----

**UNITED            STATES**

**SECURITIES            AND EXCHANGE COMMISSION**

**Washington,            D.C. 20549**

**FORM            10-K/A**

**[Part            III Information Only]**

| X       | Annual                    report pursuant to section 13 or 15(d) of the Securities Exchange                    Act of                    1934 for the fiscal year ended December 31, 2005 |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|    |                                                                                                                                                                                      |
| ⁬ | Transition                    report pursuant to section 13 or 15(d) of the Securities Exchange                    Act of                    1934 for the                                 |
|    | transition                    period from ___________ to                    ___________                                                                                                   |

| **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)**      |
|                                                                   |   |                                   |
| Registrant's                    telephone number, including area code: |   | **(307)                    856-9271**  |

| Securities                    registered pursuant to Section 12(b) of the Act:**None**                                                                 |
|--------------------------------------------------------------------------------------------------------------------------------------------------------|
| Securities                    registered pursuant to Section 12(g) of the Act:**Common                    Stock, $0.001 par                    value** |

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| Class                                            |   | Outstanding                    at March 30, 2006 |
|--------------------------------------------------|--------|--------------------------------------------------|
| Common                    stock, $.001 par value |   | 17,164,298                    Shares             |

----

**PART            III**

**ITEM            10. Directors and Executive Officers of The            Registrant.**

|                                     | Other                                            |     | Meeting                    at  |
|------------------------------------------|--------------------------------------------------|----------|--------------------------------|
| Name                                     | positions                    with                | Director | which                    term  |
| and                    age               | with                    the company              | since    | will                    expire |
|                                     |                                             |     |                           |
| John                    L. Larsen (74)   | CEO                    and Vice                  | 1975     | 2007                           |
|                                     | President                    (a)(b)(c)           |     |                           |
|                                     |                                             |     |                           |
| Daniel                    P. Svilar (77) | Secretary                    (a)                 | 1980     | 2008                           |
|                                     |                                             |     |                           |
|                                     |                                             |     |                           |
| Keith                    G. Larsen (47)  | Co-Chairman(a)                                   | 2003     | 2006                           |
|                                     |                                             |     |                           |
| Harold                    F. Herron (52) | President                    and Chairman (a)(d) | 2003     | 2006                           |

**Business            Experience and Other Directorships of Directors and            Nominees.**

**John            L. Larsen**
** **

**Keith            G. Larsen**

----

**Harold            F. Herron**
** **
** **

**Daniel            P. Svilar**
** **

**Filing            of Reports Under Section 16(a)**

**Information            Concerning the Executive Officer Who Is Not a Director**

**Robert            Scott Lorimer, **

**ITEM            11. Executive Compensation.**

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**SUMMARY          COMPENSATION          TABLE**

