U.S. Energy (USEG) 10-K12 Mar 152014 FY Annual reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
Document and Entity Information (USD $)	Dec. 31, 2014	Mar. 10, 2015	Jun. 30, 2014
Document and Entity Information [Abstract]
Entity Registrant Name	US ENERGY CORP
Entity Central Index Key	101594
Current Fiscal Year End Date	-19
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$111,157
Entity Common Stock, Shares Outstanding		28,388,372
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY
Document Type	10-K
Amendment Flag	FALSE
Document Period End Date	31-Dec-14

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents	$4,010	$5,855
Available for sale securities	25	69
Accounts receivable trade	3,177	6,801
Commodity risk management asset	0	14
Other current assets	288	422
Total current assets	7,500	13,161
Oil and gas properties under full cost method,
Proved oil and properties	147,486	136,521
Unproved oil and gas properties	10,188	7,478
Exploratory wells in progress	2,357	0
Less accumulated depreciation depletion and amortization	-71,762	-57,077
Net book value	88,269	86,922
Undeveloped mining claims	21,942	20,739
Property, plant and equipment, net of accumulated depreciation of $4,404 and $4,135	3,942	4,199
Other assets	1,870	1,780
Total assets	123,523	126,801
Current liabilities:
Accounts payable	7,441	6,167
Accrued compensation	441	580
Commodity risk management liability	0	280
Other current liabilities	84	164
Total current liabilities	7,966	7,191
Noncurrent liabilities:
Long-term debt, net of current portion	6,000	9,000
Asset retirement obligations	1,133	812
Other accrued liabilities	1,029	741
Total noncurrent liabilities	8,162	10,553
Commitments and contingencies:
Shareholders' equity:
Common stock, $.01 par value; unlimited shares authorized; 28,047,661 and 27,735,878 shares issued, respectively	280	277
Additional paid-in capital	123,980	123,510
Accumulated deficit	-16,809	-14,718
Other comprehensive loss	-56	-12
Total shareholders' equity	107,395	109,057
Total liabilities and shareholders' equity	$123,523	$126,801

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Properties and equipment
Accumulated depreciation	$4,404	$4,135
Shareholders' equity:
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, shares issued (in shares)	28,047,661	27,735,878

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Revenues:
Oil sales	$28,331	$31,214	$30,772
Gas sales	2,663	1,901	1,131
NGL sales	1,385	532	631
Total revenues	32,379	33,647	32,534
Operating expenses:
Oil and gas	10,638	10,469	10,788
Oil and gas depreciation, depletion and amortization	14,685	13,623	14,893
Impairment of oil and gas properties	0	5,828	5,189
Water treatment plant	1,875	1,817	1,978
Mineral holding costs	1,110	1,228	921
General and administrative	6,559	5,528	6,675
Impairment of corporate aircraft	0	0	2,299
Total operating expenses	34,867	38,493	42,743
Loss from operations	-2,488	-4,846	-10,209
Other income and (expenses):
Realized gain (loss) on risk management activities	316	-338	21
Unrealized gain (loss) on risk management activities	266	-737	1,070
Gain (loss) on the sale of assets	112	760	-12
Equity (loss) in unconsolidated investment	0	-104	-359
Impairment of unconsolidated investment	0	-2,160	0
Gain on sale of marketable securities	0	0	82
Miscellaneous income	84	160	241
Interest income	4	8	9
Interest expense	-385	-429	-338
Total other income (expenses)	397	-2,840	714
Loss before income taxes and discontinued operations	-2,091	-7,686	-9,495
Income taxes:
Current (provision for)	0	0	-104
Deferred benefit from	0	0	148
Total income taxes	0	0	44
Loss from continuing operations	-2,091	-7,686	-9,451
Discontinued operations:
Discontinued operations, net of taxes	0	427	97
Loss on sale of discontinued operations, net of taxes	0	-120	0
Impairment on discontinued operations, net of taxes	0	0	-1,891
Net income (loss) from discontinued operations	0	307	-1,794
Net loss	($2,091)	($7,379)	($11,245)
Earnings (loss) per share basic and diluted
Earnings (loss) from continuing operations (in dollars per share)	($0.08)	($0.28)	($0.34)
Earnings (loss) from discontinued operations (in dollars per share)	$0	$0.01	($0.07)
Earnings (loss) per share (in dollars per share)	($0.08)	($0.27)	($0.41)
Weighted average shares outstanding
Basic and Diluted (in shares)	27,832,859	27,678,698	27,466,549

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net loss	($2,091)	($7,379)	($11,245)
Other comprehensive (loss) income:
Marketable securities, net of tax	-44	-113	23
Total comprehensive (loss)	($2,135)	($7,492)	($11,222)

STATEMENT_OF_SHAREHOLDERS_EQUI

STATEMENT OF SHAREHOLDERS' EQUITY (USD $)	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Unrealized Gain (Loss) on Marketable Securities [Member]	Total
In Thousands, except Share data, unless otherwise specified	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Unrealized Gain (Loss) on Marketable Securities [Member]	Total
Balance at Dec. 31, 2011	$274	$122,523	$3,906	$78	$126,781
Balance (in shares) at Dec. 31, 2011	27,409,908
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	0	0	-11,245	0	-11,245
Recognized gain on marketable securities	0	0	0	-54	-54
Unrecognized loss on marketable securities	0	0	0	90	90
Unrealized tax effect on the unrealized gain	0	0	0	-13	-13
Funding of ESOP	2	241	0	0	243
Funding of ESOP (in shares)	161,624
Issuance of common stock 2001 stock compensation plan	1	162	0	0	163
Issuance of common stock 2001 stock compensation plan (in shares)	60,000
Issuance of common stock from stock options	0	0	0	0	0
Issuance of common stock from stock options (in shares)	1,070
Issuance of common stock from stock warrants	0	50	0	0	50
Issuance of common stock from stock warrants (in shares)	20,000
Vesting of stock options	0	33	0	0	33
Vesting of stock warrants	0	69	0	0	69
Balance at Dec. 31, 2012	277	123,078	-7,339	101	116,117
Balance (in shares) at Dec. 31, 2012	27,652,602
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	0	0	-7,379	0	-7,379
Unrecognized loss on marketable securities	0	0	0	-113	-113
Funding of ESOP	0	200	0	0	200
Funding of ESOP (in shares)	53,276
Issuance of common stock 2001 stock compensation plan	0	48	0	0	48
Issuance of common stock 2001 stock compensation plan (in shares)	30,000
Vesting of stock options	0	120	0	0	120
Vesting of stock warrants	0	64	0	0	64
Balance at Dec. 31, 2013	277	123,510	-14,718	-12	109,057
Balance (in shares) at Dec. 31, 2013	27,735,878
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	0	0	-2,091	0	-2,091
Unrecognized loss on marketable securities	0	0	0	-44	-44
Funding of ESOP	1	208	0	0	209
Funding of ESOP (in shares)	141,721
Issuance of common stock from stock options	2	-64	0	0	-62
Issuance of common stock from stock options (in shares)	157,950
Issuance of common stock from stock warrants	0	8	0	0	8
Issuance of common stock from stock warrants (in shares)	12,112
Vesting of stock options	0	229	0	0	229
Vesting of stock warrants	0	89	0	0	89
Balance at Dec. 31, 2014	$280	$123,980	($16,809)	($56)	$107,395
Balance (in shares) at Dec. 31, 2014	28,047,661

