December 14, 2009 (FinancialWire) — U.S. Energy Corp. (NASDAQ: USEG) has priced an underwritten public offering of five million shares of common stock at a public offering price of $5.25 per share.

USE has also granted the underwriters a 30-day option to purchase up to 750,000 additional shares of common stock to cover over-allotments, if any.

The company intends to use the net proceeds from the offering, including the net proceeds from any exercise of the underwriters’ over-allotment option, to fund capital requirements under the drilling programs with Brigham Exploration company and our other joint venture partners, and for other general corporate purposes. The offering is expected to close on or about December 16, 2009, subject to customary closing conditions.

In connection with the offering, Madison Williams and company LLC (formerly the principal capital markets business of SMH Capital Inc.) is acting as sole book-running and lead manager and C.K. Cooper and company is acting as co-manager for the offering.

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