|                                    |   |   |   |                                     |   |     |   |    |       | Long                      Term Compensation |   |       |   |
|-----------------------------------------|--------|--------|--------|------------------------------------------|--------|----------|--------|---------|------------|---------------------------------------------|--------|------------|--------|
|                                    |   |   |   | Annual                      Compensation |   | Awards   |   | Payouts |       |                                        |   |
| (a)                                     |   | (b)    |   | (c)                                      |   | (d)      |   | (e)     |       | (f)                                         |   | (g)        |   | (h) |   | (i) |   |
|                                    |   |   |   |                                     |   |     |   | Other   |       |                                        |   |       |   |   |   |   |   |
| Name                                    |   |   |   |                                     |   |     |   | Annual  |       | Restricted                                  |   |       |   | LPIT |   | All                      Other |   |
| and                      Current        |   |   |   |                                     |   |     |   | Compen- |       | Stock                                       |   | Options(6) |   | Pay- |   | Compen- |   |
| Principal                               |   |   |   |                                     |   |     |   | sation  |       | Award(s)                                    |   | or         |   | outs |   | sation |   |
| Position                                |   | Year   |   | Salary($)                                |   | Bonus($) |   | ($)     |       | ($)                                         |   | SARs(#)    |   | ($) |   | ($)(7) |   |
|                                    |   |   |   |                                     |   |     |   |    |       |                                        |   |       |   |   |   |   |   |
| John                      L. Larsen     |   |   | 2005   |                                     | $      | 162,300  |   | $       | 27,800(1)  |                                        | $      | 10,300     |   | $ | 42,400(4) |   |   | 100,000 |   | $ | -0- |   | $ | 21,400 |   |
| Sr.                      Vice President |   |   | 2004   |                                     |   | 176,500  |   |    | 14,700(2)  |                                        |   | -0-        |   |   | 25,700(4) |   |   | 125,000 |   | $ | -0- |   |   | 24,300 |   |
|                                    |   |   | 2003   |                                     |   | 174,500  |   |    | 25,300(3)  |                                        |   | -0-        |   |   | 117,200(5) |   |   | -0- |   |   | -0- |   |   | 22,700 |   |
|                                    |   |   |   |                                     |   |     |   |    |       |                                        |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Keith                      G. Larsen    |   |   | 2005   |                                     | $      | 173,300  |   | $       | 48,100(1)  |                                        | $      | 5,200      |   | $ | 42,400(4) |   |   | 100,000 |   | $ | -0- |   | $ | 21,400 |   |
| CEO                                     |   |   | 2004   |                                     |   | 162,000  |   |    | 24,500(2)  |                                        |   | -0-        |   |   | 25,700(4) |   |   | 125,000 |   |   | -0- |   |   | 24,300 |   |
|                                    |   |   | 2003   |                                     |   | 156,000  |   |    | 40,000(3)  |                                        |   | -0-        |   |   | 62,000(5) |   |   | -0- |   |   | -0- |   |   | 22,700 |   |
|                                    |   |   |   |                                     |   |     |   |    |       |                                        |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Mark                      J. Larsen     |   |   | 2005   |                                     | $      | 137,300  |   | $       | 156,500(1) |                                        | $      | 5,200      |   | $ | 42,400(4) |   |   | 100,000 |   | $ | -0- |   | $ | 21,400 |   |
| President                               |   |   | 2004   |                                     |   | 124,600  |   |    | 23,500(2)  |                                        |   | -0-        |   |   | -0- |   |   | 125,000 |   |   | -0- |   |   | 18,100 |   |
| 2003**                                  |   |   |   |                                     |   | 120,000  |   |    | 33,300(3)  |                                        |   | -0-        |   |   | -0- |   |   | -0- |   |   | -0- |   |   | 17,400 |   |
|                                    |   |   |   |                                     |   |     |   |    |       |                                        |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Daniel                      P. Svilar   |   |   | 2005   |                                     | $      | 150,200  |   | $       | 27,200(1)  |                                        | $      | 4,600      |   | $ | 42,400(4) |   |   | 100,000 |   | $ | -0- |   | $ | 21,400 |   |
| General                      Counsel    |   |   | 2004   |                                     |   | 155,100  |   |    | 14,300(2)  |                                        |   | -0-        |   |   | 25,700(4) |   |   | 125,000 |   |   | -0- |   |   | 19,500 |   |
| and                      Secretary      |   |   | 2003   |                                     |   | 149,400  |   |    | 24,700(3)  |                                        |   | -0-        |   |   | 103,400(5) |   |   | -0- |   |   | -0- |   |   | 22,700 |   |
|                                    |   |   |   |                                     |   |     |   |    |       |                                        |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                    |   |   |   |                                     |   |     |   |    |       |                                        |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Harold                      F. Herron   |   |   | 2005   |                                     | $      | 145,700  |   | $       | 26,900(1)  |                                        | $      | 700        |   | $ | 42,400(4) |   |   | 100,000 |   | $ | -0- |   | $ | 21,400 |   |
| Sr.                      Vice President |   |   | 2004   |                                     |   | 138,000  |   |    | 13,800(2)  |                                        |   | -0-        |   |   | 25,700(4) |   |   | 125,000 |   |   | -0- |   |   | 22,600 |   |
|                                    |   |   | 2003   |                                     |   | 106,200  |   |    | 65,700(3)  |                                        |   | -0-        |   |   | 89,600(5) |   |   | -0- |   |   | -0- |   |   | 22,700 |   |
|                                    |   |   |   |                                     |   |     |   |    |       |                                        |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| R.                      Scott Lorimer   |   |   | 2005   |                                     | $      | 149,300  |   | $       | 47,100(1)  |                                        | $      | -0-        |   | $ | 42,400(4) |   |   | 100,000 |   | $ | -0- |   | $ | 21,400 |   |
| Treasurer                      and      |   |   | 2004   |                                     |   | 141,000  |   |    | 16,400(2)  |                                        |   | -0-        |   |   | 25,700(4) |   |   | 125,000 |   |   | -0- |   |   | 23,900 |   |
| CFO                                     |   |   | 2003   |                                     |   | 135,700  |   |    | 24,000(3)  |                                        |   | -0-        |   |   | 89,600(5) |   |   | -0- |   |   | -0- |   |   | 22,700 |   |

