Keith G. Larsen is the Chief Executive Officer and Chairman of U.S. Energy Corp. He is a former director of the Brunton Company and former CEO and director of Rocky Mountain Gas, Inc. Mr. Larsen is also a former director and founding member of Pinnacle Gas Resources, a public coalbed methane company founded by Credit Suisse First Boston. (1) Chairman

Michael T. Anderson was appointed to the board of directors on May 23, 2003. Mr. Anderson has run his own accounting and consulting practice since 1993. Prior to that, he was chief financial officer for an operating unit of a Fortune 500 company for eight years. From 1977 to 1985, Mr. Anderson worked in public accounting. He is a member of the AICPA and The Wyoming Society of CPAs. Mr. Anderson holds a B.S. degree in accounting from Brigham Young University. (2, 3, 4, 5) Director 

Michael H. Feinstein has been director of the Company since September 2004. Mr. Feinstein is a graduate in 1957 of Wharton School, University of Pennsylvania. He became a CPA in the state of Colorado in 1960. Mr. Feinstein is currently a financial and business consultant and the Director of Taxation for a CPA firm in Scottsdale, AZ, which provides accounting and tax services to small businesses. He has over 40 years of accounting, auditing, and business experience including 25 years of experience as an employee and subsequently a partner for Deloitte & Touche and its predecessors. He has served as a director, CFO and CEO of numerous public and private companies. (1, 2, 3, 4, 5) Director 

H. Russell Fraser has been a director of the Company since 1996 and a director of Rocky Mountain Gas, Inc. since 1999 which was sold June 1, 2005. He is past President and director of American Capital, Inc., the first "A" rated financial guarantee company in New York, New York. Mr. Fraser was chairman of the board and chief executive officer of Fitch Investors Services, L.P. for more than the past five years. Fitch Investors Services, L.P., New York, New York, is a nationwide stock and bond rating and information distribution company. From 1980-1989, Mr. Fraser served as president and chief executive officer of AMBAC, the oldest municipal bond issuer in the United States. In 2005, Mr. Fraser became a director of Ascend Services Limited, a privately held financial guarantee company based in the Cayman Islands.
 

Before joining AMBAC, Mr. Fraser was senior vice president and director of fixed-income research at PaineWebber, Inc. While a member of the board of directors at PaineWebber, Mr. Fraser participated in both the Corporate and public finance departments and headed PaineWebber's trading and sales for all Corporate bond products. Previously, he managed Corporate ratings at Standard & Poor's, supervising research analysis of Corporate bonds, preferred stock, and commercial paper. Mr. Fraser holds a B.S. in finance and economics from the University of Arizona. He is a member of the Municipal Analysts Group of New York and founder of the Fixed Income Analysts Society. (2, 3, 4, 5) Director 

Mark J. Larsen is the President and Chief Operating Officer of U.S. Energy Corp. He is the former President/Director of Rocky Mountain Gas, Inc., a coalbed methane company that was sold to Enterra Energy Trust on June 1, 2005. Mr. Larsen is also a former director of Pinnacle Gas Resources, a public coalbed methane company founded by Credit Suisse First Boston. He received a B.S. in Business Administration from the University of Wyoming. (1) Director 

Robert Scott Lorimer is the Chief Financial Officer, Vice President of Finance and Treasurer of U.S. Energy Corp.  Mr. Lorimer has held these positions for more than the past fifteen years. Mr. Lorimer received a B.S. in Finance, Accounting, Economics and German from Brigham Young University and worked towards a Masters in Accountancy at the University of Nebraska. Prior to joining U.S. Energy Corp., Mr. Lorimer served as Controller for Federal American Partners, a joint venture between Tennessee Valley Authority, Federal Resources and American Nuclear. Mr. Lorimer has extensive experience in government, cost, tax and financial accounting. (1, 5) Director 

Allen Winters has over 50 years experience in the North American mineral industry. He served in a variety of senior executive management positions with Homestake Mining Co. over a 20 year period and from 1988 - 1992 was in charge of all U. S. operations for Homestake. He is currently a consultant to the industry. (2, 3, 5) Director