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Cash flows from operating activities:
Net (loss)	($2,091)	($7,379)	($11,245)
(Gain) loss from discontinued operations includes non-cash impairment of $-0-, $-0-, and $1,891	0	-307	1,794
Loss from continuing operations	-2,091	-7,686	-9,451
Adjustments to reconcile net loss to net cash provided by operations
Depreciation, depletion & amortization	14,956	13,898	15,457
Change in fair value of commodity price risk management activities, net	-266	737	-1,070
Impairment of oil and gas properties	0	5,828	5,189
Impairment of equity investment	0	2,160	0
Impairment of corporate aircraft	0	0	2,299
Gain on sale of marketable securities	0	0	-82
Equity loss from Standard Steam	0	104	359
Net change in deferred income taxes	0	0	-60
(Gain) loss on sale of assets	-112	-760	12
Noncash compensation	1,024	452	518
Noncash services	88	64	69
Net changes in assets and liabilities
Accounts receivable	2,571	-1,619	315
Income tax receivable	0	0	113
Other current assets	165	8	230
Over payments by operators	3,983	0	0
Accounts payable	909	3,617	-476
Accrued compensation expense	-436	172	-336
Other liabilities	-39	123	53
Net cash provided by operating activities	20,752	17,098	13,139
Cash flows from investing activities:
Acquisition & development of oil & gas properties	-29,831	-20,757	-42,311
Acquisition of property and equipment	-1,213	-42	-102
Proceeds from sale of oil and gas properties	11,515	0	21,475
Proceeds from sale of marketable securities	0	0	101
Proceeds from sale of property and equipment	109	2,628	76
Net change in restricted investments	-122	-48	-116
Net cash (used in) investing activities:	-19,542	-18,219	-20,877
Cash flows from financing activities:
Issuance of common stock	-55	0	51
Proceeds from new debt	8,000	2,000	10,000
Repayments of debt	-11,000	-12,821	-12,484
Net cash (used in) financing activities	-3,055	-10,821	-2,433
Net cash provided by operating activities of discontinued operations	0	317	122
Net cash provided by investing activities of discontinued operations	0	14,655	0
Net cash provided by discontinued operations	0	14,972	122
Net (decrease) increase in cash and cash equivalents	-1,845	3,030	-10,049
Cash and cash equivalents at beginning of period	5,855	2,825	12,874
Cash and cash equivalents at end of period	4,010	5,855	2,825
Supplemental disclosures:
Income tax paid	0	0	0
Interest paid	385	274	179
Non-cash investing and financing activities:
Unrealized gain on marketable securities	56	12	101
Acquisition and development of oil and gas properties through accounts payable	2,565	142	6,202
Net additions to oil and gas properties through asset retirement obligations	$281	$131	$142

CONSOLIDATED_STATEMENTS_OF_CAS1

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Cash flows from operating activities:
Non-cash impairments	$0	$0	$1,891

BUSINESS_ORGANIZATION_AND_OPER

BUSINESS ORGANIZATION AND OPERATIONS	12 Months Ended
BUSINESS ORGANIZATION AND OPERATIONS	Dec. 31, 2014
BUSINESS ORGANIZATION AND OPERATIONS [Abstract]
BUSINESS ORGANIZATION AND OPERATIONS	A. BUSINESS ORGANIZATION AND OPERATIONS

	U.S. Energy Corp. ("USE", the "Company", "we" or "us") was incorporated in the State of Wyoming on January 26, 1966. U.S. Energy Corp. engages in the acquisition, exploration and development of oil and gas properties and the exploration, holding, sale and/or development of mineral properties. Principal asset interests at December 31, 2014 are in oil and gas, and molybdenum.

SUMMARY_OF_SIGNIFICANT_ACCOUNT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Dec. 31, 2014
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	B. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

	Use of Estimates

	The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include oil and gas reserves used for depletion and impairment considerations, accrued revenue and related receivables, valuation of commodity derivative instruments and the cost of future asset retirement obligations. The Company evaluates its estimates on an on-going basis and bases its estimates on historical experience and on various other assumptions the Company believes to be reasonable under the circumstances. Due to inherent uncertainties, including the future prices of oil and gas, these estimates could change in the near term and such changes could be material.

	Principles of Consolidation

	The financial statements of USE as of December 31, 2014 include the accounts of USE and its wholly owned subsidiary Energy One, LLC ("Energy One"). The financial statements of USE as of December 31, 2013 and 2012 include the accounts of USE and its then wholly owned subsidiaries Energy One and Remington Village, LLC ("Remington Village"). All inter-company balances and transactions have been eliminated in consolidation. The financial statements as of December 31, 2014, 2013 and 2012 reflect USE's ownership in a geothermal company, Standard Steam Trust LLC ("SST"), which is accounted for using the equity method. The Company recorded an impairment of $2.2 million on the investment in SST during the year ended December 31, 2013, which reduced the carrying amount of our investment in SST to zero. Subsequently, we no longer record our share of equity in earnings or losses. At December 31, 2014 USE's ownership interest in SST was 19.54%.

	Cash and Cash Equivalents

	USE considers all highly liquid investments with original maturities of three months or less to be cash equivalents. The carrying value of cash and cash equivalents approximates fair value due to the short-term nature of these instruments. USE maintains its cash and cash equivalents in bank deposit accounts which may exceed federally insured limits. USE has not experienced any losses in such accounts and believes the accounts are not exposed to any significant credit risk on cash and cash equivalents.