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**Executive            Compensation Plans and Employment Agreements**

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**Retirement            Policy**
** **

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**Employee            Stock Ownership Plan ("ESOP"). **

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**401(k)            Plan. **

**1998            Incentive Stock Option Plan. **

**USE’s            2001 Incentive Stock Option Plan ("2001 ISOP"). **

**Option            Grants to Executive Officers in the Twelve Months**

**Ended            December 31, 2005            (Nonqualified)**

|                                |                                 | **Percent**                           |         |            |                              |
|-------------------------------------|--------------------------------------|---------------------------------------|--------------|-----------------|-----------------------------------|
|                                | **Number                    of**     | **of                    All Options** |         |            |                              |
|                                | **Shares                    Under**  | **Granted                    to**     |         |            |                              |
|                                | **Lying                    Options** | **Employees**                         | **Exercise** | **Expiration**  | **Grant                    Date** |
| **Name**                            | **Granted**                          | **in                    2005**        | **Price**    | **Date****(1)** | **Pres.Value****(2)**             |
|                                |                                 |                                  |         |            |                              |
| John                    L. Larsen   | 100,000                              | 13.3%                                 | $3.86        | 10/13/15        | $319,100                          |
| Keith                    G. Larsen  | 100,000                              | 13.3%                                 | $3.86        | 10/13/15        | $319,100                          |
| Harold                    F. Herron | 100,000                              | 13.3%                                 | $3.86        | 10/13/15        | $319,100                          |
| Daniel                    P. Svilar | 100,000                              | 13.3%                                 | $3.86        | 10/13/15        | $319,100                          |
| R.                    Scott Lorimer | 100,000                              | 13.3%                                 | $3.86        | 10/13/15        | $319,100                          |
| Mark                    J. Larsen*  | 100,000                              | 13.3%                                 | $3.86        | 10/13/15        | $319,100                          |

