form8-k.htm
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date of
Report (date of earliest event reported): April 1, 2008 (March 31,
2008)
U.S.
ENERGY CORP.
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(Exact
Name of Company as Specified in its
Charter)
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Wyoming
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0-6814
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83-0205516
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(State
or other jurisdiction of
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(Commission
File No.)
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(I.R.S.
Employer
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incorporation
or organization)
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Identification
No.)
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Glen
L. Larsen Building
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877
North 8th
West
Riverton,
WY
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82501
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant's
telephone number, including area code: (307)
856-9271
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Not
Applicable
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Former
Name, Former Address or Former Fiscal Year,,
If
Changed From Last Report)
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Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2):
¨
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Written
communications pursuant to Rule 425 under the Securities
Act
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¨
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Soliciting
material pursuant to Rule 14a-12 under the Exchange
Act
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¨
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange
Act
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¨
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange
Act
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Section
1: Registrant’s Business and Operations
Item
1.02. Termination
of a Material Definitive Agreement
On March
31, 2008, Kobex Resources Ltd. gave notice to U.S. Energy Corp. that Kobex was
terminating the Exploration, Operating and Mine Development Agreement for the
Luck Jack molybdenum project near Crested Butte, Colorado. The
termination is effective as of March 31, 2008.
The
agreement, effective as of December 5, 2006, provided Kobex an option to acquire
up to a 50% interest in certain patented and unpatented claims held by the
registrant at the Lucky Jack molybdenum property. Under the
agreement, the total cost to Kobex over an estimated period of five years to
exercise the full option was $50 million in option payments and property
expenditures including the costs to prepare a bankable feasibility study plus a
cash differential payment if this total was less than $50 million. An
additional 15% could have been acquired under certain
circumstances.
It is the
understanding of the registrant that Kobex terminated the agreement due to
Kobex’ perception of uncertainties in the regulatory and legal environment for
developing the property.
The
registrant is not subject to any penalties as a result of the termination of the
agreement.
Section 9. Financial Statements and
Exhibits.
10.1 Press
release dated March 31, 2008.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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U.S.
ENERGY CORP.
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Dated:
April 1, 2008
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By:
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/s/
Keith G. Larsen
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Keith
G. Larsen, CEO
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