	Marketable Securities

	USE categorizes its marketable securities as available-for-sale or held-to-maturity. Increases or decreases in the fair value of available-for-sale securities which are considered temporary are recorded within equity as comprehensive income or losses. Gains or losses as a result of sale are recorded in operations when realized. As of December 31, 2014 and 2013, USE had unrealized gains in the marketable securities before tax effect of $1,000 and $45,000, respectively.

	Accounts Receivable

	USE determines any required allowance by considering a number of factors including the length of time trade and other accounts receivable are past due and our previous loss history. USE provides reserves for account receivable balances when they become uncollectable. Payments subsequently received on such reserved receivables are credited to the allowance for doubtful accounts. During the years ended December 31, 2014 and 2013, USE recorded $0 in bad debt expense. The balance of accounts receivable at December 31, 2014 and 2013 are primarily related to the sale of oil and gas. Generally, the Company's oil and gas receivables are collected within two months, and the company has had minimal bad debts. No reserve for uncollectable receivables was booked during the year ended December 31, 2014 or 2013.

	Valuation of Equity Method Investment
	The Company's investment in SST is evaluated quarterly for possible impairment as applicable in accordance with ASC 323-10-35-32, which provides guidance related to a loss in value of an equity method investment. This evaluation as of December 31, 2013, based on historical losses, current market conditions and forward business plans of SST, resulted in a determination by management that the Company's investment in SST was impaired as of December 31, 2013. As a result, the Company incurred a non-cash impairment charge of $2.2 million to write off the carrying amount of the investment in SST at December 31, 2013 to zero. Future equity losses will not be recorded, however, the Company will resume accounting for the investment in SST under the equity method if SST subsequently reports net income and the Company's share of that net income equals the net losses not recognized during the period in which the equity method was suspended. For additional information about the Company's investment in SST, please refer to Note G – Investment in Standard Steam Trust, LLC.
	Restricted Investments

	USE accounts for cash deposits held as collateral for reclamation obligations as restricted investments. Maturities or release dates less than twelve months from the end of the reported accounting period are reported as current assets while maturities or release dates in excess of twelve months from report dates are reported as long term assets.

	Properties and Equipment

	Land, buildings, improvements, machinery and equipment are carried at cost. Depreciation of buildings, improvements, machinery and equipment is provided principally by the straight-line method over estimated useful lives ranging from 3 to 45 years. Following is a breakdown of the lives over which assets are depreciated:

	Machinery and Equipment:
		Office Equipment	3 to 5 years
		Field Tools and Hand Equipment	5 to 7 years
		Vehicles and Trucks	3 to 7 years
		Heavy Equipment	7 to 10 years
	Buildings and Improvements:
		Service Buildings	20 years
		Corporate Headquarters Building	45 years
		Corporate Headquarters Building	45 years
	Components of Property and Equipment as of December 31, 2014 and 2013 are as follows:


			(In thousands)
			December 31,				December 31,
			2014				2013
	Oil and Gas properties
	Proved		$	147,486			$	136,521
	Unproved			10,188				7,478
	Exploratory wells in progress			2,357				--
				160,031				143,999
	Less accumulated depreciation
	depletion and amortization			(71,762	)			(57,077	)
	Net book value		$	88,269			$	86,922

	Mineral properties		$	21,942			$	20,739

	Property, plant and equipment		$	8,346			$	8,334
	Less accumulated depreciation			(4,404	)			(4,135	)
	Net book value		$	3,942			$	4,199

	Oil and Gas Properties

The Company follows the full cost method in accounting for its oil and gas properties. Under the full cost method, all costs associated with the acquisition, exploration and development of oil and gas properties are capitalized and accumulated in a country-wide cost center. This includes any internal costs that are directly related to development and exploration activities, but does not include any costs related to production, general corporate overhead or similar activities. Proceeds received from property disposals are credited against accumulated cost except when the sale represents a significant disposal of reserves, in which case a gain or loss is recognized. The sum of net capitalized costs and estimated future development and dismantlement costs for each cost center is depleted on the equivalent unit-of-production method, based on proved oil and gas reserves. Excluded from amounts subject to depletion are costs associated with unproved properties.

Full Cost Pool – Full cost pool capitalized costs are amortized over the life of production of proven properties. Capitalized costs at December 31, 2014 and 2013 which were not included in the amortized cost pool were $12.5 million and $7.5 million, respectively. These costs consist of exploratory wells in progress and land costs related to unevaluated properties. No capitalized costs related to unproved properties are included in the amortization base at December 31, 2014 and 2013.

Ceiling Test Analysis – Under the full cost method, net capitalized costs are limited to the lower of unamortized cost reduced by the related net deferred tax liability and asset retirement obligations or the cost center ceiling. The cost center ceiling is defined as the sum of (i) estimated future net revenue, discounted at 10% per annum, from proved reserves, based on unescalated average prices per barrel of oil and per MMbtu of natural gas at the first day of each month in the 12-month period prior to the end of the reporting period and costs, adjusted for contract provisions and financial derivatives that hedge USE's oil and gas revenue and asset retirement obligations, (ii) the cost of properties not being amortized, and (iii) the lower of cost or market value of unproved properties included in the cost being amortized, reduced by (iv) the income tax effects related to differences between the book and tax basis of the crude oil and natural gas properties. If the net book value reduced by the related net deferred income tax liability and asset retirement obligations exceeds the cost center ceiling limitation, a non-cash impairment charge is required in the period in which the impairment occurs.

We perform a quarterly ceiling test for each of our oil and gas cost centers. There was only one such cost center in 2014. The reserves used in the ceiling test and the ceiling test itself incorporate assumptions regarding pricing and discount rates over which management has no influence in the determination of present value. In arriving at the ceiling test for the year ended December 31, 2014, USE used $94.99 per barrel for oil and $4.35 per MMbtu for natural gas (and adjusted for property specific gravity, quality, local markets and distance from markets) to compute the future cash flows of USE's producing properties. The discount factor used was 10%.

The Company recorded no proved property impairments related to its oil and gas assets during the year ended December 31, 2014. In 2013, we recorded a proved property impairment of $5.8 million related to our oil and gas assets. The impairment was primarily due to a decline in the price of oil, additional capitalized well costs and changes in production. As of December 31, 2014, there were no unproved properties that were considered to be impaired and reclassified to properties being amortized. Management will continue to review the Company's unproved properties based on market conditions and other changes and if appropriate, unproved property amounts may be reclassified to the amortized base of properties within the full cost pool. Recent declines in the price of oil have significantly increased the risk of a ceiling test write-down in future periods.