----

**Aggregated            Option/SAR Exercises in Last Fiscal Year and**

**Twelve            Months Ended 12/31/05 and Option/SAR Values at 12/31/05**

| (a)                                   |   | (b)                                 |   | (c)                          |   | (d)                            |   | (e)                            |    | (f)                            |   |
|---------------------------------------|--------|-------------------------------------|--------|------------------------------|--------|--------------------------------|--------|--------------------------------|---------|--------------------------------|--------|
|                                  |   | In                    Twelve Months |   |                         |   |                           |   | Value                    of    |    |
|                                  |   | Ended                    12/31/05   |   | Number                    of |   | Number                    of   |   | In-the-Money                   |    |
|                                  |   | Shares                              |   |                         |   | Options/SARS                   |   | Options/SARs                   |    | Options/SARs                   |   |
|                                  |   | Acquired                            |   | Value                        |   | at                    12/31/05 |   | at                    12/31/05 |    | at                    12/31/05 |   |
| Name                                  |   | On                    Exercise (#)  |   | Realized($)                  |   | Outstanding                    |   | Exercisable                    |    | Exercisable                    |   |
|                                  |   |                                |   |                         |   |                           |   |                           |    |                           |   |
| John                    L. Larsen,    |   |                                | -0-    |                         |   | -0-                            |   |                           | 34,782  |                           |   | 34,782 |   | $ | 52,347(10 |   |
| Sr.                    Vice President |   |                                | -0-    |                         |   | -0-                            |   |                           | 77,718  |                           |   | 77,718 |   | $ | 184,969(2) |   |
|                                  |   |                                | -0-    |                         |   | -0-                            |   |                           | 184,400 |                           |   | 184,400 |   | $ | 365,112(3) |   |
|                                  |   |                                | -0-    |                         |   | -0-                            |   |                           | 100,000 |                           |   | 100,000 |   | $ | 48,000(4) |   |
|                                  |   |                                | -0-    |                         |   | -0-                            |   |                           | 97,000  |                           |   | 97,000 |   | $ | 206,610(5) |   |
|                                  |   |                                | -0-    |                         |   | -0-                            |   |                           | 125,000 |                           |   | 100,000 |   | $ | 192,000(6) |   |
|                                  |   |                                | -0-    |                         |   | -0-                            |   |                           | 100,000 |                           |   | 100,000 |   | $ | 52,000(7) |   |
|                                  |   |                                |   |                         |   |                           |   |                           |    |                           |   |   |   |   |   |  |
| Keith                    G. Larsen    |   |                                | -0-    |                         |   | -0-                            |   |                           | -0-     |                           |   | -0- |   | $ | -0-(1) |   |
| Chairman/CEO                          |   |                                | -0-    |                         |   | -0-                            |   |                           | 52,718  |                           |   | 52,718 |   | $ | 125,469(2) |   |
|                                  |   |                                | 11,321 |                         | $      | 20,800                         |   |                           | 267,734 |                           |   | 267,734 |   | $ | 530,113(3) |   |
|                                  |   |                                | -0-    |                         |   | -0-                            |   |                           | 100,000 |                           |   | 100,000 |   | $ | 48,000(4) |   |
|                                  |   |                                | 44,444 |                         | $      | 88,400                         |   |                           | 52,556  |                           |   | 52,556 |   | $ | 111,944(5) |   |
|                                  |   |                                | -0-    |                         |   | -0-                            |   |                           | 84,350  |                           |   | 59,350 |   | $ | 113,952(6) |   |
|                                  |   |                                | -0-    |                         |   | -0-                            |   |                           | 100,000 |                           |   | 100,000 |   | $ | 52,000(7) |   |
|                                  |   |                                |   |                         |   |                           |   |                           |    |                           |   |   |   |   |   |  |
| Harold                    F. Herron,  |   |                                | 17,391 |                         | $      | 83,000                         |   |                           | -0-     |                           |   | -0- |   | $ | -0-(1) |   |
| Sr.                    Vice President |   |                                | -0-    |                         |   | -0-                            |   |                           | 20,109  |                           |   | 20,109 |   | $ | 47,859(2) |   |
|                                  |   |                                | 6,083  |                         | $      | 31,900                         |   |                           | 27,617  |                           |   | 27,617 |   | $ | 54,682(3) |   |
|                                  |   |                                | -0-    |                         |   | -0-                            |   |                           | 50,000  |                           |   | 50,000 |   | $ | 24,000(4) |   |
|                                  |   |                                | 22,222 |                         | $      | 120,000                        |   |                           | 26,278  |                           |   | 26,278 |   | $ | 55,972(5) |   |
|                                  |   |                                | -0-    |                         |   | -0-                            |   |                           | 125,000 |                           |   | 100,000 |   | $ | 192,000(6) |   |
|                                  |   |                                | -0-    |                         |   | -0-                            |   |                           | 100,000 |                           |   | 100,000 |   | $ | 52,000(7) |   |
|                                  |   |                                |   |                         |   |                           |   |                           |    |                           |   |   |   |   |   |  |
| Daniel                    P. Svilar   |   |                                | -0-    |                         |   | -0-                            |   |                           | 34,782  |                           |   | 34,782 |   | $ | 52,347(1) |   |
| Secretary                             |   |                                | -0-    |                         |   | -0-                            |   |                           | 40,218  |                           |   | 40,218 |   | $ | 95,719(2) |   |
|                                  |   |                                | -0-    |                         |   | -0-                            |   |                           | 121,900 |                           |   | 121,900 |   | $ | 241,362(3) |   |
|                                  |   |                                | -0-    |                         |   | -0-                            |   |                           | 100,000 |                           |   | 100,000 |   | $ | 48,000(4) |   |
|                                  |   |                                | -0-    |                         |   | -0-                            |   |                           | 97,000  |                           |   | 97,000 |   | $ | 206,610(5) |   |
|                                  |   |                                | -0-    |                         |   | -0-                            |   |                           | 125,000 |                           |   | 100,000 |   | $ | 192,000(6) |   |
|                                  |   |                                | -0-    |                         |   | -0-                            |   |                           | 100,000 |                           |   | 100,000 |   | $ | 52,000(7) |   |

