# EDGAR Filing Document

**Accession Number:** 0000101594
**File Stem:** 0001437749-25-028965
**Filing Date:** 2025-9
**Character Count:** 32222
**Document Hash:** 1e78a6b3116f148a4d612e74f7209b17
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-25-028965.hdr.sgml**: 20250912

**ACCESSION NUMBER**: 0001437749-25-028965

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 16

**REFERENCES 429**: 333-267267

**FILED AS OF DATE**: 20250912

**DATE AS OF CHANGE**: 20250912

**EFFECTIVENESS DATE**: 20250912

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** US ENERGY CORP
- **CENTRAL INDEX KEY:** 0000101594
- **STANDARD INDUSTRIAL CLASSIFICATION:** CRUDE PETROLEUM & NATURAL GAS [1311]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 830205516
- **STATE OF INCORPORATION:** WY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-290234
- **FILM NUMBER:** 251312319

**BUSINESS ADDRESS:**
- **STREET 1:** 1616 S. VOSS, SUITE 725
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77057
- **BUSINESS PHONE:** 303 993 3200

**MAIL ADDRESS:**
- **STREET 1:** 1616 S. VOSS, SUITE 725
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77057

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

**As filed with the Securities and Exchange Commission on September 12, 2025**

**Registration No. 333- ________**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM S-8**

**REGISTRATION STATEMENT**

**UNDER**

**THE SECURITIES ACT OF 1933**

**U.S. ENERGY CORP.**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Delaware** | **83-0205516** |
| (State or other jurisdiction<br> of incorporation or organization) | (I.R.S. Employer<br> Identification No.) |

---

---

| | |
|:---|:---|
| **1616 S. Voss, Suite 725**<br> **Houston, Texas** | **77057** |
| (Address of principal executive offices) | (Zip Code) |

---

**U.S. ENERGY CORP. 2022 EQUITY INCENTIVE PLAN**

(Full title of the plan)

**Ryan Smith**

**Chief Executive Officer**

**U.S. Energy Corp.**

**1616 S. Voss, Suite 725**

**Houston, Texas 77057**

(Name and address of agent for service)

**(303) 993-3200**

(Telephone number, including area code, of agent for service)

**Copy to:**

David M. Loev, Esq.

John S. Gillies, Esq.

The Loev Law Firm, PC

6300 West Loop South, Suite 280

Bellaire, Texas 77401

Telephone: (713) 524-4110

Facsimile: (713) 524-4122

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "<u>large accelerated filer</u>," "<u>accelerated filer</u>," "<u>smaller reporting company</u>," and "<u>emerging growth company</u>" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☒ <br> Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

------

**EXPLANATORY NOTE**

Pursuant to General Instruction E of Form S-8, U.S. Energy Corp. ("<u>we</u>", "<u>us</u>", "<u>our</u>", the "<u>Company</u>" or "<u>Registrant</u>") is filing this Registration Statement with the Securities and Exchange Commission (the "Commission") to register 4,062,689 additional shares of common stock, $0.01 par value per share ("<u>Common Stock</u>") under the U.S. Energy Corp. 2022 Equity Incentive Plan (the "<u>2022 Plan</u>"), pursuant to the provisions of that plan providing for an automatic increase in the number of shares reserved and available for issuance under the 2022 Plan on April 1, 2023 (1,285,540 shares), April 1, 2024 (1,309,455 shares) and April 1, 2025 (1,467,694 shares).

This Registration Statement hereby incorporates by reference the contents of the Registrant's registration statement on Form S-8 filed with the Commission on September 2, 2022 (Registration No. <u>333-267267</u>) (the "<u>Prior Registration Statement</u>"), to the extent not superseded hereby.

This Registration Statement relates solely to the registration of additional securities of the same class as are registered on the Prior Registration Statement. In accordance with the instructional note to Part I of Form S-8 as promulgated by the Commission, the information specified by Part I of Form S-8 has been omitted from this Registration Statement.