Wells in Progress - Wells in progress represent the costs associated with unproved wells that have not reached total depth or have not been completed as of period end. They are classified as wells in progress and withheld from the depletion calculation and the ceiling test. The costs for these wells are then transferred to evaluated property when the wells reach total depth and are cased and the costs become subject to depletion and the ceiling test calculation in future periods.

Mineral Properties

We capitalize all costs incidental to the acquisition of mineral properties. Mineral exploration costs are expensed as incurred. When exploration work indicates that a mineral property can be economically developed as a result of establishing proved and probable reserves, costs for the development of the mineral property as well as capital purchases and capital construction are capitalized and amortized using units of production over the estimated recoverable proved and probable reserves. Costs and expenses related to general corporate overhead are expensed as incurred. All capitalized costs are charged to operations if we subsequently determine that the property is not economic due to permanent decreases in market prices of commodities, excessive production costs or depletion of the mineral resource.

Mineral properties at December 31, 2014 and 2013 reflect capitalized costs associated with our Mt. Emmons molybdenum property near Crested Butte, Colorado. Our carrying balance in the Mt. Emmons property at December 31, 2014 and 2013 is as follows:


		(In thousands)
		December 31,				December 31,
		2014				2013
Costs associated with Mount Emmons
beginning of year		$	20,739			$	20,739
Property purchase⁽¹⁾			1,203				--
Costs at the end of the period		$	21,942			$	20,739

(1)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.

Long-Lived Assets

We evaluate our long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amount may not be recoverable. Impairment calculations are generally based on market appraisals. If estimated future cash flows, on an undiscounted basis, are less than the carrying amount of the related asset, an asset impairment is considered to exist. Changes in significant assumptions underlying future cash flow estimates may have a material effect on our financial position and results of operations.

Assets Held for Sale

In accordance with authoritative accounting guidance regarding property plant and equipment, assets are classified as held for sale when we commit to a plan to sell the assets and there is reasonable certainty that the sale will take place within one year. Upon classification as held for sale, long-lived assets are no longer depreciated or depleted, and a measurement for impairment is performed to determine if there is any excess of carrying value over fair value less costs to sell. Subsequent changes to estimated fair value less the cost to sell will impact the measurement of assets held for sale if the fair value is determined to be less than the carrying value of the assets.

In January 2011, we made the decision to sell our Remington Village multifamily project in Gillette, Wyoming and in September 2012, we made the decision to sell our corporate aircraft and related facilities to reduce overhead costs. All assets classified as assets held for sale at December 31, 2012 were sold in the year ending December 31, 2013. Operations related to Remington Village are shown in discontinued operations on the accompanying consolidated statements of operations. For additional discussion please refer to Note H – Discontinued Operations.

Derivative Instruments

The Company uses derivative instruments, typically costless collars and fixed-rate swaps, to manage price risk underlying its oil and gas production. All derivative instruments are recorded in the consolidated balance sheets at fair value. The Company offsets fair value amounts recognized for derivative instruments executed with the same counterparty. Although the Company does not designate any of its derivative instruments as cash flow hedges, such derivative instruments provide an economic hedge of our exposure to commodity price risk associated with forecasted future oil and gas production. These contracts are accounted for using the mark-to-market accounting method and accordingly, the Company recognizes all unrealized and realized gains and losses that are related to these contracts currently in earnings and classifies them as gain (loss) on derivative instruments, net in our consolidated statements of operations. The Company may also use puts, calls and basis swaps in the future.


The Company's Board of Directors sets all risk management policies and reviews the status and results of derivative activities, including volumes, types of instruments and counterparties on a quarterly basis. These policies require that derivative instruments be executed only by the Chief Executive Officer or President. The agreements with approved counterparties identify the Chief Executive Officer and President as the only Company representatives authorized to execute trades. See Note E, Commodity Price Risk Management, for further discussion.

Fair Value of Financial Instruments

The carrying amount of cash equivalents, receivables, other current assets, accounts payable and accrued expenses approximate fair value because of the short-term nature of those instruments. The recorded amounts for short-term and long-term debt approximate the fair market value due to the variable nature of the interest rates on the short-term debt, and the fact that interest rates remain generally unchanged from issuance of the long-term debt.

Asset Retirement Obligations

USE accounts for its asset retirement obligations under FASB ASC 410-20, "Asset Retirement Obligations." USE records the fair value of the reclamation liability on its inactive mining properties and its operating oil and gas properties as of the date that the liability is incurred. USE reviews the liability each quarter and determines if a change in estimate is required, and it accretes the discounted liability on a quarterly basis for the future liability. Final determinations are made during the fourth quarter of each year. USE deducts any actual funds expended for reclamation during the quarter in which it occurs.

The following is a reconciliation of the total liability for asset retirement obligations:


		(In thousands)
		December 31,				December 31,
		2014				2013
Beginning asset retirement obligation		$	812			$	686
Accretion of discount			40				38
Liabilities incurred			310				131
Liabilities settled			(29	)			(43	)
Ending asset retirement obligation		$	1,133			$	812

Mineral properties		$	187			$	175
Oil and Gas wells			946				637
Ending asset retirement obligation		$	1,133			$	812

Revenue Recognition

USE derives revenue primarily from the sale of produced oil, gas, and NGLs. The Company reports revenue as the gross amount received before taking into account production taxes and transportation costs, which are reported separately as expenses and are included in oil and gas production expense in the accompanying statements of operations. USE records natural gas and oil revenue under the sales method of accounting. Revenue is recorded in the month that the production is delivered to the purchaser. Payment is generally received between 30 and 90 days after the date of production. At the end of each month, we estimate the amount of production delivered to the purchaser and the price we will receive. USE uses its knowledge of its properties, their historical performance, market prices, and other factors as the basis for these estimates.