----

| (a)                                 |   | (b)                                 |   | (c)                          |   | (d)                            |   | (e)                            |    | (f)                            |   |
|-------------------------------------|--------|-------------------------------------|--------|------------------------------|--------|--------------------------------|--------|--------------------------------|---------|--------------------------------|--------|
|                                |   | In                    Twelve Months |   |                         |   |                           |   | Value                    of    |    |
|                                |   | Ended                    12/31/05   |   | Number                    of |   | Number                    of   |   | In-the-Money                   |    |
|                                |   | Shares                              |   |                         |   | Options/SARS                   |   | Options/SARs                   |    | Options/SARs                   |   |
|                                |   | Acquired                            |   | Value                        |   | at                    12/31/05 |   | at                    12/31/05 |    | at                    12/31/05 |   |
| Name                                |   | on                    Exercise (#)  |   | Realized($)                  |   | Outstanding                    |   | Exercisable                    |    | Exercisable                    |   |
|                                |   |                                |   |                         |   |                           |   |                           |    |                           |   |
| R.                    Scott Lorimer |   |                                | 34,782 |                         | $      | 43,500                         |   |                           | -0-     |                           |   | -0- |   | $ | -0-(1) |   |
| CFO/Treasurer                       |   |                                | -0-    |                         |   | -0-                            |   |                           | 40,218  |                           |   | 40,218 |   | $ | 95,719(2) |   |
|                                |   |                                | -0-    |                         |   | -0-                            |   |                           | 80,233  |                           |   | 80,233 |   | $ | 158,861(3) |   |
|                                |   |                                | -0-    |                         |   | -0-                            |   |                           | 100,000 |                           |   | 100,000 |   | $ | 48,000(4) |   |
|                                |   |                                | 44,444 |                         | $      | 83,500                         |   |                           | 52,556  |                           |   | 52,556 |   | $ | 111,944(5) |   |
|                                |   |                                | -0-    |                         |   | -0-                            |   |                           | 84,350  |                           |   | 59,350 |   | $ | 113,952(6) |   |
|                                |   |                                | -0-    |                         |   | -0-                            |   |                           | 100,000 |                           |   | 100,000 |   | $ | 52,000(7) |   |
|                                |   |                                |   |                         |   |                           |   |                           |    |                           |   |   |   |   |   |   |
| Mark                    J. Larsen   |   |                                | -0-    |                         |   | -0-                            |   |                           | 27,782  |                           |   | 27,782 |   | $ | 41,812(1) |   |
| President                           |   |                                | -0-    |                         |   | -0-                            |   |                           | -0-     |                           |   | -0- |   | $ | -0-(2) |   |
|                                |   |                                | -0-    |                         |   | -0-                            |   |                           | 41,248  |                           |   | 41,248 |   | $ | 81,671(3) |   |
|                                |   |                                | -0-    |                         |   | -0-                            |   |                           | 100,000 |                           |   | 100,000 |   | $ | 48,000(4) |   |
|                                |   |                                | -0-    |                         |   | -0-                            |   |                           | 97,000  |                           |   | 97,000 |   | $ | 206,610(5) |   |
|                                |   |                                | -0-    |                         |   | -0-                            |   |                           | 125,000 |                           |   | 100,000 |   | $ | 192,000(6) |   |
|                                |   |                                | -0-    |                         |   | -0-                            |   |                           | 100,000 |                           |   | 100,000 |   | $ | 52,000(7) |   |