------

**Part II**

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

**Item 3. Incorporation of Documents by Reference**

The following documents filed with the Commission by the Company are incorporated by reference into this registration statement on Form S-8 (the "<u>Registration Statement</u>") and are made a part hereof:

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company's [<u>Annual Report on Form 10-K</u>](http://www.sec.gov/Archives/edgar/data/101594/000143774925007375/useg20241231_10k.htm) for the fiscal year ended December 31, 2024 (the " <u>Annual Report</u> "), as filed with the SEC on March 13, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company's [<u>Quarterly Report on Form 10-Q</u>](http://www.sec.gov/Archives/edgar/data/101594/000143774925015919/useg20250331_10q.htm) for the quarterly period ended March 31, 2025, as filed with the SEC on May 12, 2025 and [<u>Quarterly Report on Form 10-Q</u>](http://www.sec.gov/Archives/edgar/data/101594/000143774925026032/useg20250630_10q.htm) for the quarterly period ended June 30, 2025, as filed with the SEC on August 12, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company's Current Reports on Form 8-K and Form 8-K/A (other than information furnished rather than filed) filed with the SEC on [<u>January 10, 2025</u>](http://www.sec.gov/Archives/edgar/data/101594/000143774925000795/useg20250107_8k.htm) ; [<u>January 23, 2025</u>](http://www.sec.gov/Archives/edgar/data/101594/000143774925001631/useg20250122_8k.htm) ; [<u>January 29, 2025</u>](http://www.sec.gov/Archives/edgar/data/101594/000143774925002073/useg20250128_8k.htm) ; [<u>April 22, 2025</u>](http://www.sec.gov/Archives/edgar/data/101594/000143774925012691/useg20250422_8k.htm) and [<u>May 20, 2025</u>](http://www.sec.gov/Archives/edgar/data/101594/000143774925017823/useg20250516_8k.htm) ;

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company's [<u>Definitive Proxy Statement on Schedule 14A</u>](http://www.sec.gov/Archives/edgar/data/101594/000143774925012292/useg20250317_def14a.htm) , filed with the SEC on April 17, 2025 (subject to any provisions thereof which expressly provide that they are not incorporated by reference into filings under the Securities Act or Exchange Act); and

&nbsp;&nbsp;&nbsp;&nbsp;(e) the description of our capital stock contained in our registration statement on Form 10 filed under the Exchange Act with the SEC on January 29, 1973, as the description therein has been updated and superseded by the description of capital stock contained in [<u>Exhibit 4.1</u>](http://www.sec.gov/Archives/edgar/data/101594/000149315223012144/ex4-1.htm) to our Annual Report on Form 10-K for the year ended December 31, 2022, including any amendments or reports filed for the purpose of updating the description.

All documents filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>") on or after the date of this Registration Statement and prior to the filing of a post-effective amendment to this Registration Statement that indicates that all securities offered have been sold or that deregisters all securities then remaining unsold shall be deemed to be incorporated by reference in this Registration Statement and to be part hereof from the date of filing of such documents; provided, however, that documents or information deemed to have been <u>furnished</u> and not filed in accordance with the rules of the Commission shall not be deemed incorporated by reference in this Registration Statement. Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any subsequently filed document which also is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.

**Item 8. Exhibits**

Reference is made to the attached Exhibit Index, which is incorporated herein by reference.

**Item 9. Undertakings**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the Form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the "<u>Calculation of Registration Fee</u>" table in the effective registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement.

However, paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the Commission by the Company pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in this registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant's annual report pursuant to section 13(a) or section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan's annual report pursuant to section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Company pursuant to the foregoing provisions, or otherwise, the Company has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Company of expenses incurred or paid by a director, officer or controlling person of the Company in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, our company will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question of whether such indemnification by it is against public policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such issue.