USE has exposure to credit risk in the event of nonpayment by our operators, which are all in energy related industries. During 2014, we had three major operators, Contango Oil & Gas Company, Statoil and Zavanna, LLC and which accounted for approximately 38 percent, 28 percent and 20 percent of our total oil, gas and NGL revenues, respectively. During 2013, we had three major operators, Statoil, Zavanna, LLC and Contango Oil & Gas Company which accounted for approximately 38 percent, 32 percent and 18 percent of our total oil, gas and NGL revenues, respectively. During 2012, we had two major operators, Statoil and Zavanna, which accounted for 57 percent and 32 percent of our total oil, gas and NGL revenues, respectively.

Revenues from real estate operations are reported on a gross revenue basis and are recorded at the time the service is provided.

Stock Based Compensation

USE measures the cost of employee and director services received in exchange for all equity awards granted, including stock options, based on the fair market value of the award as of the grant date. USE computes the fair values of its options granted to employees using the Black Scholes pricing model and the following weighted average assumptions:


	For the years ended December 31,
	2014	2013	2012
Risk-free interest rate	2.06%	1.66%	0.82% to 1.41%
Expected lives (years)	6.0	6.0	5.0 to 6.0
Expected volatility	65.45%	62.59%	61.87% to 63.59%
Expected dividend yield	--	--	--


USE recognizes the cost of the equity awards over the period during which an employee is required to provide service in exchange for the award, usually the vesting period. As share-based compensation expense is recognized based on awards ultimately expected to vest, the expense has been reduced for estimated forfeitures based on historical forfeiture rates.

Income Taxes

USE recognizes deferred income tax assets and liabilities for the expected future income tax consequences, based on enacted tax laws, of temporary differences between the financial reporting and tax bases of assets, liabilities and carry forwards.

Additionally, USE recognizes deferred tax assets for the expected future effects of all deductible temporary differences, loss carry forwards and tax credit carry forwards. Deferred tax assets are reduced, if deemed necessary, by a valuation allowance for any tax benefits which, based on current circumstances, are not expected to be realized. At December 31, 2014 and 2013, management believed it was more likely than not that such tax benefits would not be realized and a valuation allowance has been provided. For further discussion, please refer to Note J – Income Taxes.

Earnings Per Share

Basic net income (loss) per share is computed based on the weighted average number of common shares outstanding. Common shares held by the ESOP are included in the computation of earnings per share. Total shares held by the ESOP at December 31, 2014, 2013, and 2012 were 949,870, 877,399, and 824,123, respectively.

Diluted net income (loss) per share is calculated by dividing net income or loss by the diluted weighted average common shares outstanding, which includes the effect of potentially dilutive securities. Potentially dilutive securities for this calculation consist of in-the-money outstanding stock options. When there is a loss from continuing operations, all potentially dilutive shares are anti-dilutive and are excluded from the calculation of net income (loss) per share. The treasury stock method is used to measure the dilutive impact of in-the-money stock options.

The following table sets forth the calculations of basic and diluted earnings per share:



		(In thousands except share amounts and per share data)
		For the years ended December 31,
		2014				2013				2012
Net (loss)		$	(2,091	)		$	(7,379	)		$	(11,245	)

Basic weighted-average common shares outstanding			27,832,859				27,678,698				27,466,549
Add: dilutive effect of stock options			--				--				--
Diluted weighted-average common shares outstanding			27,832,859				27,678,698				27,466,549

Basic net (loss) per share		$	(0.08	)		$	(0.27	)		$	(0.41	)
Diluted net (loss) per share		$	(0.08	)		$	(0.27	)		$	(0.41	)

The following table details the weighted-average anti-dilutive securities related to stock options for the years presented:

		For the years ended December 31,
		2014		2013		2012
Weighted-average anti-dilutive stock options		1,355,195		2,531,202		2,491,746


Recent Accounting Pronouncements

In April 2014, the Financial Accounting Standard Board ("FASB") issued new authoritative accounting guidance related to the recognition and presentation of discontinued operations in the financial statements. The guidance is aimed at reducing the frequency of disposals reported as discontinued operations by focusing on strategic shifts that have or will have a major effect on an entity's operations and financial results. This authoritative accounting guidance is effective for interim and annual periods beginning after December 15, 2014, and is to be applied prospectively. The Company is currently evaluating the provisions of this authoritative guidance and assessing its impact, but does not currently believe it will have a material effect on the Company's financial statements or disclosures.

In May 2014, the FASB issued new authoritative accounting guidance related to the recognition of revenue. This authoritative accounting guidance is effective for the annual period beginning after December 15, 2016, including interim periods within that reporting period, and is to be applied using one of two acceptable methods. The Company is currently evaluating the provisions of this guidance and assessing its impact on the Company's financial statements and disclosures.

In June 2014, the FASB issued new authoritative accounting guidance related to the recognition of share-based compensation when an award provides that a performance target can be achieved after the requisite service period. This authoritative accounting guidance may be applied either prospectively or retrospectively and is effective for annual periods and interim periods beginning after December 15, 2015. The Company is currently evaluating the provisions of this guidance and assessing its impact on the Company's financial statements and disclosures.

In August 2014, the FASB issued new authoritative guidance that requires management to evaluate whether there are conditions or events that raise substantial doubt about an entity's ability to continue as a going concern within one year after the date that the entity's financial statements are issued, or within one year after the date that the entity's financial statements are available to be issued, and to provide disclosures when certain criteria are met. This guidance is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The Company is currently evaluating the provisions of this guidance and assessing its impact on the Company's financial statements and disclosures.

In January 2015, the FASB issued new authoritative accounting guidance that simplifies income statement presentation by eliminating extraordinary items from GAAP. This guidance is to be applied either prospectively or retrospectively and is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. Early application is permitted provided the guidance is applied from the beginning of the annual year of adoption. The Company is currently evaluating the provisions of this guidance and assessing its impact on the Company's financial statements and disclosures.

In February 2015, the FASB issued new authoritative accounting guidance meant to clarify the consolidation reporting guidance in GAAP. This guidance is to be applied using a retrospective method or a modified retrospective method, as outlined in the guidance, and is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. Early application is permitted. The Company is currently evaluating the provisions of this guidance and assessing its impact on the Company's financial statements and disclosures.

There are no other accounting standards applicable to the Company that have been issued but not yet adopted by the Company as of December 31, 2014, and through the filing date of this report.

