties
               in  the  Power  River  Basin  of  Wyoming;

        2.     The  report  filed  on February 7, 2003, under Item 5, referenced
               RMG  entering  into an option to acquire some 40,000 acres of CBM
               properties  in  the  Powder  River  Basin  of  Wyoming,  and

        3.     The  report  filed on February 19, 2003, under Item 5, referenced
               the  U.S.  District Court of Colorado granting the Special Master
               in  the  Nukem  accounting  case an extension of time to file his
               report  to  April  11,  2003.


                                       11
<PAGE>
SIGNATURES

          Pursuant  to  the requirements of the Securities Exchange Act of 1934,
the  Company  has  duly  caused  this  report  to be signed on its behalf by the
undersigned,  there  unto  duly  authorized.

                                              CRESTED  CORP.
                                              (Company)



Date:  May  13,  2003                         By:/s/ John L. Larsen
                                                 ------------------------------
                                                 JOHN  L.  LARSEN,
                                                 CHAIRMAN  and  CEO




Date:  May  13,  2003                         By:/s/ Robert Scott Lorimer
                                                 ------------------------------
                                                 ROBERT  SCOTT  LORIMER
                                                 Principal Financial Officer and
                                                 Chief  Accounting  Officer


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                                  CERTIFICATION

       I,  Robert  Scott  Lorimer,  certify  that:

1.     I  have  reviewed  this  quarterly  report on Form 10-Q of Crested Corp.;

2.     Based  on my knowledge, this quarterly report does not contain any untrue
statement  of a material fact or omit to state a material fact necessary to make
the  statements  made, in light of the circumstances under which such statements
were  made,  not misleading with respect to the period covered by this quarterly
report;

3.     Based  on  my  knowledge,  the  financial statements, and other financial
information  included  in  this quarterly report, fairly present in all material
respects  the  financial  condition, results of operations and cash flows of the
registrant  as  of,  and  for,  the  periods presented in this quarterly report;

4.     The  registrant's  other  certifying  officers  and I are responsible for
establishing  and  maintaining disclosure controls and procedures (as defined in
Exchange  Act  Rules  13a-14  and  15d-14)  for  the  registrant  and  we  have:

               a.  designed  such  disclosure  controls and procedures to ensure
               that  material  information relating to the registrant, including
               its  consolidated  subsidiaries,  is  made  know to use by others
               within  those  entities,  particularly during the period in which
               this  quarterly  report  is  being  prepared;

               b.  evaluated  the  effectiveness  of the registrant's disclosure
               controls  and procedures as of a date within 90 days prior to the
               filing date of this quarterly report (the "Evaluation Date"); and

               c.  presented  in this quarterly report our conclusions about the
               effectiveness  of the disclosure controls and procedures based on
               our  evaluation  as  of  the  Evaluation  date;

5.     The registrant's other certifying officers and I have disclosed, based on
our most recent evaluation, to the registrant's auditors and the audit committee
of  registrant's  board  of  directors  (or  persons  performing  the equivalent
function):

               a.  all  significant  deficiencies  in the design or operation of
               internal  controls  which could adversely affect the registrant's
               ability  to  record, process, summarize and report financial data
               and  have  identified  for the registrant's auditors any material
               weakness  in  internal  controls;  and

               b.  any  fraud, whether or not material, that involves management
               or  other  employees  who  have  a  significant  role  in  the
               registrant's  internal  controls;  and

6.     The  registrant's  other certifying officers and I have indicated in this
quarterly  report  whether  or  not  there  were significant changes in internal
controls  or  in other factors that could significantly affect internal controls
subsequent  to  the date of our most recent evaluation, including any corrective
actions  with  regard  to  significant  deficiencies  and  material  weaknesses.

DATED  this  13th  day  of  May,  2003.



                                               /s/ Robert Scott Lorimer
                                               ---------------------------------
                                               Robert  Scott  Lorimer,
                                               Chief  Financial  Officer


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                                  CERTIFICATION

       I,  John  L.  Larsen,  certify  that:

1.     I  have  reviewed  this  quarterly  report on Form 10-Q of Crested Corp.;

2.     Based  on my knowledge, this quarterly report does not contain any untrue
statement  of a material fact or omit to state a material fact necessary to make
the  statements  made, in light of the circumstances under which such statements
were  made,  not misleading with respect to the period covered by this quarterly
report;

3.     Based  on  my  knowledge,  the  financial statements, and other financial
information  included  in  this quarterly report, fairly present in all material
respects  the  financial  condition, results of operations and cash flows of the
registrant  as  of,  and  for,  the  periods presented in this quarterly report;

4.     The  registrant's  other  certifying  officers  and I are responsible for
establishing  and  maintaining disclosure controls and procedures (as defined in
Exchange  Act  Rules  13a-14  and  15d-14)  for  the  registrant  and  we  have:

               a.  designed  such  disclosure  controls and procedures to ensure
               that  material  information relating to the registrant, including
               its  consolidated  subsidiaries,  is  made  know to use by others
               within  those  entities,  particularly during the period in which
               this  quarterly  report  is  being  prepared;

               b.  evaluated  the  effectiveness  of the registrant's disclosure
               controls  and procedures as of a date within 90 days prior to the
               filing date of this quarterly report (the "Evaluation Date"); and

               c.  presented  in this quarterly report our conclusions about the
               effectiveness  of the disclosure controls and procedures based on
               our  evaluation  as  of  the  Evaluation  date;

5.     The registrant's other certifying officers and I have disclosed, based on
our most recent evaluation, to the registrant's auditors and the audit committee
of  registrant's  board  of  directors  (or  persons  performing  the equivalent
function):

               a.  all  significant  deficiencies  in the design or operation of
               internal  controls  which could adversely affect the registrant's
               ability  to  record, process, summarize and report financial data
               and  have  identified  for the registrant's auditors any material
               weakness  in  internal  controls;  and

               b.  any  fraud, whether or not material, that involves management
               or  other  employees  who  have  a  significant  role  in  the
               registrant's  internal  controls;  and

6.     The  registrant's  other certifying officers and I have indicated in this
quarterly  report  whether  or  not  there  were significant changes in internal
controls  or  in other factors that could significantly affect internal controls
subsequent  to  the date of our most recent evaluation, including any corrective
actions  with  regard  to  significant  deficiencies  and  material  weaknesses.

DATED  this  13th  day  of  May,  2003.



                                               /s/ John L. Larsen
                                               ---------------------------------
                                               John  L.  Larsen,
                                               Chief  Executive  Officer


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