<DOCUMENT> <TYPE>4 <SEQUENCE>1 <FILENAME>edgar.txt <DESCRIPTION>FORM 4 - MAY 31, 2001 <TEXT> UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 4 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP ( ) Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instructions 1(b). 1. Name and Address of Reporting Person U.S. ENERGY, CORP. 877 NORTH 8TH WEST RIVERTON, WY 82501 USA 2. Issuer Name and Ticker or Trading Symbol CRESTED CORP. (CBAG) 3. IRS or Social Security Number of Reporting Person (Voluntary) 4. Statement for Month/Year MAY 31, 2001 5. If Amendment, Date of Original (Month/Year) 6. Relationship of Reporting Person(s) to Issuer (Check all applicable) ( ) Director (X) 10% Owner ( ) Officer (give title below) ( ) Other (specify below) 7. Individual or Joint/Group Filing (Check Applicable Line) (X) Form filed by One Reporting Person ( ) Form filed by More than One Reporting Person <TABLE> <CAPTION> ___________________________________________________________________________________________________________________________________ Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned | ___________________________________________________________________________________________________________________________________| 1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect | | Transaction | or Disposed of (D) | Securities |ect | Beneficial Ownership | | | | | Beneficially |(D)or | | | | | | | A/| | Owned at |Indir | | | Date |Code|V| Amount | D | Price | End of Month |ect(I)| | ___________________________________________________________________________________________________________________________________| <S> <C> <C> <C><C> <C> <C> <C> <C> <C> $.001 Par Value Common |05/01/|J (a| |53,885 |A |$0.27 | |D | | Stock |01 |) | | | | | | | | -----------------------------------------------------------------------------------------------------------------------------------| $.001 Par Value Common |05/25/|J (b| |6,666,666 |A |$0.45 |12,020,848 |D | | Stock |01 |) | | | | | | | | -----------------------------------------------------------------------------------------------------------------------------------| $.001 Par Value Common |05/01/|J (a| |53,885 |D |$0.27 |-0- |I (c) |By Ruby | Stock |01 |) | | | | | | | | -----------------------------------------------------------------------------------------------------------------------------------| ___________________________________________________________________________________________________________________________________| <CAPTION> ___________________________________________________________________________________________________________________________________ Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned | ___________________________________________________________________________________________________________________________________| 1.Title of Derivative |2.Con- |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of| Security |version |Transaction | rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect | |or Exer | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial | |cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership | |Price of| | | posed of(D) |Day/Year) | |rity |Benefi |or | | |Deriva- | | | |Date |Expir| | |ficially |Ind| | |tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| | |Secu- | | | | | D |cisa-|Date | of Shares | |End of |ct | | |rity |Date |Code|V| Amount | |ble | | | |Month |(I)| | ___________________________________________________________________________________________________________________________________| <S> <C> <C> <C> <C><C> <C> <C> <C> <C> <C> <C> <C> <C> <C> | | | | | | | | | | | | | | | ___________________________________________________________________________________________________________________________________| </TABLE> Explanation of Responses: Form 4 for May 31, 2001. (a) Shares previously held by Ruby Mining Company surrendered to U.S. Energy Corp. ("USE") for payment of debt. (b) Shares issued as payment for debt. (c) Consisted of shares held by Ruby Mining Company, formerly a majority-owned subsidiary of USE. SIGNATURE OF REPORTING PERSON /s/ ROBERT SCOTT LORIMER, Treasurer and CFO DATE JUNE 8, 2001 </TEXT> </DOCUMENT>