------

**Item 8. Exhibits**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Incorporated by Reference** | **Incorporated by Reference** | **Incorporated by Reference** | **Incorporated by Reference** |  |
| **Exhibit** <br> **No.** | **Description** | **Form** | **File** <br> **No.** | **Exhibit** | **Filing**<br> **Date** | **Filed**<br> **Herewith** |
| 4.1 | [<u>Certificate of Transfer, filed with the Secretary of State of Wyoming on August 3, 2022, and effective on August 3, 2022</u>](http://www.sec.gov/Archives/edgar/data/101594/000149315222021362/ex3-4.htm) | 8-K | 000-06814 | 3.4 | August 3, 2022 |  |
| 4.2 | [<u>Certificate of Conversion, filed with the Secretary of State of Delaware on August 3, 2022, and effective on August 3, 2022</u>](http://www.sec.gov/Archives/edgar/data/101594/000149315222021362/ex3-1.htm) | 8-K | 000-06814 | 3.1 | August 3, 2022 |  |
| 4.3 | [<u>Certificate of Incorporation of U.S. Energy Corp., filed with the Secretary of State of Delaware on August 3, 2022</u>](http://www.sec.gov/Archives/edgar/data/101594/000149315222021362/ex3-2.htm) | 8-K | 000-06814 | 3.2 | August 3, 2022 |  |
| 4.4 | [<u>Amended and Restated Bylaws of U.S. Energy Corp.</u>](http://www.sec.gov/Archives/edgar/data/101594/000149315222021362/ex3-3.htm) | 8-K | 000-06814 | 3.3 | August 3, 2022 |  |
| 5.1\* | [Opinion of The Loev Law Firm, PC](ex_860305.htm) |  |  |  |  | X |
| 23.1\* | [Consent of Independent Registered Public Accounting Firm (Weaver and Tidwell, L.L.P.)](ex_860306.htm) |  |  |  |  | X |
| 23.2\* | [Consent of Reserve Engineer (On Point Resources, Inc.)](ex_860307.htm) |  |  |  |  | X |
| 23.3\* | [Consent of The Loev Law Firm, PC (included in Exhibit 5.1)](ex_860305.htm) |  |  |  |  | X |
| 24.1\* | [Power of Attorney (included on the signature page of this registration statement)](#poa) |  |  |  |  | X  |
| 99.1 | [<u>Plan of Conversion dated July 27, 2022, and effective August 3, 2022, of U.S. Energy Corp. from a Wyoming Corporation to a Delaware Corporation</u>](http://www.sec.gov/Archives/edgar/data/101594/000149315222021362/ex99-1.htm) | 8-K | 000-06814 | 99.1 | August 3, 2022 |  |
| 99.2 | [<u>U.S. Energy Corp. 2022 Equity Incentive Plan\*\*\*</u>](http://www.sec.gov/Archives/edgar/data/101594/000149315222017379/ex10-1.htm) | 8-K | 000-06814 | 10.1 | June 21, 2022 |  |
| 99.3 | [<u>Form of Stock Option Agreement (2022 Equity Incentive Plan) \*\*\*</u>](http://www.sec.gov/Archives/edgar/data/101594/000149315222024990/ex4-2.htm) | S-8 | 333-267267 | 4.2 | September 2, 2022 |  |
| 99.4 | [<u>Form of Restricted Stock Grant Agreement (2022 Equity Incentive Plan) \*\*\*</u>](http://www.sec.gov/Archives/edgar/data/101594/000149315222024990/ex4-3.htm) | S-8 | 333-267267 | 4.3 | September 2, 2022 |  |
| 107\* | [Filing Fee Table](ex_860308.htm) |  |  |  |  | X |

---

\* Filed herewith. <br>\*\*\* Indicates management contract or compensatory plan or arrangement.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Form S-8 to be signed on its behalf by the undersigned, thereunto duly authorized, in the city of Houston, State of Texas on the 12th day of September 2025.

---

| | |
|:---|:---|
| **U.S. ENERGY CORP.** | **U.S. ENERGY CORP.** |
|  | */s/ Ryan Smith* |
| By: | Ryan Smith, President, Chief Executive Officer and Director (Principal Executive Officer) |

---

KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Ryan L. Smith and Mark L. Zajac, and each of them, as true and lawful attorneys-in-fact and agents, with full powers of substitution and resubstitution, for them and in their name, place and stead, in any and all capacities, to sign this Registration Statement, and any and all amendments thereto (including post-effective amendments), and to file the same, with exhibits and schedules thereto, and other documents in connection therewith, with the SEC, granting unto said attorneys-in-fact and agents, full power and authority to do and perform each and every act and thing necessary or desirable to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or their or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof. This Power of Attorney may be signed in several counterparts.

Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | ***Title*** | ***Date*** |
| */s/ Ryan L. Smith* | President, Chief Executive Officer, and Director | September 12, 2025 |
| Ryan L. Smith | (*Principal Executive Officer*) |  |
| */s/ Mark L. Zajac* | Chief Financial Officer | September 12, 2025 |
| Mark L. Zajac | (*Principal Financial and Accounting Officer*) |  |
| */s/ John Weinzierl* | Chairman and Director | September 12, 2025 |
| John Weinzierl |  |  |
| */s/ James W. Denny III* | Director | September 12, 2025 |
| James W. Denny III |  |  |
| */s/ Randall D. Keys* | Director | September 12, 2025 |
| Randall D. Keys |  |  |
| */s/ Duane H. King* | Director | September 12, 2025 |
| Duane H. King |  |  |
| */s/ D. Stephen Slack* | Director | September 12, 2025 |
| D. Stephen Slack |  |  |

---

## Exhibit 5.1

**Exhibit 5.1**

![llf01.jpg](llf01.jpg)

September 12, 2025

U.S. Energy Corp.

1616 S. Voss, Suite 725

Houston, Texas 77057

**Re: Form S-8 Registration Statement**

Ladies and Gentlemen:

We have acted as counsel for U.S. Energy Corp., a Delaware corporation (the "<u>Company</u>"), in connection with the Company's registration under the Securities Act of 1933, as amended (the "<u>Act</u>"), of the offer and sale of an aggregate of up to 4,062,689 shares of common stock, $0.01 par value per share (the "<u>Shares</u>") of the Company, pursuant to the Company's Registration Statement on Form S-8 (the "<u>Registration Statement</u>") to be filed with the Securities and Exchange Commission (the "<u>Commission</u>") on the date of this opinion, which Shares are reserved for future awards under the Company's 2022 Equity Incentive Plan (the "<u>Plan</u>"), as described in greater detail in the Registration Statement to which this opinion has been filed as an exhibit.

In reaching the opinions set forth herein, we have examined and are familiar with originals or copies, certified or otherwise identified to our satisfaction, of such documents and records of the Company and such statutes, regulations and other instruments as we deemed necessary or advisable for purposes of this opinion, including (i) the Company's Certificate of Incorporation of the Company, (ii) the Company's Bylaws (as amended and restated), (iii) the Registration Statement and the exhibits thereto, (iv) certain resolutions adopted by the Board of Directors of the Company, (v) the Plan, and (vi) such other certificates, instruments, and documents as we have considered necessary for purposes of this opinion letter. We have also reviewed such matters of law as we considered necessary or appropriate as a basis for the opinion expressed below. As to various questions of fact material to the opinions expressed below, we have, without independent third party verification of their accuracy, relied in part, and to the extent we deemed reasonably necessary or appropriate, upon the representations and warranties of the Company contained in such documents, records, certificates, instruments or representations furnished or made available to us by the Company, including the Registration Statement and, to the extent that we deemed such reliance proper, upon certificates of public officials and officers or other representatives of the Company.

With your permission, we have made and relied upon the following assumptions, without any independent investigation or inquiry by us, and our opinion expressed below is subject to, and limited and qualified by the effect of, such assumptions: (1) all corporate records furnished to us by the Company are accurate and complete; (2) the Registration Statement to be filed by the Company with the Commission will be identical to the form of the document that we have reviewed; (3) all statements as to factual matters that are contained in the Registration Statement (including the exhibits to the Registration Statement) and the Plan are accurate and complete; (4) the Company will issue the Shares in accordance with the terms of the Registration Statement and the Plan; and (5) in connection with each issuance of any Shares, the Company will duly execute and deliver a stock certificate evidencing the applicable Shares or, with respect to any applicable Shares issued on an uncertificated basis, the Company will comply with applicable laws regarding the documentation of uncertificated securities.

------

Based upon the foregoing, and subject to the qualifications, assumptions and limitations stated herein, and having due regard for the legal considerations we deem relevant, we are of the opinion that (a) when the Shares are issued by the Company in accordance with the terms of the Plan and the instruments executed pursuant to the Plan, as applicable, which govern the awards to which any Shares relate, and (b) when the payment of the consideration for such Shares pursuant to the terms of such Plan and award agreements, have been made (which shall be at least equal to the par value of the Shares), such Shares, as applicable, will be legally issued, fully paid and non-assessable.

This opinion is expressly limited in scope to the Shares enumerated herein which are to be expressly covered by the referenced Registration Statement. Without limiting the generality of the foregoing, we neither express nor imply any opinion regarding the contents of the Registration Statement, other than as expressly stated above with respect to the Shares.

