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[Form 4] US ENERGY CORP Insider Trading Activity

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

US Energy Corp (USEG) insider filing: On 10/28/2025, Synergy Offshore LLC distributed 1,400,000 shares of common stock to its parent Synergy Producing Properties, LLC, which then distributed those shares to its members. King Oil & Gas Company, Inc. received 332,329 shares in this in‑kind distribution, recorded at $0 consideration (transaction code J).

Following these transactions, Mr. Duane H. King and King Oil each report beneficial ownership of less than 10% of USEG, and Synergy Offshore LLC reports no remaining shares. The filing also notes that 20,000 restricted shares held by Mr. King remain subject to time‑based vesting on January 1, 2026, contingent on continued service.

Positive

  • None.

Negative

  • None.

Insights

Insider group redistributes shares; two holders fall below 10%.

The filing details a non-cash, in‑kind distribution where Synergy Offshore LLC moved 1,400,000 USEG shares up to SPP, then out to members, including King Oil receiving 332,329 shares. These are labeled code J with $0 consideration.

Post‑transaction, both Duane H. King and King Oil report beneficial ownership of less than 10%, and Synergy Offshore reports zero shares. This changes reporting obligations under Sections 13(d)/16 thresholds and indicates Synergy Offshore is no longer part of a 10% owner group.

The filing also notes 20,000 restricted shares that vest on January 1, 2026 subject to service. Actual market impact depends on holder decisions and any subsequent sales methods disclosed elsewhere.

Insider King Duane H, King Oil & Gas Company, Inc., Synergy Offshore LLC
Role Director, 10% Owner | Insider | 10% Owner
Type Security Shares Price Value
Other Common Stock 332,329 $0.00 --
Other Common Stock 1,400,000 $0.00 --
holding Common Stock -- -- --
Holdings After Transaction: Common Stock — 2,359,728 shares (Direct); Common Stock — 0 shares (Indirect, By Synergy Offshore LLC)
Footnotes (1)
  1. Excludes shares of common stock relating to the voting group included under "Remarks". Represents shares of common stock, $0.01 par value per share of the Issuer ("Common Stock"), held by Mr. Duane H. King. 20,000 of such shares of Common Stock are restricted shares that remain subject to time-based vesting on January 1, 2026, and recipient's continued service to the Issuer. On October 28, 2025, Synergy Offshore LLC distributed all 1,400,000 shares of Common Stock owned by it to Synergy Producing Properties, LLC ("SPP"), and SPP distributed all of such shares to its members, including 332,329 shares to King Oil. Such shares were distributed without payment of any additional consideration. As a result of such distribution, each of Mr. King and King Oil beneficially own less than 10% of the outstanding shares of Common Stock, and Synergy Offshore, LLC is no longer part of a 10% owner group. Represents shares of Common Stock, $0.01, held by King Oil & Gas Company, Inc. ("King Oil"), which is 100% owned by Duane K. King. The shares held by King Oil may be deemed to be beneficially owned by Mr. King due to his status as Chief Executive Officer of and ownership interests in King Oil. Mr. King disclaims beneficial ownership other than to the extent of his pecuniary interest therein. Represents shares of Common Stock previously held by Synergy Offshore LLC, which is 100% owned by SPP. The shares previously held directly by Synergy Offshore LLC may be deemed to be beneficially owned by Mr. King and King Oil based on certain member rights in SPP. Mr. King disclaims beneficial ownership other than to the extent of his 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*
King Duane H
(Last) (First) (Middle)
1401 LAKE PLAZA DR.
SUITE 200-185
(Street)
SPRING TX 77389
(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)
X 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)
10/28/2025
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 188,913(1) D(2)
Common Stock 10/28/2025 J(3) 332,329 A $0(3) 2,359,728(1) D(4)
Common Stock 10/28/2025 J(3) 1,400,000 D $0(3) 0(1) I By Synergy Offshore LLC(5)
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*
King Duane H
(Last) (First) (Middle)
1401 LAKE PLAZA DR.
SUITE 200-185
(Street)
SPRING TX 77389
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
X Director X 10% Owner
Officer (give title below) X Other (specify below)
Member of 10% owner group
1. Name and Address of Reporting Person*
King Oil & Gas Company, Inc.
(Last) (First) (Middle)
1401 LAKE PLAZA DR.
SUITE 200-185
(Street)
SPRING TX 77389
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director 10% Owner
Officer (give title below) X Other (specify below)
Director owned entity
1. Name and Address of Reporting Person*
Synergy Offshore LLC
(Last) (First) (Middle)
1401 LAKE PLAZA DR.
SUITE 200-185
(Street)
SPRING TX 77389
(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
Explanation of Responses:
1. Excludes shares of common stock relating to the voting group included under "Remarks".
2. Represents shares of common stock, $0.01 par value per share of the Issuer ("Common Stock"), held by Mr. Duane H. King. 20,000 of such shares of Common Stock are restricted shares that remain subject to time-based vesting on January 1, 2026, and recipient's continued service to the Issuer.
3. On October 28, 2025, Synergy Offshore LLC distributed all 1,400,000 shares of Common Stock owned by it to Synergy Producing Properties, LLC ("SPP"), and SPP distributed all of such shares to its members, including 332,329 shares to King Oil. Such shares were distributed without payment of any additional consideration. As a result of such distribution, each of Mr. King and King Oil beneficially own less than 10% of the outstanding shares of Common Stock, and Synergy Offshore, LLC is no longer part of a 10% owner group.
4. Represents shares of Common Stock, $0.01, held by King Oil & Gas Company, Inc. ("King Oil"), which is 100% owned by Duane K. King. The shares held by King Oil may be deemed to be beneficially owned by Mr. King due to his status as Chief Executive Officer of and ownership interests in King Oil. Mr. King disclaims beneficial ownership other than to the extent of his pecuniary interest therein.
5. Represents shares of Common Stock previously held by Synergy Offshore LLC, which is 100% owned by SPP. The shares previously held directly by Synergy Offshore LLC may be deemed to be beneficially owned by Mr. King and King Oil based on certain member rights in SPP. Mr. King disclaims beneficial ownership other than to the extent of his pecuniary interest therein.
Remarks:
By virtue of being party to a Nominating and Voting Agreement, dated as of January 5, 2022, as amended September 16, 2023 (the "Voting Agreement"), Mr. King and King Oil 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 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).
/s/ Duane H. King 10/30/2025
/s/ Duane H. King, Chief Executive Officer of King Oil and Gas Company, Inc. 10/30/2025
/s/ Duane H. King, Chief Executive Officer of Synergy Offshore LLC 10/30/2025
** 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.
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Source: View Original Filing on SEC EDGAR