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US Energy Corp (USEG) 10% owner group reports 700,000-share sale

Filing Impact
(Very High)
Filing Sentiment
(Negative)
Form Type
4

Rhea-AI Filing Summary

US Energy Corp’s 10% owner group reported significant insider selling. Entities affiliated with Sage Road Capital disclosed open-market sales totaling 700,000 shares of US Energy common stock on March 2 and March 3, 2026.

The reported transactions were executed at weighted average prices of $1.2511 and $1.3692 per share. The shares are held through entities including SRC Management Company, LP, Banner Oil & Gas, LLC, Woodford Petroleum, LLC, and Sage Road Energy II, LP, which may be deemed beneficially owned by Sage Road Capital and its co-managing partners, Joshua Batchelor and Benjamin Stamets, who each disclaim beneficial ownership beyond their pecuniary interests.

Positive

  • None.

Negative

  • None.
Insider Batchelor Joshua Lane, Sage Road Capital, LLC, Banner Oil & Gas, LLC, Woodford Petroleum, LLC, Stamets Benjamin Andrew, Sage Road Energy II, LP, SRC Management Company, LP
Role 10% Owner | 10% Owner | Insider | Insider | 10% Owner | Insider | Insider
Sold 700,000 shs ($907K)
Type Security Shares Price Value
Sale Common Stock 6,364 $1.3692 $9K
Sale Common Stock 218,000 $1.3692 $298K
Sale Common Stock 16,441 $1.3692 $23K
Sale Common Stock 24,365 $1.3692 $33K
Sale Common Stock 10,400 $1.2511 $13K
Sale Common Stock 357,500 $1.2511 $447K
Sale Common Stock 26,930 $1.2511 $34K
Sale Common Stock 40,000 $1.2511 $50K
Holdings After Transaction: Common Stock — 78,299 shares (Direct)
Footnotes (1)
  1. Excludes shares of common stock relating to the voting group included under "Remarks", except as described in footnotes (4), (5) and (6). The price reported in Column 4 is a weighted average price. The reporting person undertakes to provide to US Energy Corp (the "Issuer"), any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price. Represents shares of shares of common stock, $0.01 par value per share of the Issuer (the "Common Stock"), held by SRC Management Company, LP ("SRC"). The shares held by SRC may be deemed to be beneficially owned by Sage Road Capital, LLC ("Sage Road"), which indirectly controls SRC, and by Mr. Batchelor and Mr. Stamets, due to their status as co-Managing Partners of Sage Road. Mr. Batchelor and Mr. Stamets disclaim beneficial ownership of the securities reported herein except to the extent of each of their pecuniary interest therein. Represents shares of the Common Stock held by Banner Oil & Gas, LLC ("Banner"). The shares held by Banner may be deemed to be beneficially owned by Sage Road, which indirectly controls Banner and manages certain funds which own a majority interest of Banner, and by Mr. Batchelor and Mr. Stamets, due to their status as co-Managing Partners of Sage Road. Mr. Batchelor and Mr. Stamets disclaim beneficial ownership of the securities reported herein except to the extent of each of their pecuniary interest therein. Represents shares of the Common Stock held by Woodford Petroleum, LLC ("Woodford"). The shares held by Woodford may be deemed to be beneficially owned by Sage Road, which indirectly controls Woodford and manages certain funds which own a majority interest of Woodford, and by Mr. Batchelor and Mr. Stamets, due to their status as co-Managing Partners of Sage Road. Mr. Batchelor and Mr. Stamets disclaim beneficial ownership of the securities reported herein except to the extent of each of their pecuniary interest therein. Represents shares of the Common Stock held by Sage Road Energy II, LP ("Sage Road Energy"). The shares held by Sage Road Energy may be deemed to be beneficially owned by Sage Road, which indirectly controls Sage Road Energy and manages certain funds which own a majority interest of Sage Road Energy, and by Mr. Batchelor and Mr. Stamets, due to their status as co-Managing Partners of Sage Road. Mr. Batchelor and Mr. Stamets disclaim beneficial ownership of the securities reported herein except to the extent of each of their pecuniary interest therein.
Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
Batchelor Joshua Lane
(Last) (First) (Middle)
2121 SAGE ROAD
SUITE 325
(Street)
HOUSTON TX 77056
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
US ENERGY CORP [ USEG ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director X 10% Owner
Officer (give title below) X Other (specify below)
Member of 10% owner group
3. Date of Earliest Transaction (Month/Day/Year)
03/02/2026
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
X Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 03/02/2026 S 10,400 D $1.2511(2) 84,663(1) D(3)
Common Stock 03/02/2026 S 357,500 D $1.2511(2) 2,900,642(1) D(4)
Common Stock 03/02/2026 S 26,930 D $1.2511(2) 218,445(1) D(5)
Common Stock 03/02/2026 S 40,000 D $1.2511(2) 322,543(1) D(6)
Common Stock 03/03/2026 S 6,364 D $1.3692(2) 78,299(1) D(3)
Common Stock 03/03/2026 S 218,000 D $1.3692(2) 2,682,642(1) D(4)
Common Stock 03/03/2026 S 16,441 D $1.3692(2) 202,004(1) D(5)
Common Stock 03/03/2026 S 24,365 D $1.3692(2) 298,178(1) D(6)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
1. Name and Address of Reporting Person*
Batchelor Joshua Lane
(Last) (First) (Middle)
2121 SAGE ROAD
SUITE 325
(Street)
HOUSTON TX 77056
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) X Other (specify below)
Member of 10% owner group
1. Name and Address of Reporting Person*
Sage Road Capital, LLC
(Last) (First) (Middle)
2121 SAGE ROAD
SUITE 325
(Street)
HOUSTON TX 77056
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) X Other (specify below)
Member of 10% owner group
1. Name and Address of Reporting Person*
Banner Oil & Gas, LLC
(Last) (First) (Middle)
2121 SAGE ROAD
SUITE 325
(Street)
HOUSTON TX 77056
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director 10% Owner
Officer (give title below) X Other (specify below)
Member of 10% owner group
1. Name and Address of Reporting Person*
