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U.S. ENERGY CORP. ANNOUNCES THIRD QUARTER 1993 OPERATING RESULTS AND PERMITS FOR SUTTER GOLD VENTURE

 RIVERTON, Wyo., April 15 /PRNewswire/ -- U.S. Energy Corp. (NASDAQ-NMS: USEG) today announced operating results for the third quarter and first nine months of its 1993 fiscal year.
 For the nine-month period ended Feb. 28, 1993, the company earned $637,100, or $0.15 per share, on revenues of $7,528,400. This compared with net income of $822,300, or $0.20 per share, and revenues of $2,999,800 during the same period of the prior fiscal year. The average number of shares outstanding increased less than 1 percent to 4,238,326 from 4,226,660 for the same period last year.
 The significant increases in revenues for both the third quarter and nine-month periods, respectively, are primarily because of the consolidation of 52.9 percent-owned Crested Corp.'s financial statements during fiscal year 1993. At Feb. 29, 1992, ownership of Crested was not sufficient for consolidation. The company increased its equity stake in Crested Corp. to more than 50 percent in the fourth quarter of fiscal year 1992.
 The decline in net income for the nine-month period was primarily a reflection of narrower margins on uranium sales and reduced profitability from construction contracts at one of the company's subsidiaries, combined with a reduction in contract drilling income from the Green Mountain Mining Venture (GMMV).
 "We are pleased with the progress made in preparing our major uranium and gold mining assets for future production during the past nine months," noted John L. Larsen, chief executive officer of U.S. Energy Corp. "Along with our joint venture partner at the Green Mountain uranium project (Kennecott Uranium Co.), we are seeking the various mining and milling permits necessary to initiate production. We are especially pleased to report that the company's Sutter Gold Venture in California received its Conditional Use Permit on April 13, 1993. This permit will become final on April 23, 1993. If no appeal is filed before then, we should be able to start mill construction and further mine exploration as early as mid-1993."
 U.S. Energy Corp. is a diversified minerals company with primary interests in uranium, gold and molybdenum.
 U.S. ENERGY CORP. AND AFFILIATE
 Condensed Consolidated Statements of Operations
 (Unaudited)
 Three Months Ended Nine Months Ended
 Feb. 28, Feb. 29, Feb. 28, Feb. 29,
 1993 1992 1993 1992
 Revenues 2,740,400 1,168,800 7,528,400 2,999,800
 Costs and
 expenses 2,880,600 1,301,700 6,967,000 2,380,000
 Income (loss)
 before minority
 interest, equity
 income (loss) of
 affiliates,
 provision for
 (recovery of)
 income taxes and
 extraordinary
 item (140,200) (132,900) 561,400 619,800
 Minority
 interest 32,200 70,400 (48,800) 70,400
 Equity income
 (loss) of
 affiliates --
 net 14,500 69,500 124,500 368,900
 Income (loss)
 before provision
 for income taxes
 and extraordinary
 item (93,500) 7,000 637,100 1,059,100
 Provision for
 (recovery of)
 income taxes 34,800 (28,000) 331,000 236,800
 Net income before
 extraordinary
 item (128,300) 35,000 306,100 822,300
 Extraordinary
 item
 Utilization of
 net operating loss
 carryforward 34,800 (5,400) 331,000 ---
 Net income
 (loss) ($93,500) $29,600 $637,100 $822,300
 Net income
 (loss) per share ($.02) $.01 $.15 $.20
 Weighted average
 number of shares
 outstanding 4,254,891 4,228,882 4,238,326 4,226,660
 This statement includes accounts of U.S. Energy Corp. and certain subsidiaries.
 -0- 4/15/93
 /CONTACT: John L. Larsen, CEO, or Keith G. Larsen of U.S. Energy, 307-856-9271/
 (USEG)


CO: U.S. Energy Corp. ST: Wyoming IN: MNG SU: ERN

KJ-LS -- LA005 -- 6054 04/15/93 09:19 EDT
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Date:Apr 15, 1993
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