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): June 4, 2007 (May 23,
2007)
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):
o
Written
communications pursuant to Rule 425 under the Securities Act
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act
Section
8: Other Events
Item
8.01. Other Events: TSX-V Approval of the Exploration, Development and Mine
Operating Agreement with Kobex Resources Ltd. for the Mt. Emmons “Lucky Jack”
Molybdenum Property.
On
May
23, 2007, the TSX-V approved the Exploration,
Development and Mine Operating Agreement between (i) Kobex Resources Ltd.,
and
(ii) U.S. Energy Corp., its majority-owned subsidiary Crested Corp., and
their
jointly owned private subsidiary U.S. Moly Corp.
The
effectiveness of the Agreement was subject to TSX-V approval by July 2, 2007.
Kobex may pay options with cash or common stock. Upon approval, Kobex was
required to pay the first option payment on the later date of April 13, 2007
or
TSX-V approval.
Pursuant
to the Agreement, Kobex has paid the first option payment (US$750,000) by
issuing 285,632 shares of Kobex common stock (142,816 shares to each of U.S.
Energy Corp. and Crested Corp.), valued at the market price for Kobex stock
on
May 22, 2007, the day prior to TSX-V approval.
For
detailed information about the Agreement, please see the Form 8-K filed on
April
9, 2007.
Section
9. Financial Statements and Exhibits.
None
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:
June 4, 2007
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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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