SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 and 15(d) of the
Securities Exchange Act of 1934
Date of Report (date of earliest event reported): August 15, 2003 (August 14,
2003)
U.S. ENERGY CORP.
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Exact Name of Registrant as Specified in its Charter)
Wyoming 0-6814 205516
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File No.) Identification No.)
Glen L. Larsen Building
877 North 8th West
Riverton, WY 82501
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (307) 856-9271
Not Applicable
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(Former Name, Former Address or Former Fiscal Year,
if Changed From Last Report)
ITEM 5. OTHER EVENTS
On August 1, 2003, U.S. Energy Corp.'s wholy-owned subsidiary Plateau
Resources Limited (and Plateau's wholly-owned subsidiary Canyon Homesteads,
Inc.) signed a Stock Purchase Agreement with The Cactus Group LLC, a newly
formed Colorado limited liability company, which will be engaged in real estate
development in Ticaboo, Utah. The Agreement was closed on August 14, 2003.
The Cactus Group has purchased all of the outstanding stock of Canyon for
$3,470,000: $349,250 has been paid in cash and the $3,120,750 balance has been
paid with The Cactus Group's five year promissory note. The five year note is
secured with all the assets of The Cactus Group and Canyon (and is personally
guaranteed by the six principals of The Cactus Group). The note is payable
monthly (with annual interest at 7.5%) with a $2,940,581 balloon payment due in
August 2008.
Canyon's properties in Ticaboo are located near Lake Powell, and include a
motel, restaurant and lounge, convenience store, recreational boat storage and
service facility, and improved residential and mobile home lots.
FORWARD LOOKING STATEMENTS
This Report on Form 8-K includes "forward-looking statements" within the
meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the
"Exchange Act"). All statements other than statements of historical fact
included in this Report, are forward-looking statements. In addition, whenever
words like "expect," "anticipate" or "believe" are used, we are making
forward-looking statements.
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.
U.S. ENERGY CORP.
Dated: August 15, 2003 By: /s/ Robert Scott Lorimer
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ROBERT SCOTT LORIMER
Chief Financial Officer/Treasurer