ACQUISITIONS_AND_DIVESTITURES

ACQUISITIONS AND DIVESTITURES	12 Months Ended
ACQUISITIONS AND DIVESTITURES	Dec. 31, 2014
ACQUISITIONS AND DIVESTITURES [Abstract]
ACQUISITIONS AND DIVESTITURES	C. ACQUISITIONS AND DIVESTITURES

	Acquisitions

	On May 7, 2014, the Company entered into a Participation Agreement with a private South Texas based oil and gas company ("Seller") to acquire 33% of the Seller's interest in approximately 12,100 gross (3,384 net) acres in Dimmit County, Texas. The acreage consists of 4,020 gross (1,181 net) acres of primary leasehold acreage and 8,080 gross (2,203 net) acres of farm-in acreage, to be earned through a continuous drilling program. The farm-in acreage has an initial two well commitment and a 12.5% working interest carry for the leaseholder (the "Farmor") in the first 10 wells. After 100% payout of all costs for the first 10 wells that are drilled under the farm-in program, the Farmor will back in for its 12.5% retained working interest in the prospect. The Seller also retained a 25% working interest back-in after 115% of project payout has been received by the Company. The Company paid $3.9 million to enter into the transaction, which included leasehold and farm-in acquisition costs as well as our proportionate share of drilling costs for the initial test well in the prospect.

	Divestitures

	On May 27, 2014, the Company entered into a Purchase and Sale Agreement to sell certain Williston Basin assets. Under the terms of the sale agreement, the Company sold its interest in approximately 285.70 net acres and 16 gross (0.62 net) producing wells in Williams and McKenzie Counties, North Dakota. The transaction closed in June 2014 with an effective date of January 1, 2014. The Company received $12.2 million at closing which included $681,000 in adjustments related to revenue receivable and accounts payable through the date of closing. The $11.5 million balance of the sale proceeds was recorded as a credit to our full cost pool.

FAIR_VALUE

FAIR VALUE	12 Months Ended
FAIR VALUE	Dec. 31, 2014
FAIR VALUE [Abstract]
FAIR VALUE	D. FAIR VALUE

	We follow authoritative guidance regarding fair value measurements for all assets and liabilities measured at fair value. That guidance establishes a fair value hierarchy that prioritizes the inputs the Company uses to measure fair value based on the significance level of the following inputs:

	• Level 1 - Quoted prices (unadjusted) for identical assets or liabilities in active markets.

	• Level 2 - Quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and model-derived valuations whose inputs or significant value drivers are observable.

	• Level 3 - Significant inputs to the valuation model are unobservable.

	Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of the nonfinancial assets and liabilities and their placement in the fair value hierarchy levels. We determine our estimate of the fair value of derivative instruments using a market approach based on several factors, including quoted prices in active markets, and quotes from third parties.

	The following tables list the Company's assets and liabilities that are measured at fair value and their classification within the fair value hierarchy as of December 31, 2014 and December 31, 2013:


			(In thousands)
						Fair Value Measurements at December 31, 2014 Using
			December 31,
	Description		2014			(Level 1)			(Level 2)		(Level 3)

	Available for sale securities		$	25		$	25		$	--	$	--

	Total assets		$	25		$	25		$	--	$	--

	Executive retirement program liability		$	1,309		$	--		$	--	$	1,309

	Total liabilities		$	1,309		$	--		$	--	$	1,309



						Fair Value Measurements at December 31, 2013 Using
			December 31,
	Description		2013			(Level 1)			(Level 2)		(Level 3)

	Commodity risk management assets		$	14		$	--		$	14	$	--
	Available for sale securities			69			69			--		--

	Total assets		$	83		$	69		$	14	$	--

	Commodity risk management liability		$	280		$	--		$	280	$	--
	Executive retirement program liability			865			--			--		865

	Total liabilities		$	1,145		$	--		$	280	$	865



	The following table summarizes the change in the fair value of our Level 3 fair value measurements for the year ended December 31, 2014.


			Change in Level 3 Fair Value Measurements

	Description		31-Dec-13			Additions and Payments			Revision of Value		31-Dec-14

	Executive retirement program liability		$	865		$	444		$	--	$	1,309

	The following table summarizes, by major security type, the fair value and unrealized gain of our investments. The unrealized gain is recorded on the consolidated balance sheet as other comprehensive income, a component of stockholders' equity.


			(In thousands)
			31-Dec-14
						Unrealized
	Description of Securities		Cost			Gain			Fair Value

	Available for sale securities		$	24		$	1		$	25

Total		$	24		$	1		$	25

		31-Dec-13
					Unrealized
Description of Securities		Cost			Gain			Fair Value

Available for sale securities		$	24		$	45		$	69

Total		$	24		$	45		$	69


Fair Value of Available for Sale Securities

The fair value of available for sale securities is based on quoted market prices obtained from independent pricing services. Accordingly, the Company has classified these instruments as Level 1.

Fair Value of Commodity Derivative Instruments

The Company determines its estimate of the fair value of derivative instruments using a market approach based on several factors, including quoted market prices in active markets, quotes from third parties, the credit rating of the counterparty and the Company's own credit rating. In consideration of counterparty credit risk, the Company assessed the likelihood that the counterparty to the derivative would default by failing to make any contractually required payments. Additionally, the Company considers that it is of substantial credit quality and has the financial resources and willingness to meet its potential repayment obligations associated with the derivative transactions. At December 31, 2013, derivative instruments utilized by the Company consisted of "no premium" collars. The crude oil derivative markets are highly active. Although the Company's derivative instruments are valued using indices, the instruments themselves are traded with third-party counterparties and are not openly traded on an exchange. As such, the Company has classified these instruments as Level 2.

Fair Value of Executive Retirement Program

The executive retirement program is a standalone liability for which there is no available market price, principal market, or market participants. The Company records the estimated fair value of the long-term liability for estimated future payments under the executive retirement program based on the discounted value of estimated future payments associated with each individual in the program. The inputs available for this estimate are unobservable and are therefore classified as Level 3 inputs.

Fair Value of Financial Instruments

Our other financial instruments include cash and cash equivalents, accounts receivable, accounts payable, other current liabilities and long-term debt. The carrying amount of cash and cash equivalents, accounts receivable, accounts payable and other current liabilities approximate fair value because of their immediate or short-term maturities. The carrying value of our debt approximates its fair market value as it bears interest at variable rates over the term of the loan. The fair value and carrying value of our debt was $6.0 million as of December 31, 2014.

