Document:

EXHIBIT 4.15
                               U. S. ENERGY CORP.

                             STOCK OPTION AGREEMENT

This stock option agreement is made in Riverton, WY this 11th day of April, 2001
by and between U.S. ENERGY CORP. (herein referred to as the "Company") and R.
JERRY FALKNER (hereinafter referred to as the "Optionee").

1.   The Company hereby grants to the Optionee a five year option to purchase an
     aggregate of 20,000 shares of the common stock of the Company, $0.01 par
     value (hereinafter referred to as the "Shares") at an option price of $3.98
     per share. The Option shall be available for exercise immediately.

2.   This option, to the extent not exercised, shall expire on April 10, 2006,
     or earlier upon the death of the Optionee.

3.   The Optionee may exercise this option at any time, or from time to time, as
     to all or any part of the Shares by giving written notice to the Company,
     at its principal office, specifying the number of Shares to which the
     exercise shall apply, and accompanied by payment of the full purchase price
     for the Shares being purchased. Optionee shall also execute an investment
     representation statement in a form approved by the board of directors of
     the company prior to issuance of share certificates. Upon compliance with
     the terms of this Agreement, certificate(s) representing the Shares
     purchased shall be issued as soon as practicable after notice of exercise
     is given to the Company.

4.   This option is not transferable by the Optionee and is exercisable only by
     him.

5.   In the event of Optionee's death prior to the complete exercise of the
     option, any remaining portion of the option may be exercised in whole or in
     part after the date of the Optionee's death, but only by the Optionee's
     estate or by or on behalf of the person(s) to whom the Optionee's rights
     pass under his will or the laws of descent and distribution. To the extent
     not exercised, the option shall terminate sixty (60) days after Optionee's
     death.

6.   The Optionee hereby represents that the option granted hereunder and the
     Shares purchased by him pursuant to the exercise of all or any part of the
     option are and will be acquired by him for investment and not with a view
     to the distribution thereof. The option is granted by the Company in
     reliance upon this representation. Upon the exercise of the option,
     Optionee shall not thereafter transfer, encumber or dispose of the Shares
     so purchased unless: (a) an effective registration statement covering such
     Shares is filed pursuant to the Securities Act of 1933, as amended, and
     applicable state law; or (b) an opinion letter of the Optionee's counsel is
     obtained, satisfactory to the Company and its counsel, that such transfer
     is not in violation of any applicable federal or state securities laws or
     regulations.

                                       66

<PAGE>

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed on its
behalf by its duly authorized officer and to be sealed with its corporate seal,
attested by its secretary, and Optionee has executed this Agreement with the
intent to be legally bound as of the date written below.

                                            U. S. ENERGY CORP.

Attest:   /s/   Max T. Evans                By:   /s/   Keith G. Larsen
       ----------------------------            ---------------------------------
        Max T. Evans,                           Keith G. Larsen,
        Secretary                               President

                                            OPTIONEE:

Dated:   As of 4/11/01                          /s/  R. Jerry Falkner
      -----------------------------         ------------------------------------
                                            R. Jerry Falkner

                                       67

<PAGE>EXHIBIT 4.16
                               U. S. ENERGY CORP.

                             STOCK WARRANT AGREEMENT

     This Stock Warrant Agreement is made in Riverton, WY this 14th day of May,
2001 by and between U. S. Energy Corp. (herein referred to as the "Company" or
"USE") and Riches In Resources, Inc. (hereinafter referred to as the
"Consultant").

     1. The Company hereby grants Consultant two (2) Warrants to purchase an
aggregate of 30,000 shares of the common stock of the Company, $0.01 par value
(hereinafter referred to as the "Shares"). The first Warrant is to purchase
10,000 shares at $4.70/share for 24 months expiring on May 14, 2003, but only if
the market price for the Shares closes at or above $6.50 per share for 90
consecutive days prior to the expiration of this Warrant on May 14, 2003. The
second Warrant is to purchase 20,000 shares at $4.70 per share if the market
price for the Shares closes at or above $10.00 per share for 90 consecutive days
prior to the expiration of such Warrant on May 14, 2003.

     2. Exercise of the Warrants shall be covered by a piggy-back registration
right by the Consultant as part of the next subsequent appropriate USE
registration of shares with the SEC in which exercise of the Warrants could be
registered by USE. This registration would cover resale of the shares, as well.
In the event that no filing occurs within the term of the Warrants, the
Consultant shall have the right to demand that the Company file a registration
statement with the SEC for exercise of the balance of the Warrants, or for the
resale of the Shares acquired under the Warrants, but in the latter case, only
if at least 10,000 shares are acquired under the Warrants. The Company agrees to
file a registration statement but only at a time when financial statements for
the recently concluded fiscal year have been audited. The Company and Consultant
agree to each pay one half of the federal and state filing fees, Edgar filing
expense, legal fees and auditor's expenses for document review.

     3. The Consultant may exercise the options under this Warrant as provided
above to all or any part of the Shares by giving written notice to the Company,
at its principal office, specifying the number of Shares to which the exercise
shall apply, and accompanied by payment of the full purchase price for the
Shares being purchased. Upon compliance with the terms of this Agreement,
certificate(s) representing the Shares purchased shall be issued as soon as
practicable after notice of exercise is given to the Company.