**USE            1996 Stock Award Program. **

----

**USE’s            2001 Stock Compensation Plan. **

**Crested’s            2004 Incentive Stock Option Plan. **

----

**Option            Grants to Executive Officers in the Twelve Months**

**Ended            December 31, 2005            (Nonqualified)**

|                                  |                                   | **Percent**                             |         |            |                                |
|---------------------------------------|----------------------------------------|-----------------------------------------|--------------|-----------------|-------------------------------------|
|                                  | **Number                      of**     | **of                      All Options** |         |            |                                |
|                                  | **Shares                      Under**  | **Granted                      to**     |         |            |                                |
|                                  | **Lying                      Options** | **Employees**                           | **Exercise** | **Expiration**  | **Grant                      Date** |
| **Name**                              | **Granted**                            | **in                      2005**        | **Price**    | **Date****(1)** | **Pres.Value****(2)**               |
|                                  |                                   |                                    |         |            |                                |
| John                      L. Larsen   | 200,000                                | 11.8%                                   | $1.71        | 06/09/15        | $317,900                            |
| Keith                      G. Larsen  | 200,000                                | 11.8%                                   | $1.71        | 06/09/15        | $317,900                            |
| Harold                      F. Herron | 200,000                                | 11.8%                                   | $1.71        | 06/09/15        | $317,900                            |
| Daniel                      P. Svilar | 200,000                                | 11.8%                                   | $1.71        | 06/09/15        | $317,900                            |
| R.                      Scott Lorimer | 200,000                                | 11.8%                                   | $1.71        | 06/09/15        | $317,900                            |

** **

----

**Aggregated            Option/SAR Exercises in Last Fiscal Year and**

**Twelve            Months Ended 12/31/05 and Option/SAR Values at 12/31/05**

| (a)                                      |   | (b)                                 |   | (c)                          |   | (d)                            |   | (e)                            |    | (f)                            |   |
|------------------------------------------|--------|-------------------------------------|--------|------------------------------|--------|--------------------------------|--------|--------------------------------|---------|--------------------------------|--------|
|                                     |   | In                    Twelve Months |   |                         |   |                           |   | Value                    of    |    |
|                                     |   | Ended                    12/31/05   |   | Number                    of |   | Number                    of   |   | In-the-Money                   |    |
|                                     |   | Shares                              |   |                         |   | Options/SARS                   |   | Options/SARs                   |    | Options/SARs                   |   |
|                                     |   | Acquired                            |   | Value                        |   | at                    12/31/05 |   | at                    12/31/05 |    | at                    12/31/05 |   |
| Name                                     |   | On                    Exercise (#)  |   | Realized($)                  |   | Outstanding                    |   | Exercisable                    |    | Exercisable                    |   |
|                                     |   |                                |   |                         |   |                           |   |                           |    |                           |   |
| John                    L. Larsen,       |   |                                | -0-    |                         |   | -0-                            |   |                           | 200,000 |                           |   | 200,000 |   | $ | 168,000(1) |   |
| CEO                    and VicePresident |   |                                |   |                         |   |                           |   |                           |    |                           |   |   |   |   |   |   |
|                                     |   |                                |   |                         |   |                           |   |                           |    |                           |   |   |   |   |   |   |
| Keith                    G. Larsen       |   |                                | -0-    |                         |   | -0-                            |   |                           | 200,000 |                           |   | 200,000 |   | $ | 168,000(1) |   |
| Co-Chairman                              |   |                                |   |                         |   |                           |   |                           |    |                           |   |   |   |   |   |   |
|                                     |   |                                |   |                         |   |                           |   |                           |    |                           |   |   |   |   |   |   |
| Harold                    F. Herron,     |   |                                | -0-    |                         |   | -0-                            |   |                           | 200,000 |                           |   | 200,000 |   | $ | 168,000(1) |   |
| President                    andChairman |   |                                |   |                         |   |                           |   |                           |    |                           |   |   |   |   |   |   |
|                                     |   |                                |   |                         |   |                           |   |                           |    |                           |   |   |   |   |   |   |
| Daniel                    P. Svilar      |   |                                | -0-    |                         |   | -0-                            |   |                           | 200,000 |                           |   | 200,000 |   | $ | 168,000(1) |   |
| Secretary                                |   |                                |   |                         |   |                           |   |                           |    |                           |   |   |   |   |   |   |
|                                     |   |                                |   |                         |   |                           |   |                           |    |                           |   |   |   |   |   |   |
| R.                    Scott Lorimer      |   |                                | -0-    |                         |   | -0-                            |   |                           | 200,000 |                           |   | 200,000 |   | $ | 168,000(1) |   |
| CFO/Treasurer                            |   |                                |   |                         |   |                           |   |                           |    |                           |   |   |   |   |   |   |
|                                     |   |                                |   |                         |   |                           |   |                           |    |                           |   |   |   |   |   |   |