Woodford Petroleum, LLC
(Last) (First) (Middle)
2121 SAGE ROAD
SUITE 325
(Street)
HOUSTON TX 77056
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director 10% Owner
Officer (give title below) X Other (specify below)
Member of 10% owner group
1. Name and Address of Reporting Person*
Stamets Benjamin Andrew
(Last) (First) (Middle)
2121 SAGE ROAD
SUITE 325
(Street)
HOUSTON TX 77056
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) X Other (specify below)
Member of 10% owner group
1. Name and Address of Reporting Person*
Sage Road Energy II, LP
(Last) (First) (Middle)
2121 SAGE ROAD
SUITE 325
(Street)
HOUSTON TX 77056
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director 10% Owner
Officer (give title below) X Other (specify below)
Member of 10% owner group
1. Name and Address of Reporting Person*
SRC Management Company, LP
(Last) (First) (Middle)
2121 SAGE ROAD
SUITE 325
(Street)
HOUSTON TX 77056
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director 10% Owner
Officer (give title below) X Other (specify below)
Member of 10% owner group
Explanation of Responses:
1. Excludes shares of common stock relating to the voting group included under "Remarks", except as described in footnotes (4), (5) and (6).
2. The price reported in Column 4 is a weighted average price. The reporting person undertakes to provide to US Energy Corp (the "Issuer"), any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price.
3. Represents shares of shares of common stock, $0.01 par value per share of the Issuer (the "Common Stock"), held by SRC Management Company, LP ("SRC"). The shares held by SRC may be deemed to be beneficially owned by Sage Road Capital, LLC ("Sage Road"), which indirectly controls SRC, and by Mr. Batchelor and Mr. Stamets, due to their status as co-Managing Partners of Sage Road. Mr. Batchelor and Mr. Stamets disclaim beneficial ownership of the securities reported herein except to the extent of each of their pecuniary interest therein.
4. Represents shares of the Common Stock held by Banner Oil & Gas, LLC ("Banner"). The shares held by Banner may be deemed to be beneficially owned by Sage Road, which indirectly controls Banner and manages certain funds which own a majority interest of Banner, and by Mr. Batchelor and Mr. Stamets, due to their status as co-Managing Partners of Sage Road. Mr. Batchelor and Mr. Stamets disclaim beneficial ownership of the securities reported herein except to the extent of each of their pecuniary interest therein.
5. Represents shares of the Common Stock held by Woodford Petroleum, LLC ("Woodford"). The shares held by Woodford may be deemed to be beneficially owned by Sage Road, which indirectly controls Woodford and manages certain funds which own a majority interest of Woodford, and by Mr. Batchelor and Mr. Stamets, due to their status as co-Managing Partners of Sage Road. Mr. Batchelor and Mr. Stamets disclaim beneficial ownership of the securities reported herein except to the extent of each of their pecuniary interest therein.
6. Represents shares of the Common Stock held by Sage Road Energy II, LP ("Sage Road Energy"). The shares held by Sage Road Energy may be deemed to be beneficially owned by Sage Road, which indirectly controls Sage Road Energy and manages certain funds which own a majority interest of Sage Road Energy, and by Mr. Batchelor and Mr. Stamets, due to their status as co-Managing Partners of Sage Road. Mr. Batchelor and Mr. Stamets disclaim beneficial ownership of the securities reported herein except to the extent of each of their pecuniary interest therein.
Remarks:
By virtue of being party to an Amendment and Restated Nominating and Voting Agreement, dated as of September 16, 2022 (the "Voting Agreement"), Banner, Woodford, and Sage Road and Mr. Batchelor and Mr. Stamets, due to their control of such entities, may be deemed to be a member of a "group" for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), with respect to the securities reported herein with the other parties who are bound by the Voting Agreement and their control persons, which such "group" beneficially owns, in the aggregate, more than 10% of the outstanding shares of common stock of the Issuer. In addition to Banner and Woodford, the parties to the Voting Agreement are Llano Energy LLC, which is indirectly controlled by Sage Road, but which holds no shares of the Issuer's common stock; the Issuer; Lubbock Energy Partners LLC; Synergy Offshore LLC; Banner Oil & Gas, LLC; King Oil & Gas Company, Inc.; WDM Family Partnership, LP; and Katla Energy Holdings LLC. Separately, the control persons of the other parties to the Voting Agreement may also be part of the Section 13(d) "group". The reporting persons disclaim beneficial ownership of any securities owned by any of the other signatories to the Voting Agreement (and/or their control persons) and the filing of this Form 4 shall not be deemed an admission, for purposes of Section 16 of the Exchange Act or otherwise, that any of the reporting persons and any other person or persons constitute a "group" for purposes of Section 13(d)(3) of the Exchange Act or Rule 13d-5 thereunder. In addition, none of the reporting persons have any pecuniary interest in any of the securities beneficially owned by any of the other signatories to the Voting Agreement (and/or their control persons). For a description of the Voting Agreement, see the Current Report on Form 8-K filed by the Issuer with the United States Securities and Exchange Commission on September 16, 2022.
/s/ Joshua L. Batchelor 03/04/2026
/s/ Joshua L. Batchelor, Managing Partner of Sage Road Capital, LLC 03/04/2026
/s/ Joshua L. Batchelor, Manager of Banner Oil & Gas, LLC 03/04/2026
/s/ Joshua L. Batchelor, Manager of Woodford Petroleum, LLC 03/04/2026
/s/ Benjamin A. Stamets 03/04/2026
/s/ Joshua L. Batchelor, Manager of Sage Road Energy II, LP 03/04/2026
/s/ Joshua L. Batchelor, SRC Management Company LP 03/04/2026
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR

FAQ

What insider activity did US Energy Corp (USEG) report in this Form 4?

US Energy Corp reported insider sales by a 10% owner group. Entities affiliated with Sage Road Capital disclosed open-market sales of 700,000 shares of common stock across two trading days, reflecting net selling activity by this shareholder group.

How many US Energy Corp (USEG) shares were sold and on which dates?

The filing shows sales totaling 700,000 US Energy shares. The 10% owner group’s affiliated entities reported eight open-market sale transactions on March 2 and March 3, 2026, combining to this overall volume of common stock sold.

At what prices were the US Energy Corp (USEG) insider sales executed?

The reported insider sales occurred at weighted average prices near $1.25 and $1.37. Transactions on March 2, 2026, used a weighted average price of $1.2511 per share, while March 3, 2026, transactions used $1.3692 per share.

Who are the main entities involved in the US Energy Corp (USEG) insider group sales?

The sales involve entities associated with Sage Road Capital. The filing references SRC Management Company, LP, Banner Oil & Gas, LLC, Woodford Petroleum, LLC, and Sage Road Energy II, LP, with possible beneficial ownership attributed to Sage Road Capital and its co-managing partners.

Do Joshua Batchelor and Benjamin Stamets personally own the US Energy Corp (USEG) shares reported?

The filing notes potential beneficial ownership but includes disclaimers. It states shares may be deemed beneficially owned by Joshua Batchelor and Benjamin Stamets through Sage Road-controlled entities, while each disclaims beneficial ownership except to the extent of their pecuniary interest.

What does the Form 4 say about price details for the US Energy Corp (USEG) insider trades?

The Form 4 reports weighted average prices for the trades. It also states the reporting person will provide, upon request, detailed breakdowns of the number of shares sold at each separate price level for these transactions.