     4. In the event of Consultant's death prior to the complete exercise of the
Warrant, any remaining portion of the Warrant shall terminate.

                                       68

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5. The Consultant hereby represents that the Warrant granted hereunder and the
Shares purchased by him pursuant to the exercise of all or any part of the
Warrant are and will be acquired by him for investment and not with a view to
the distribution thereof. The Warrant is granted by the Company in reliance upon
this representation. Upon the exercise of the options under this Warrant,
Consultant shall not thereafter transfer, encumber or dispose of the Shares so
purchased unless: (a) a registration statement covering issuance of such Shares
on exercise of the Warrants is filed and becomes effective pursuant to the
Securities Act of 1933, as amended, and applicable state law, or if previously
exercised, the registration statement covers resale of the shares; or (b) an
opinion letter of the Warrantee's counsel is obtained, satisfactory to the
Company and its counsel, that such transfer is not in violation of any
applicable federal or state securities laws or regulations.

     IN WITNESS WHEREOF, the Company has caused this Agreement to be executed on
its behalf by its duly authorized officer and to be sealed with its corporate
seal, attested by its secretary, and Consultant has executed this Agreement with
the intent to be legally bound as of the date written below.

                                        U. S. ENERGY CORP.

Attest:   /s/   Max T. Evans            By:   /s/   Keith G. Larsen
       ---------------------------         ------------------------------------
        Max T. Evans,                       Keith G. Larsen,
        Secretary                           President

                                        CONSULTANT:
                                        Neal Feagans,
                                        d/b/a Riches In Resources, Inc.

Dated:   August 20, 2001                    /s/  Neal Feagans
      ----------------------------      ----------------------------------------
                                        Neal Feagans

                                       69

<PAGE>EXHIBIT 10.3

     RJ FALKNER
         AND                                   Investment Research
       COMPANY                                      and Financial Communications
--------------------------------------------------------------------------------
Crested Butte  -  New York  -  Austin

                                    CONTRACT

Customer:  U.S. Energy Corp.

Date:  April 11, 2001

Term of Contract:  Two Years

Contract Begins:  April 11, 2001

**********************************************************************

The undersigned, acting on behalf of U.S. ENERGY CORP. ("the customer"), hereby
contracts with R.J. Falkner & Company, Inc., for a period of not less than two
years, for the provision of consulting services to include the following:

(1) The preparation of at least two "Research Profile" reports during each next
twelve-month period of the contract;

(2) Distribution of such reports to the brokerage community, money-managers,
mutual funds, and individual investors, upon request, or as instructed by the
customer, along with exposure of such reports on the on the R.J. Falkner &
Company, Inc. website (www.rjfalkner.com);

(3) Distribution of news releases and other company communiques to the brokerage
community, institutional and individual investors, and research analysts
throughout the U.S., Europe, and Canada;

A cash retainer fee for these services will be payable at the rate of $2,000 per
month, in advance. In addition to such monthly retainer, the customer will be
invoiced for reimbursement of expenses directly incurred in the provision of
these services on a monthly basis. Such expenses will primarily involve
publishing, printing and postage costs related to the distribution of "Research
Profile" reports; telephone calls placed on the customer's behalf; and travel
expenses required to visit the customer and/or for trips to visit brokerage
firms/investor groups/institutions on behalf of the customer (such trip expenses
are pro-rated among several customers). Documentation of these expenses, which
should not exceed $500 per month unless pre-approved by the customer, will be
provided on each monthly invoice, and the customer agrees to reimburse R.J.
Falkner & Company, Inc. for such expenses within 30 days following receipt of
such invoices.

                    P. O. Box 1230 * Crested Butte, CO 81224
                      (970) 349-0846 ** Fax (970) 349-0852

                                       72

<PAGE>

In addition to the cash compensation outlined above, R. Jerry Falkner (as an
individual) will be granted a fully- vested 5-year option to purchase 20,000
shares of U.S. Energy Corp. common stock, with the exercise price of such option
equivalent to the closing market price of USEG shares as of April 11, 2001, or
$3.98 per share. Customer hereby agrees to register the shares underlying this
option within 24 months of the "start date" of this contract.

This contract may be cancelled by either party to the contract upon 60 days'
written notice.

In the even of dispute, the prevailing party will be entitled to recover its
costs, including reasonable attorney's fees.

The parties acknowledge that this contract is entered into in the state of
Wyoming and that any litigation arising from this contract must be adjudicated
in Wyoming courts in accordance with Wyoming law.

This contract cannot be assigned without the agreement of both parties.

Signed:

   /s/   Keith G. Larsen
--------------------------------------------
Keith G. Larsen
President
U.S. ENERGY CORP.

   /s/   R. Jerry Falkner
--------------------------------------------
R. Jerry Falkner CFA
President
R. J. Falkner & Company, Inc.

Date:    4/11/01
      --------------------------------------

Note: Please retain one original of this contract for your records, and return
on original copy to R.J. Falkner & Company, Inc.

                                       73

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