As filed with the Securities and Exchange Commission on May 13, 2004

                           Registration No. 333-73546
                       Securities and Exchange Commission
                             Washington, D.C. 20549
                                 ---------------

                                    FORM S-3
                         POST-EFFECTIVE AMENDMENT NO. 1

                             Registration Statement
                        Under the Securities Act of 1933

                                U.S. ENERGY CORP.
                                -----------------
             (Exact name of registrant as specified in its charter)

                                     Wyoming
                                     -------
         (State or other jurisdiction of incorporation or organization)

                                   83-0205516
                                   ----------
                      (I.R.S. Employer Identification No.)

         877 North 8th West, Riverton, Wyoming 82501; Tel. 307.856.9271
    (Address, including zip code, and telephone number, including area code,
                    of issuer's principal executive offices)

                      Daniel P. Svilar, 877 North 8th West
                      Riverton, WY 82501; Tel. 307.856.9271
                      -------------------------------------
 (Name, address, including zip code, and telephone number of agent for service)

                    Copies to:   Stephen E. Rounds, Esq.
                                 The Law Office of Stephen E. Rounds
                                 1544 York Street, Suite 110, Denver, CO 80206
                                 Tel:  303.377.6997; Fax: 303.377.0231
                                   ---------------
Approximate date of commencement and end of proposed sale to the public: From
time to time after the registration statement becomes effective.

If the only securities being registered on this Form are being offered pursuant
to dividend or interest reinvestment plans, please check the following box. [ ]

If any of the securities being registered on this Form are to be offered on a
delayed or continuous basis pursuant to Rule 415 under the Securities Act of
1933, other than securities offered only in connection with dividend or interest
reinvestment plans, check the following box. [X ]

If this Form is filed to register additional securities for an offering pursuant
to Rule 462(b) under the Securities Act, please check the following box and list
the Securities Act registration statement number of the earlier effective
registration statement for the same offering:[ ] ________

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under
the Securities Act, check the following box and list the Securities Act
registration statement number of the earlier effective registration statement
for the same offering. [ ] ________

If delivery of the prospectus is expected to be made pursuant to Rule 434,
please check the following box. [ ]









The registrant hereby deregisters 85,000 of the shares initially registered,
250,000 shares having been sold.



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                                   SIGNATURES

     Pursuant to the requirements of the Securities Act of 1933, the registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-3 and has duly caused this post-effective
amendment to the registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized in the city of Riverton, state of Wyoming
on May 13, 2004.

                                        U.S. ENERGY CORP.
(Registrant)


Date: May 13, 2004                  By:   /s/  John L. Larsen
                                        ----------------------------------------
                                        John L. Larsen, Chief Executive Officer

         Pursuant to the requirements of the Securities Exchange Act of 1934,
this registration statement on Form S-3 has been signed below by the following
persons on behalf of the Registrant and in the capacities and on the dates
indicated.


Date: May 13, 2004                  By:   /s/  John L. Larsen
                                        ----------------------------------------
                                        John L. Larsen, Director


Date: May 13, 2004                  By:   /s/  Keith G. Larsen
                                        ----------------------------------------
                                        Keith G. Larsen, Director


Date: May 13, 2004                  By:   /s/  Harold F. Herron
                                        ----------------------------------------
                                        Harold F. Herron, Director


Date: May 13, 2004                  By:   /s/  Nick Bebout
                                        ----------------------------------------
                                        Nick Bebout, Director

Date: May 13, 2004                  By:   /s/  Don C. Anderson
                                        ----------------------------------------
                                        Don C. Anderson, Director

Date: May 13, 2004                  By:   /s/  H. Russell Fraser
                                        ----------------------------------------
                                        H. Russell Fraser, Director

Date: May 13, 2004                  By:   /s/  Michael Anderson
                                        ----------------------------------------
                                        Michael Anderson, Director

Date: May 13, 2004                  By:   /s/  Robert Scott Lorimer
                                        ----------------------------------------
                                        Robert Scott Lorimer,
                                        Principal Financial Officer/
                                        Chief Accounting Officer




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