We express no opinion as to the laws of any state or jurisdiction other than the General Corporation Law of the State of Delaware and the federal laws of the United States of America. No opinion is expressed herein with respect to the qualification of the Shares under the securities or blue sky laws of any state or any foreign jurisdiction. We have made such examination of Delaware law as we have deemed relevant for purposes of this opinion. We express no opinion as to any county, municipal, city, town or village ordinance, rule, regulation or administrative decision.

The foregoing opinion assumes that all requisite steps will be taken to comply with the requirements of the Securities Act and applicable requirements of state laws regulating the offer and sale of the Shares.

This opinion (i) is rendered in connection with the filing of the Registration Statement, (ii) is rendered as of the date hereof, and we undertake no, and hereby disclaim any kind of, obligation to advise you of any change or any new developments that might affect any matters or opinions set forth herein, and (iii) is limited to the matters stated herein and no opinions may be inferred or implied beyond the matters expressly stated herein.

We hereby consent to the filing of this opinion with the Securities and Exchange Commission as an exhibit to the Registration Statement. In giving this consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the Act.

---

| |
|:---|
| Sincerely, |
| */s/ The Loev Law Firm, PC* |
| The Loev Law Firm, PC |

---

## Exhibit 23.1

**Exhibit 23.1**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the incorporation by reference in this Registration Statement on Form S-8 of our report dated March 13, 2025, relating to the December 31, 2024 and 2023 consolidated financial statements of U.S. Energy Corp., which appears in the Annual Report on Form 10-K of U.S. Energy Corp. for the year ended December 31, 2024.

---

| |
|:---|
| */s/ Weaver and Tidwell, L.L.P.* |
| Houston, Texas |
| September 12, 2025 |

---

## Exhibit 23.2

**Exhibit 23.2**

**CONSENT OF ON POINT RESOURCES, INC.**

We hereby consent to the use of our name, and the incorporation by reference into the Registration Statement on Form S-8 of U.S. Energy Corp. (the "<u>Company</u>"), of our report dated January 8, 2025, relating to certain estimated quantities of the Company's proved reserves of oil and natural gas, future net income and discounted future net income, effective December 31, 2024, which was filed as Exhibits 99.1 to the Company's Annual Report on Form 10-K for the year ended December 31, 2024 (the "Annual Report"). We further consent to incorporation by reference into such Form S-8 Registration Statement, of the reference to our firm in the Annual Report, including, but not limited to, under Item 2 – Properties under the heading "Oil and Natural Gas Interests" and Item 8, Note 16 of the Notes to Consolidated Financial Statements under the caption "Supplemental Oil and Natural Gas Information (Unaudited)."

---

| |
|:---|
| September 12, 2025 |
| Very truly yours, |
| On Point Resources, Inc. |
| */s/ Don Jacks* |
| Don Jacks, President |

---

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **S-8**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **US ENERGY CORP**  |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Calculation Rule**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Proposed Maximum Offering Price Per Unit**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Rate**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Registration Fee**  |
| 1 | Equity | Common Stock, par value $0.01 per share | Other | 4062689 | $1.1125 | $4519741.51 | 0.0001531 | $691.97 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: |  | $4519741.51  |  | $691.97  |
| Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  |  |  |  | $0.00  |
| Net Fee Due:  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  |  |  |  | $691.97  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Offering Note** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup> This Registration Statement on Form S-8 relates to an additional 4,062,689 shares of the common stock, par value $0.01 per share (the "Common Stock") of U.S. Energy Corp. (the "Registrant" or the "Company") reserved for issuance pursuant to future awards under the 2022 Equity Incentive Plan (the "2022 Plan") of the Company. The Company previously filed a registration statement on Form S-8 (Registration No. 333-267267) with respect to shares issuable under the 2022 Plan. In accordance with Rule 416 under the Securities Act, this Registration Statement shall be deemed to cover an indeterminate number of additional shares that may from time to time be offered or issued to prevent dilution resulting from stock splits, stock dividends, recapitalization or similar transactions. Proposed maximum offering price per share is estimated solely for the purpose of calculating the registration fee pursuant to Rules 457(c) and (h) under the Securities Act, and based upon the average of the high ($1.125) and low ($1.110) prices of the Registrant's Common Stock as reported on the Nasdaq Capital Market on September 8, 2025, which date is within five business days prior to filing this Registration Statement.

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| | |
|:---|:---|
| | |
| **Rule 457(p)** | **Rule 457(p)** |
| Fee Offset Claims | N/A |
| Fee Offset Sources | N/A |

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