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U.S. ENERGY ANNOUNCES 1992 YEAR-END INCOME

 U.S. ENERGY ANNOUNCES 1992 YEAR-END INCOME
 RIVERTON, Wyo., Sept. 16 /PRNewswire/ -- U.S. Energy Corp.


(NASDAQ-NMS: USEG) has announced financial results for its fiscal year ended May 31, 1992.
 U.S. Energy reports net income for fiscal 1992 was $870,200, or 21 cents per share, on revenues of $6,548,400, compared to net income of $6,164,900 ($1.55 per share) on revenues of $9,702,000 in 1991. Included in 1992 revenues was $2,895,000 from construction operations, commercial operations of $817,200, $123,300 from uranium sales, and other revenues of $2,712,900. Fiscal 1992 earnings reflected an extraordinary gain (utilization of net operating loss carryforwards) of $276,000. Per share earnings in fiscal 1992 were 14 cents before the extraordinary item, compared to 93 cents for fiscal 1991 income before that year's extraordinary item.
 Expenses for fiscal 1992 were $6,026,000, compared to $3,619,100 for fiscal 1991.
 John L. Larsen, president and chief executive officer of U.S. Energy stated, "Earnings for fiscal 1992 decreased as compared to fiscal 1991 due to income received in 1991 from the sale of certain mineral properties, which did not occur in 1992, coupled with significant increased expenditures, primarily related to continued permitting and feasibility work on the gold properties in California held through the Sutter Gold Venture. Building for the future, a major asset event in 1992 for the company was the acquisition by Green Mountain Mining Venture of the Sweetwater Mill from UNOCAL. The Sweetwater Mill is one of the newest uranium milling facilities in the United States and has been maintained in premium condition pending recommissioning when uranium prices turn around."
 U.S. Energy and Crested Corp. (NASDAQ: CBAG) are diversified minerals companies with interests in major uranium resources, a world- class deposit of molybdenum, gold and other base and precious metals properties.
 U.S. ENERGY CORP. AND AFFILIATES
 Condensed Consolidated Statements of Operations
 Year Ended May 31,
 1992 1991 1990
 Revenues $6,548,400 $9,702,000 $6,552,300
 Costs and Expenses 6,026,000 3,619,100 1,950,700
 Income before minority
 interest in loss, equity
 in income (loss) of
 affiliates, provision for
 income taxes and
 extraordinary item 552,400 6,082,900 4,601,600
 Minority interest in loss
 of consolidated
 subsidiaries 58,900 --- ---
 Equity in (loss) income
 of affiliates 210,200 (96,100) (417,800)
 Income before provision for
 income taxes and
 extraordinary item 791,500 5,986,800 4,183,800
 Provision for income taxes 197,300 2,276,100 1,210,200
 Income before extraordinary
 item 594,200 3,710,700 2,973,600
 Extraordinary item
 Utilization of net operating
 loss carryforward 276,000 2,454,200 769,600
 Net income $870,200 $6,164,900 $3,743,200
 Earnings per share amounts:
 Income before extraordinary
 item $.14 $.93 $.80
 Extraordinary item .07 .62 .21
 Net income per share $.21 $1.55 $1.01
 Weighted average shares
 outstanding 4,228,165 3,981,637 3,703,948
 This statement includes accounts of U.S. Energy Corp. and certain subsidiaries.
 -0- 9/16/92
 /CONTACT: John L. Larson or Max T. Evans of U.S. Energy, 307-856-9271/
 (USEG CBAG) CO: U.S. Energy Corp. ST: Wyoming IN: MNG SU: ERN


BB -- DV001 -- 9959 09/16/92 09:01 EDT
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Date:Sep 16, 1992
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