# EDGAR Filing Document

**Accession Number:** 0001903548
**File Stem:** 0001493152-23-000957
**Filing Date:** 2023-1
**Character Count:** 17436
**Document Hash:** 0efedf1794e0f849c94410753d986b82
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-23-000957.hdr.sgml**: 20230109

**ACCESSION NUMBER**: 0001493152-23-000957

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20230105

**FILED AS OF DATE**: 20230109

**DATE AS OF CHANGE**: 20230109

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Batchelor Joshua Lane
- **CENTRAL INDEX KEY:** 0001903548

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-06814
- **FILM NUMBER:** 23518632

**MAIL ADDRESS:**
- **STREET 1:** 2121 SAGE ROAD, SUITE 325
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77056
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Woodford Petroleum, LLC
- **CENTRAL INDEX KEY:** 0001903542
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-06814
- **FILM NUMBER:** 23518629

**BUSINESS ADDRESS:**
- **STREET 1:** P.O. BOX 1328
- **CITY:** SPRING
- **STATE:** TX
- **ZIP:** 77383
- **BUSINESS PHONE:** 713-364-1400

**MAIL ADDRESS:**
- **STREET 1:** 2121 SAGE ROAD
- **STREET 2:** SUITE 325
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77056
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Sage Road Capital, LLC
- **CENTRAL INDEX KEY:** 0001903543
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-06814
- **FILM NUMBER:** 23518631

**BUSINESS ADDRESS:**
- **STREET 1:** 2121 SAGE ROAD
- **STREET 2:** SUITE 325
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77056
- **BUSINESS PHONE:** 713-364-1400

**MAIL ADDRESS:**
- **STREET 1:** 2121 SAGE ROAD
- **STREET 2:** SUITE 325
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77056
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Stamets Benjamin Andrew
- **CENTRAL INDEX KEY:** 0001904963

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-06814
- **FILM NUMBER:** 23518627

**MAIL ADDRESS:**
- **STREET 1:** 2121 SAGE ROAD
- **STREET 2:** SUITE 325
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77056
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Banner Oil & Gas, LLC
- **CENTRAL INDEX KEY:** 0001903556
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-06814
- **FILM NUMBER:** 23518630

**BUSINESS ADDRESS:**
- **STREET 1:** 10011 SOUTH PENNSYLVANIA AVE.
- **CITY:** OKLAHOMA CITY
- **STATE:** OK
- **ZIP:** 73159
- **BUSINESS PHONE:** 713-364-1400

**MAIL ADDRESS:**
- **STREET 1:** 2121 SAGE ROAD
- **STREET 2:** SUITE 325
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77056
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Llano Energy LLC
- **CENTRAL INDEX KEY:** 0001903563
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-06814
- **FILM NUMBER:** 23518628

**BUSINESS ADDRESS:**
- **STREET 1:** P.O. BOX 369
- **CITY:** STILLWATER
- **STATE:** OK
- **ZIP:** 74076
- **BUSINESS PHONE:** 713-364-1400

**MAIL ADDRESS:**
- **STREET 1:** 2121 SAGE ROAD
- **STREET 2:** SUITE 325
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77056
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** US ENERGY CORP
- **CENTRAL INDEX KEY:** 0000101594
- **STANDARD INDUSTRIAL CLASSIFICATION:** CRUDE PETROLEUM & NATURAL GAS [1311]
- **IRS NUMBER:** 830205516
- **STATE OF INCORPORATION:** WY
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** 675 BERING, SUITE 100
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77057
- **BUSINESS PHONE:** 303 993 3200

**MAIL ADDRESS:**
- **STREET 1:** 675 BERING, SUITE 100
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77057

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WESTERN STATES MINING INC
- **DATE OF NAME CHANGE:** 19851229

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Batchelor Joshua Lane<br><sub>(Last) (First) (Middle)</sub><br>2121 SAGE ROAD, SUITE 325<br><sub>(Street)</sub><br>HOUSTON,, TX 77056<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2023-01-05 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[X] Director [X] 10% Owner<br>[ ] Officer (give title below) [X] Other (specify below)<br>_Member of 10% owner group_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>US ENERGY CORP [ USEG ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Sage Road Capital, LLC<br><sub>(Last) (First) (Middle)</sub><br>2121 SAGE ROAD, SUITE 325<br><sub>(Street)</sub><br>HOUSTON,, TX 77056<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2023-01-05 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [X] 10% Owner<br>[ ] Officer (give title below) [X] Other (specify below)<br>_Member of 10% owner group_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>US ENERGY CORP [ USEG ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Banner Oil & Gas, LLC<br><sub>(Last) (First) (Middle)</sub><br>2121 SAGE ROAD, SUITE 325<br><sub>(Street)</sub><br>HOUSTON,, TX 77056<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2023-01-05 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [X] 10% Owner<br>[ ] Officer (give title below) [X] Other (specify below)<br>_Member of 10% owner group_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>US ENERGY CORP [ USEG ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Woodford Petroleum, LLC<br><sub>(Last) (First) (Middle)</sub><br>2121 SAGE ROAD, SUITE 325<br><sub>(Street)</sub><br>HOUSTON,, TX 77056<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2023-01-05 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [ ] 10% Owner<br>[ ] Officer (give title below) [X] Other (specify below)<br>_Member of 10% owner group_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>US ENERGY CORP [ USEG ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Llano Energy LLC<br><sub>(Last) (First) (Middle)</sub><br>2121 SAGE ROAD, SUITE 325<br><sub>(Street)</sub><br>HOUSTON,, TX 77056<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2023-01-05 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [ ] 10% Owner<br>[ ] Officer (give title below) [X] Other (specify below)<br>_Member of 10% owner group_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>US ENERGY CORP [ USEG ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Stamets Benjamin Andrew<br><sub>(Last) (First) (Middle)</sub><br>2121 SAGE ROAD, SUITE 325<br><sub>(Street)</sub><br>HOUSTON,, TX 77056<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2023-01-05 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [X] 10% Owner<br>[ ] Officer (give title below) [X] Other (specify below)<br>_Member of 10% owner group_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>US ENERGY CORP [ USEG ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Common Stock | 2023-01-05 |  | A |  | 48913<sup>(1)(2)</sup> | A | 0<sup>(3)</sup> | 48913 | D<sup>(4)</sup> |  |
| Common Stock |  |  |  |  |  |  |  | 5668121<sup>(2)</sup> | D<sup>(5)</sup> |  |
| Common Stock |  |  |  |  |  |  |  | 434130<sup>(2)</sup> | D<sup>(6)</sup> |  |
| Common Stock |  |  |  |  |  |  |  | 688273<sup>(2)</sup> | D<sup>(7)</sup> |  |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