COMMODITY_PRICE_RISK_MANAGEMEN

COMMODITY PRICE RISK MANAGEMENT	12 Months Ended
COMMODITY PRICE RISK MANAGEMENT	Dec. 31, 2014
COMMODITY PRICE RISK MANAGEMENT [Abstract]
COMMODITY PRICE RISK MANAGEMENT	E. COMMODITY PRICE RISK MANAGEMENT

	Through our wholly-owned subsidiary Energy One, we have entered into commodity derivative contracts ("economic hedges") with Wells Fargo, as described below. The derivative contracts are priced using West Texas Intermediate ("WTI") quoted prices. The Company is a guarantor of Energy One's obligations under the economic hedges. The objective of utilizing the economic hedges is to reduce the effect of price changes on a portion of our future oil production, achieve more predictable cash flows in an environment of volatile oil and gas prices and to manage our exposure to commodity price risk. The use of these derivative instruments limits the downside risk of adverse price movements. However, there is a risk that such use may limit our ability to benefit from favorable price movements. Energy One may, from time to time, add incremental derivatives to hedge additional production, restructure existing derivative contracts or enter into new transactions to modify the terms of current contracts in order to realize the current value of its existing positions. The Company does not engage in speculative derivative activities or derivative trading activities, nor does it use derivatives with leveraged features.

	The following table details the fair value of the derivatives recorded in the applicable consolidated balance sheet, by category as of December 31, 2013. There were no derivative contracts in place at December 31, 2014.


				As of December 31, 2013
				(in thousands)
	Underlying Commodity	Location on Balance Sheet		Gross amounts of recognized assets and liabilities				Gross amounts offset in the consolidated balance sheet				Net amounts of assets and liabilities presented in the consolidated balance sheet

	Crude oil derivative contract	Current assets		$	345			$	(331	)		$	14
	Crude oil derivative contract	Current liabilities		$	611			$	(331	)		$	280


	Unrealized gains and losses resulting from derivatives are recorded at fair value on the consolidated balance sheet and changes in fair value are recognized in the unrealized gain (loss) on risk management activities line on the consolidated statement of operations. Realized gains and losses resulting from the contract settlement of derivatives are recognized in the commodity price risk management activities line on the consolidated statement of operations. The following table summarizes the unrealized and realized derivative (gain) loss presented in the accompanying statements of operations:




		(In thousands)
		For the years ended December 31,
		2014				2013				2012
	Realized derivative (loss) gain	$	316			$	(338	)		$	21
	Unrealized derivative (loss) gain	$	266			$	(737	)		$	1,070
	Total realized and unrealized derivative (loss) gain	$	582			$	(1,075	)		$	1,091

SUPPLEMENTAL_FINANCIAL_INFORMA

SUPPLEMENTAL FINANCIAL INFORMATION ON OIL AND NATURAL GAS EXPLORATION, DEVELOPMENT AND PRODUCTION ACTIVITIES	12 Months Ended
	Dec. 31, 2014
SUPPLEMENTAL FINANCIAL INFORMATION ON OIL AND NATURAL GAS EXPLORATION, DEVELOPMENT AND PRODUCTION ACTIVITIES [Abstract]
SUPPLEMENTAL FINANCIAL INFORMATION ON OIL AND NATURAL GAS EXPLORATION, DEVELOPMENT AND PRODUCTION ACTIVITIES	F. SUPPLEMENTAL FINANCIAL INFORMATION ON OIL AND NATURAL GAS EXPLORATION, DEVELOPMENT AND PRODUCTION ACTIVITIES

	Capitalized Costs

	The following table presents information regarding USE's net costs incurred in the purchase of proved and unproved properties, and in exploration and development activities:


			(In thousands)
			December 31,			December 31,
			2014			2013
	Proved oil and gas properties		$	147,486		$	136,521
	Unproved			10,188			7,478
	Exploratory wells in progress			2,357			--
			$	160,031		$	143,999

	USE's DD&A per equivalent BOE was $31.56 in 2014, $32.06 in 2013, and $33.49 in 2012.

	Undeveloped properties as of December 31, 2014 include costs incurred in the following years:

			(In thousands)
			Acquisitions			Exploration			Development		Total
	2010		$	103		$	--		$	--	$	103
	2011			4,015			--			--		4,015
	2012			271			--			--		271
	2013			2,067			--			--		2,067
	2014			3,732			--			--		3,732
	Total		$	10,188		$	--		$	--	$	10,188

	Costs incurred in oil and natural gas property acquisition, exploration and development activities are summarized below:

			(In thousands)
			Year Ended December 31,
			2014			2013			2012
	Property acquisition costs:
	Proved		$	552		$	445		$	2,987
	Unproved			4,167			1,760			1,416
	Exploration costs			14,791			9,138			10,943
	Development costs			8,037			9,403			20,134
	Total costs incurred		$	27,547		$	20,746		$	35,480


	Results of Operations

	Results of operations from oil and natural gas producing activities are presented below:


			(In thousands)
			For the years ending December 31,
			2014			2013			2012
	Revenues		$	32,379		$	33,647		$	32,534
	Operating expenses			10,638			10,469			10,788
	Depreciation, depletion and amortization			14,685			13,623			14,893
	Impairment			--			5,828			5,189
				25,323			29,920			30,870
	Operating income		$	7,056		$	3,727		$	1,664

	Oil and Natural Gas Reserves (Unaudited)

	Proved reserves are estimated quantities of oil and natural gas which geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions. Proved developed reserves are reserves that can reasonably be expected to be recovered through existing wells with existing equipment and operating methods.

	Proved oil and natural gas reserve quantities at December 31, 2014, 2013 and 2012 and the related discounted future net cash flows before income taxes are based on the estimates prepared by Cawley, Gillespie & Associates, Inc. Such estimates have been prepared in accordance with guidelines established by the Securities and Exchange Commission.

