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):  July 31, 2003 (July 31, 2003)


                               U.S. ENERGY CORP.
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             (Exact Name of Registrant as Specified in its Charter)

             Wyoming                     0-6814                83-205516
-------------------------------       ---------------     ----------------------
  (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
-----------------------------------------------------     ----------------------
     (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 July 31, 2003, the Company received an Order from the United States
District Court For the District of Colorado, relating to the litigation between
U. S. Energy Corp. and its subsidiary Crested Corp., and Nukem, Inc. and Cycle
Resource Investment Corporation, an affiliate of Nukem, Inc. The Order is dated
July 30, 2003.

     The Court ordered the Clerk of the Court to enter Judgment in favor of the
plaintiffs U. S. Energy Corp. and Crested Corp., against the defendants Nukem,
Inc. and Cycle Resource Investment Corporation in the total amount of
$20,044,184. The Court's Order states that "this judgment and all other
judgments in this case resolve all matters as to all parties and all claims and,
therefore, ARE FINAL."

     A copy of the Order is filed as an exhibit to this Report.

ITEM 7.  FINANCIAL STATEMENTS AND EXHIBITS.

     (a)  Financial statements of business acquired. Not applicable.

     (b)  Pro forma financial information. Not applicable.

     (c)  Exhibits. The Order of the United States District Court for the
          District of Colorado, Civil Action No. 91-B-1153 (PAC), dated July 30,
          2003, is filed as an exhibit to this Report.


                                   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:  July 31, 2003                    By:   /s/  Robert Scott Lorimer
                                              ----------------------------------
                                              Chief Financial Officer



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