**Directors'            Fees and Other Compensation**

**ITEM            12. Security Ownership of Certain Beneficial Owners and            Management.**

----

|                                                                                                                       |   | **Amount                      and Nature of Beneficial Ownership** |    | **Total**                                   |   |           |   |
|----------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------|---------|---------------------------------------------|--------|----------------|--------|
| **Name                      of**                                                                                           |   | **Voting                      Rights**                             |    | **Dispositive                      Rights** |   | **Beneficial** |   | **Percent** |   |
| **Beneficial                      Owner**                                                                                  |   | **Sole**                                                           |    | **Shared**                                  |   | **Sole**       |   | **Shared** |   | **Ownership** |   | **of                      Class****(1)** |   |
|                                                                                                                       |   |                                                               |    |                                        |   |           |   |   |   |   |   |   |   |
| John                      L. Larsen(2)                                                                                     |   |                                                               | -0-     |                                        |   | 12,184,733     |   |   | -0- |   |   | 12,184,733 |   |   | 12,184,733 |   |   | 71.2 | % |
|                                                                                                                       |   |                                                               |    |                                        |   |           |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Keith                      G. Larsen(2)                                                                                    |   |                                                               | -0-     |                                        |   | 12,184,733     |   |   | -0- |   |   | 12,184,733 |   |   | 12,184,733 |   |   | 71.2 | % |
|                                                                                                                       |   |                                                               |    |                                        |   |           |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Harold                      F. Herron(3)                                                                                   |   |                                                               | 3,466   |                                        |   | 12,184,733     |   |   | 3,466 |   |   | 12,184,733 |   |   | 12,188,199 |   |   | 71.2 | % |
|                                                                                                                       |   |                                                               |    |                                        |   |           |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Don                      C. Anderson(4)                                                                                    |   |                                                               | -0-     |                                        |   | 12,024,733     |   |   | -0- |   |   | 12,024,733 |   |   | 12,024,733 |   |   | 70.2 | % |
|                                                                                                                       |   |                                                               |    |                                        |   |           |   |   |   |   |   |   |   |   |   |   |   |   |   |
| H.                      Russell Fraser(4)                                                                                  |   |                                                               | -0-     |                                        |   | 12,024,733     |   |   | -0- |   |   | 12,024,733 |   |   | 12,024,733 |   |   | 70.2 | % |
|                                                                                                                       |   |                                                               |    |                                        |   |           |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Michael                      T. Anderson (4)                                                                               |   |                                                               | -0-     |                                        |   | 12,024,733     |   |   | -0- |   |   | 12,024,733 |   |   | 12,024,733 |   |   | 70.2 | % |
|                                                                                                                       |   |                                                               |    |                                        |   |           |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Michael                      Feinstein(4)                                                                                  |   |                                                               | -0-     |                                        |   | 12,024,733     |   |   | -0- |   |   | 12,024,733 |   |   | 12,024,733 |   |   | 70.2 | % |
|                                                                                                                       |   |                                                               |    |                                        |   |           |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Daniel                      P. Svilar(5)                                                                                   |   |                                                               | 156,850 |                                        |   | 12,184,733     |   |   | 156,850 |   |   | 12,184,733 |   |   | 12,341,583 |   |   | 72.1 | % |
|                                                                                                                       |   |                                                               |    |                                        |   |           |   |   |   |   |   |   |   |   |   |   |   |   |   |
| R.                      Scott Lorimer(6)                                                                                   |   |                                                               | -0-     |                                        |   | 12,184,733     |   |   | -0- |   |   | 12,184,733 |   |   | 12,199,733 |   |   | 71.3 | % |
|                                                                                                                       |   |                                                               |    |                                        |   |           |   |   |   |   |   |   |   |   |   |   |   |   |   |
| All                      officer andDirectors                      of USE as aGroup                      (nine persons)(7) |   |                                                               | 160,316 |                                        |   | 12,184,733     |   |   | 160,316 |   |   | 12,184,733 |   |   | 12,360,049 |   |   | 72.2 | % |

