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U.S. ENERGY REPORTS PROFITABLE QUARTERLY AND SIX MONTH RESULTS

 U.S. ENERGY REPORTS PROFITABLE QUARTERLY AND SIX MONTH RESULTS
 RIVERTON, Wyo., Jan. 17 /PRNewswire/ -- U.S. Energy Corp. (NASDAQ: USEG) announced its operating results for the quarter and six months ended Nov. 30, 1991.
 For the most recent quarter, the company reported net income of $446,400 (11 cents per share), on revenues of $1,009,200. These results compared with year-earlier net income of $116,700 (3 cents per share), on revenues of $617,500. The improvement in both revenues and earnings resulted primarily from equipment rentals and contract services for the Green Mountain Mining Venture ("GMMV"). That joint venture with Kennecott Uranium Co. ("KUC") is developing a major uranium deposit on Green Mountain in south-central Wyoming.
 For the six months ended Nov. 30, 1991, U.S. Energy reported net income of $792,800 (19 cents per share), on revenues of $1,831,000. During the first half of the previous fiscal year, the company recorded net income of $5,844,100 ($1.58 per share), on revenues of $8,499,000, which included a non-recurring $7,193,600 payment from KUC for its 50 percent interest in GMMV's properties. Excluding this non-recurring payment, the company's revenues increased by $525,600 (approximately 40 percent), reflecting income from equipment rentals and contract services provided to GMMV in the course of its uranium exploration and development activities.
 John L. Larsen, president and chief executive officer of U.S. Energy, noted that "while management was quite pleased with increased revenues and earnings during the second quarter, we were most encouraged by the results of GMMV's drilling program to further evaluate the Round Park uranium deposit, and the implications for the proposed underground Jackpot uranium mine. Hydrological studies, equipment tests and rock strength analysis preparatory to driving the mine declines also yielded favorable results. Although seasonal weather conditions preclude the continuation of equipment rental revenues throughout FY1992 at the rate experienced in the first six months, we expect further progress regarding GMMV's proposed acquisition of the Sweetwater uranium mill. As for the company's gold operations in California, we hope to receive necessary environmental and mining permits for the Sutter Gold Venture's Lincoln Mine during the second half of FY1992."
 U.S. Energy is a diversified minerals company with interest in major uranium resources, gold mining, a world-class deposit of molybdenum, and other metals properties.
 U.S. ENERGY CORP. AND AFFILIATE
 Condensed Consolidated Statements of Operations
 (Unaudited)
 Three Months Ended Six Months Ended
 Nov. 30, Nov. 30,
 1991 1990 1991 1990
 Revenues $1,009,200 $617,500 $1,831,000 $8,499,000
 Costs and
 expenses 544,600 537,600 1,078,300 1,078,100
 Income before
 equity in income
 of affiliates,
 provision for
 income taxes
 and extra-
 ordinary
 item 464,600 79,900 752,700 7,420,900
 Equity in income
 of affiliates 151,700 61,200 299,400 403,200
 Income before
 provision for
 income taxes and
 extraordinary
 item 616,300 141,100 1,052,100 7,824,100
 Provision for
 income taxes 169,900 24,400 264,700 1,980,000
 Income before
 extraordinary item 446,400 116,700 787,400 5,844,100
 Extraordinary item
 Utilization of Net
 operating loss
 carryforward --- --- 5,400 ---
 Net income (loss) $446,400 $116,700 $792,800 $5,844,100
 Net income (loss)
 per share $.11 $.03 $.19 $1.58
 Weighted average
 number of shares
 outstanding 4,174,282 3,748,503 4,174,282 3,687,554
 Net income per share and weighted average number of shares outstanding for the quarter and six month period ended Nov. 30, 1990, have been retroactively adjusted to give effect to a 10 percent stock dividend paid to shareholders of record on Nov. 1, 1990.
 This statement includes accounts of U.S. Energy Corp. and subsidiaries.
 -0- 1/17/92
 /CONTACT: John L. Larsen of U.S. Energy, 307-856-9271/
 (USEG) CO: U.S. Energy Corp. ST: Wyoming IN: MNG SU: ERN


MC -- DV002 -- 0862 01/17/92 09:01 EST
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Date:Jan 17, 1992
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