---

### Footnotes:

(1) Represents restricted stock shares subject to time-based vesting, which vest at the rate of (a) 1/2 of such shares on July 5, 2023, and (b) 1/2 of such shares on January 5, 2024, subject to the recipient's continued service to the Issuer.

(2) Excludes shares of common stock relating to the voting group included under "Remarks", except as described in footnotes (5), (6) and (7).

(3) Issued to the Reporting Person in consideration for services rendered and agreed to be rendered to the Issuer as a member of the Board of Directors of the Issuer.

(4) Represents shares of shares of common stock, $0.01 par value per share of the Issuer, held by Mr. Joshua L. Batchelor.

(5) Represents shares of common stock, $0.01 par value per share of the Issuer, held by Banner Oil & Gas, LLC ("Banner"). The shares held by Banner may be deemed to be beneficially owned by Sage Road Capital, LLC ("Sage Road"), which indirectly controls Banner and manages certain funds which own a majority interest of Banner, and by Mr. Batchelor and Mr. Stamets, due to their status as co-Managing Partners of Sage Road. Mr. Batchelor and Mr. Stamets disclaim beneficial ownership of the securities reported herein except to the extent of each of their pecuniary interest therein.

(6) Represents shares of common stock, $0.01 par value per share of the Issuer, held by Woodford Petroleum, LLC ("Woodford"). The shares held by Woodford may be deemed to be beneficially owned by Sage Road, which indirectly controls Woodford and manages certain funds which own a majority interest of Woodford, and by Mr. Batchelor and Mr. Stamets, due to their status as co-Managing Partners of Sage Road. Mr. Batchelor and Mr. Stamets disclaim beneficial ownership of the securities reported herein except to the extent of each of their pecuniary interest therein.

(7) Represents shares of common stock, $0.01 par value per share of the Issuer, held by Llano Energy LLC ("Llano"). The shares held by Llano may be deemed to be beneficially owned by Sage Road, which indirectly controls Llano and manages certain funds which own a majority interest of Llano, and by Mr. Batchelor and Mr. Stamets, due to their status as co-Managing Partners of Sage Road. Mr. Batchelor and Mr. Stamets disclaim beneficial ownership of the securities reported herein except to the extent of each of their pecuniary interest therein.

**Remarks:**
By virtue of being party to a Nominating and Voting Agreement, dated as of January 5, 2022 (the "Voting Agreement"), Banner, Woodford and Llano, and Sage Road and Mr. Batchelor and Mr. Stamets, due to their control of such entities, may be deemed to be a member of a "group" for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), with respect to the securities reported herein with the other parties who are bound by the Voting Agreement and their control persons, which such "group" beneficially owns, in the aggregate, more than 10% of the outstanding shares of common stock of the Issuer. In addition to Banner, Woodford and Llano, the parties to the Voting Agreement are the Issuer, Lubbock Energy Partners LLC; and Synergy Offshore LLC. Separately, the control persons of the other parties to the Voting Agreement may also be part of the Section 13(d) "group". The reporting persons disclaim beneficial ownership of any securities owned by any of the other signatories to the Voting Agreement (and/or their control persons) and the filing of this Form 4 shall not be deemed an admission, for purposes of Section 16 of the Exchange Act or otherwise, that any of the reporting persons and any other person or persons constitute a "group" for purposes of Section 13(d)(3) of the Exchange Act or Rule 13d-5 thereunder. In addition, none of the reporting persons have any pecuniary interest in any of the securities beneficially owned by any of the other signatories to the Voting Agreement (and/or their control persons).

 For a description of the Voting Agreement, see the Current Report on Form 8-K filed by the Issuer with the United States Securities and Exchange Commission on January 10, 2022.

**Signature:** /s/ Joshua L. Batchelor  
**Date:** 2023-01-09

**Signature:** /s/ Benjamin A. Stamets  
**Date:** 2023-01-09

**Signature:** /s/ Joshua L. Batchelor, Managing Partner of Sage Road Capital, LLC  
**Date:** 2023-01-09

**Signature:** /s/ Joshua L. Batchelor, Manager of Banner Oil & Gas, LLC  
**Date:** 2023-01-09

**Signature:** /s/ Joshua L. Batchelor, Manager of Woodford Petroleum, LLC  
**Date:** 2023-01-09

**Signature:** /s/ Joshua L. Batchelor, Manager of Llano Energy LLC  
**Date:** 2023-01-09

### Remarks:

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

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

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**