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width: 1%;">&#160;</td></tr></table></div><div>&#160;</div><div style="font-size: 10pt; font-family: Times New Roman; font-style: italic; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Fair Value of Available for Sale Securities</div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 27pt;">The fair value of available for sale securities is based on quoted market prices obtained from independent pricing services.&#160;&#160;Accordingly, the Company has classified these instruments as Level 1.</div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; font-style: italic; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Fair Value of Commodity Derivative Instruments</div><div style="display: block; 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Emmons molybdenum property near Crested Butte, Colorado.</div><div style="display: block; text-indent: 0pt;"><br /></div><div><br /></div><div><div style="margin-left: 0pt; width: 100%; margin-right: 0pt; text-indent: 0pt;"><div><div style="font-size: 8pt; font-family: Times New Roman; text-align: left; width: 100%;"></div></div><div style="page-break-after: always; width: 100%;"><div style="font-size: 10pt; font-family: Times New Roman; text-align: center; width: 100%;">-13-</div><div style="text-align: center; width: 100%;"><hr noshade="noshade" size="2" style="color: black;" /></div></div><div><div style="font-size: 8pt; font-family: Times New Roman; text-align: right; width: 100%;"></div><div style="text-align: left; width: 100%;"><div style="font-size: 10pt; font-family: Times New Roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">U.S. ENERGY CORP.</div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Notes to Condensed Consolidated Financial Statements (Unaudited)</div><div style="font-size: 10pt; font-family: Times New Roman; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(Continued)</div><div style="display: block; text-indent: 0pt;"><br /></div></div></div></div></div><div><br /></div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 27pt;">Our carrying balance in the Mt. 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text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;">&#160;</td><td colspan="6" valign="bottom"><div style="font-size: 10pt; font-family: times new roman; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(In thousands)</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;">&#160;</td><td colspan="2" valign="bottom"><div style="font-size: 10pt; font-family: times new roman; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">June 30,</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; text-align: left;">&#160;</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;">&#160;</td><td colspan="2" valign="bottom"><div style="font-size: 10pt; font-family: times new roman; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">December 31,</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; padding-bottom: 2px;">&#160; </td><td align="right" valign="bottom" style="font-size: 10pt; font-family: times new roman; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid; text-align: center;"><div style="font-size: 10pt; font-family: times new roman; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2014</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; 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display: inline;">&#160;</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; text-align: left;">&#160;</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;">&#160;</td><td colspan="2" valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;">&#160;</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; text-align: left;">&#160;</td></tr><tr bgcolor="#cceeff"><td valign="bottom" style="width: 76%;"><div style="font-size: 10pt; font-family: times new roman; text-align: justify; margin-left: 9pt; display: block; margin-right: 0pt; text-indent: 18pt;">&#160;beginning of year</div></td><td align="right" valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline; width: 1%;">&#160;</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; text-align: left; width: 1%;">$</td><td valign="bottom" style="font-size: 10pt; 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font-family: times new roman; padding-bottom: 2px; width: 1%;">&#160;</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; text-align: left; width: 1%;">&#160;</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; text-align: right; width: 9%;">1,203</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; padding-bottom: 2px; text-align: left; width: 1%;">&#160;</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; padding-bottom: 2px; width: 1%;">&#160;</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; text-align: left; width: 1%;">&#160;</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; text-align: right; width: 9%;">--</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; 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margin-left: 0pt; margin-right: 0pt; text-indent: 0pt;">(1)</div></td><td><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify;">On January 21, 2014, the Company acquired Thompson Creek Metals&#8217; (&#8220;TCM&#8221;) 50% interest in 160 acres of fee land in the vicinity of the Mt. Emmons project mining claims for $1.2 million.&#160;&#160;The property was originally acquired jointly by the Company and TCM in January 2009.</div></td></tr></table></div></div> 24500000 P6M 0.2 On January 21, 2014, the Company acquired Thompson Creek Metals’ (“TCM”) 50% interest in 160 acres of fee land in the vicinity of the Mt. Emmons project mining claims for $1.2 million. The property was originally acquired jointly by the Company and TCM in January 2009.