----

**ITEM            13. Certain Relationships and Related Transactions.**

**Family            Employment. **

**Transactions            Involving USECC and Crested**
** **

**Stock            Options in UPC Held by an Employee**

**Participation            by Officers, Directors and Employees in Stock Ownership of            Subsidiaries**

----

| ·   | U.S.                    Uranium Ltd. (“USUL”) has issued options to purchase a total of 3,080,000                    shares of common stock, at an exercise price of $0.25 per share,                    to                    officers, directors and employees of USE and Crested. All these                    options                    have a 10 year life and vest at the rate of 20% for 5 years.                    In 2006, it                    is possible that USUL will issue stock to these individuals,                    and will                    issue stock to USE and Crested for certain uranium properties                    to be                    transferred into USUL in 2005. The percentage ownership of USE                    and Crested                    would be approximately 90% on a combined basis, after the properties                    are                    transferred. USUL has not yet commenced operations and the uranium                    properties to be transferred into USUL have not yet been identified. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ·   | U.S.                    Moly Corp. (“USMC”) has issued options to purchase a total of 3,080,000                    shares of common stock, at an exercise price of $0.25 per share,                    to                    officers, directors and employees of USE and Crested. All these                    options                    have a 10 year life and vest at the rate of 20% for 5 years.                    In 2006, it                    is possible that USMC will issue stock to these individuals for                    nominal                    cash consideration, and will issue stock to USE and Crested for                    the Mt.                    Emmons, Colorado molybdenum properties, along with other rights                    and                    obligations associated with those properties. The percentage                    ownership of                    USE and Crested would be approximately 90% on a combined basis,                    after the                    properties are transferred. USMC has not yet commenced                    operations. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ·   | Sutter                    Gold Mining Inc. (“SGMI”) is owned 64.2% by USE; 1.5% by Crested; and 4%                    by officers and some of the directors of USE and Crested. Options                    to                    purchase 1,500,000 shares are held by officers and directors                    of USE and                    Crested; additional options are held by USE employees, and also                    by                    officers and directors of SGMI who are not affiliated with USE                    or Crested                    . In 2006, SGMI plans to resume exploration activities on its                    gold                    property in California. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Payment            of Cash Bonuses**
** **

**ITEM            14. Principal Accounting Fees and Services**

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**GNATURES**

|                                 |   | CRESTED                    CORP.          |
|--------------------------------------|--------|-------------------------------------------|
|                                 |   | (Registrant)                              |
|                                 |   |                                      |
|                                 |   |                                      |
|                                 |   |                                      |
| Date:                    May 3, 2006 | By:    | /s/John                    L. Larsen      |
|                                 |   | JOHN                    L. LARSEN,        |
|                                 |   | CEO                    and Vice President |

|                                 |   |                                               |
|--------------------------------------|--------|----------------------------------------------------|
|                                 |   |                                               |
|                                 |   |                                               |
| Date:                    May 3, 2006 | By:    | /s/                    John L. Larsen              |
|                                 |   | JOHN                    L. LARSEN, Director        |
|                                 |   |                                               |
|                                 |   |                                               |
| Date:                    May 3, 2006 | By:    | /s/                    Daniel P. Svilar            |
|                                 |   | DANIEL                    P. SVILAR, Director      |
|                                 |   |                                               |
|                                 |   |                                               |
| Date:                    May 3, 2006 | BY:    | /s/                    Harold F. Herron            |
|                                 |   | HAROLD                    F. HERRON, Director      |
|                                 |   |                                               |
|                                 |   |                                               |
| Date:                    May 3, 2006 | BY:    | /s/                    Keith G. Larsen             |
|                                 |   | KEITH                    G. LARSEN, Director       |
|                                 |   |                                               |
|                                 |   |                                               |
| Date:                    May 3, 2006 | By:    | /s/                    Robert Scott Lorimer        |
|                                 |   | ROBERT                    SCOTT LORIMER            |
|                                 |   | Principal                    Financial Officer and |
|                                 |   | Chief                    Accounting Officer        |

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