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U.S. ENERGY REPORTS THIRD QUARTER PROFIT VS. PRIOR-YEAR LOSS

 U.S. ENERGY REPORTS THIRD QUARTER PROFIT VS. PRIOR-YEAR LOSS
 RIVERTON, Wyo., April 22 /PRNewswire/ -- U.S. Energy Corp. (NASDAQ/NMS: USEG) today announced its operating results for the third quarter and first nine months of its 1992 fiscal year. The company reported net income for $29,600 (1 cent per share) for the quarter ended Feb. 29, 1992, compared with a net loss of $187,600 (5 cents per share) in the prior-year period. Third quarter revenues rose 104 percent to $1,168,800, from $572,100 a year earlier.
 For the nine-month period ended Feb. 29, 1992, the company's net income totalled $822,300 (20 cents per share) and revenues were approximately $3 million. During the first nine months of FY1991, U.S. Energy earned approximately $5.6 million ($1.49 per share) on revenues of approximately $9.1 million. Revenues and profits during FY1991 were significantly impacted by a $7.2 million non-recurring payment from Kennecott Uranium Co. for an interest in uranium properties located at Green Mountain in south-central Wyoming.
 Operating revenues (excluding property transactions, interest and "other" income) for the nine-month period increased almost 200 percent to $1,604,000 from $539,400 for the previous period. This reflects increased equipment rentals and contracting activities related to exploration, development, and environmental work conducted by the Green Mountain Mining Venture (GMMV), which is a venture among U.S. Energy, its affiliate Crested Corp., and Kennecott Uranium. Also, the company generated revenues from the sale of gold for test-milling by its affiliate Sutter Gold Venture in California and from the sale of uranium purchased to satisfy its share of deliveries to electric utilities under contracts with Sheep Mountain Partners (SMP).
 "We were pleased to report a net profit during the seasonally-slow third quarter, when winter weather greatly restricts our activities at Green Mountain," reported John L. Larsen, chief executive officer of U.S. Energy. "Meanwhile, efforts to enhance the value of our uranium reserves have been bolstered by test results which indicate that production costs at Green Mountain should be significantly lower than our initial projection." Kennecott Energy (which is the new name for GMMV) expects to complete its acquisition of the Sweetwater uranium mill, located in the Red Desert of Wyoming, from UNOCAL within the next several weeks (based upon the anticipated transfer of permits from the Nuclear Regulatory Commission). Management is evaluating whether to accelerate the timetable for bringing the nearby underground Jackpot uranium mine into production.
 Test-milling of ore by Sutter Gold Venture indicates that a gravity separation mill may be satisfactory at the Lincoln Mine, and management is awaiting the issuance of required environmental and other mining permits by the State of California and Amador County.
 U.S. Energy is a Wyoming-based minerals company which, along with its affiliate, Crested, and Kennecott Uranium, is developing one of the largest uranium resources in the United States. The company is also developing a gold mining property in the historic Mother Lode district of California, and it has a significant royalty interest in a world-class molybdenum deposit in Colorado.
 U.S. ENERGY CORP. AND AFFILIATES
 Condensed Consolidated Statements of Operations
 (Unaudited)
 Three Months Ended Nine Months Ended
 Feb. 29, Feb. 28, Feb. 29, Feb. 28,
 1992 1991 1992 1991
 Revenues $1,168,800 $572,100 $2,999,800 $9,071,100
 Costs and
 expenses 1,301,700 794,600 2,380,000 1,872,700
 Income (loss)
 before minority
 interest, equity
 income (loss)
 of affiliates,
 provision for
 (recovery of)
 income taxes
 and extra-
 ordinary
 item (132,900) (222,500) 619,800 7,198,400
 Minority interest
 and equity income
 (loss) of
 affiliates-net 139,900 (31,500) 439,300 371,700
 Income (loss) before
 provision for
 income taxes and
 extraordinary
 item 7,000 (254,000) 1,059,100 7,570,100
 Provision for
 (recovery of)
 income taxes (28,000) (66,400) 236,800 1,913,600
 Net income before
 extraordinary item 35,000 (187,600) 822,300 5,656,500
 Extraordinary item (5,400) --- --- ---
 Net income (loss) $29,600 $(187,600) $822,300 $5,656,500
 Net income (loss)
 per share $.01 $(.05) $.20 $1.49
 Weighted average
 number of shares
 outstanding 4,228,882 3,992,297 4,226,660 3,789,135
 The Statement of operations are consolidated to include the accounts of USECC Joint Venture for all periods, the accounts of Four Nines Gold Inc. for the three and nine months ended Feb. 29, 1992 and USECC Gold Limited Liability Co. for the three months ended Feb. 29, 1992.
 -0- 4/22/92
 /CONTACT: Keith Larsen of U.S. Energy, 307-856-9271/
 (USEG) CO: U.S. Energy Corp. ST: Wyoming IN: MNG SU: ERN


MC -- DV003 -- 1068 04/22/92 09:05 EDT
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Date:Apr 22, 1992
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