	USE's net ownership interests in estimated quantities of proved oil and natural gas reserves and changes in net proved reserves, all of which are located in the continental United States, are summarized below:


31-Dec-14		Oil (BBLS)			Natural Gas or NGL (MCFE)
Beginning of year			3,459,713			2,371,908
Revisions of previous quantity estimates			(262,570	)		802,241
Extensions, discoveries and improved recoveries			1,583,292			1,006,659
Purchase of reserves in place			--			--
Sales of reserves in place			(330,871	)		(156,482	)
Production			(329,828	)		(813,081	)
End of year			4,119,736			3,211,245

Proved developed reserves at end of year			1,754,668			1,892,446


31-Dec-13		Oil (BBLS)			Natural Gas or NGL (MCFE)
Beginning of year			2,613,643			1,798,088
Revisions of previous quantity estimates			(162,957	)		382,690
Extensions, discoveries and improved recoveries			1,352,746			678,412
Purchase of reserves in place			--			--
Sales of reserves in place			--			--
Production			(343,719	)		(487,282	)
End of year			3,459,713			2,371,908

Proved developed reserves at end of year			1,875,528			1,701,282

Standardized Measure (Unaudited)

The standardized measure of discounted future net cash flows relating to USE's ownership interests in proved oil and natural gas reserves as of year-end is shown below:

		(In thousands)
		Year Ended December 31,
		2014			2013			2012
Future cash inflows		$	381,156		$	330,245		$	237,148
Future costs:
Production			(149,450	)		(129,392	)		(96,616	)
Development			(70,770	)		(37,739	)		(21,461	)
Future income tax expense			(12,719	)		(14,500	)		(8,483	)
Future net cash flows			148,217			148,614			110,588
10% discount factor			(66,328	)		(43,761	)		(39,571	)
Standardized measure of discounted future net cash flows		$	81,889		$	104,853		$	71,017

Future cash flows are computed by applying average prices per barrel of oil and per MMbtu of natural gas at the first day of each month in the 12-month period prior to the end of the reporting period to year-end quantities of proved oil and natural gas reserves. Prices used in computing year end 2014, 2013 and 2012 future cash flows were $94.99/barrel, $96.78/barrel and $94.71/barrel, respectively, for oil and $4.35/MMbtu, $3.67/MMbtu and $2.757/MMbtu for natural gas, respectively, in each case adjusted for regional price differentials and other factors. Future operating expenses and development costs are computed primarily by USE's independent petroleum engineers by estimating the expenditures to be incurred in developing and producing USE's proved oil and natural gas reserves at the end of the year, based on year end costs and assuming continuation of existing economic conditions.

Future income taxes are based on year-end statutory rates, adjusted for the tax basis of oil and gas properties and available applicable tax assets. A discount factor of 10% was used to reflect the timing of future net cash flows. The standardized measure of discounted future net cash flows is not intended to represent the replacement cost or fair market value of USE's oil and natural gas properties. An estimate of fair value would also take into account, among other things, the recovery of reserves not presently classified as proved, anticipated future changes in prices and costs, and a discount factor more representative of the time value of money and the risks inherent in reserve estimates.

Change in Standardized Measure (Unaudited)

Changes in standardized measure of future net cash flows relating to proved oil and natural gas reserves are summarized below:

		(In thousands)
		Year Ended December 31,
		2014			2013			2012
Balance at beginning of period		$	104,853		$	71,017		$	62,191
Sales of oil and gas, net of production costs			(21,741	)		(23,179	)		(21,747	)
Net change in prices and production costs			(17,376	)		2,543			(4,548	)
Changes in estimated future development costs			(1,869	)		(6,414	)		(9,706	)
Extensions and discoveries			14,706			54,360			23,297
Purchase of reserves in place			--			--			2,573
Sale of reserves in place			(13,339	)		--			(13,573	)
Revisions of previous quantity estimates			(4,815	)		(2,961	)		(5,927	)
Previously estimated development costs incurred during the period			7,175			8,344			22,808
Net change in income taxes			6,924			(4,245	)		7,261
Accretion of discount			10,090			7,647			7,254
Changes in production rates, timing and other			(2,719	)		(2,259	)		1,134
Balance at end of period		$	81,889		$	104,853		$	71,017


Sales of oil and natural gas, net of oil and natural gas operating expenses, are based on historical pretax results. Extensions and discoveries and the changes due to revisions in standardized variables are reported on a pretax discounted basis.

INVESTMENT_IN_STANDARD_STEAM_T

INVESTMENT IN STANDARD STEAM TRUST, LLC	12 Months Ended
INVESTMENT IN STANDARD STEAM TRUST, LLC	Dec. 31, 2014
INVESTMENT IN STANDARD STEAM TRUST, LLC [Abstract]
INVESTMENT IN STANDARD STEAM TRUST, LLC	G. INVESTMENT IN STANDARD STEAM TRUST, LLC

	USE's ownership interest in SST, a Denver, Colorado based private geothermal resource acquisition and development company, was 19.54% at December 31, 2013. The Company recorded an impairment of $2.2 million on the investment in SST during the year ended December 31, 2013, which reduced the carrying amount of our investment in SST to zero. Subsequently, we no longer record our share of equity in earnings or losses and recorded no income or loss from SST during the year ended December 31, 2014. The Company recorded an equity loss in unconsolidated investment related to SST of $104,000 during the year ended December 31, 2013.

DISCONTINUED_OPERATIONS

DISCONTINUED OPERATIONS	12 Months Ended
DISCONTINUED OPERATIONS	Dec. 31, 2014
DISCONTINUED OPERATIONS [Abstract]
DISCONTINUED OPERATIONS	H. DISCONTINUED OPERATIONS

	On September 11, 2013, the Company completed the sale of the Remington Village Apartment Complex in Gillette Wyoming ("Remington Village") to an affiliate of the Miller Frishman Group, LLC for $15.0 million. The $9.5 million balance on the commercial note relating to Remington Village was paid in full at closing. After deduction of payment of the note, commission and other closing costs, the net proceeds to the Company were approximately $5.0 million. Upon closing this transaction, a loss of $120,000 was recorded on the sale of discontinued of operations. Due to the sale of Remington Village in 2013, the Company did not record any income or losses from discontinued real estate operations for the year ended December 31, 2014.

	The Company's real estate operations for the years ending December 31, 2013 and 2012 have been classified as discontinued operations in the current financial statements. Results of discontinued operations for the years ended December 31, 2014, 2013, and 2012 were as follows:


		(In thousands)
		For the years ending December 31,
		2014		2013		2012
	Revenues	$	--	$	1,271	$	2,037
	Operating expenses		--		844		1,885
	Impairment		--		--		2,955
			--		844		4,840

	Income (loss) before income taxes		--		427		(2,803	)

	Income tax benefit		--		--		1,009

	Net income (loss) from discontinued operations	$	--	$	427	$	(1,794	)


	Because Remington Village was classified as an asset held for sale, scheduled depreciation of $660,000 for 2013 and $896,000 for 2012 was not recorded.

OTHER_LIABILITIES_AND_DEBT

OTHER LIABILITIES AND DEBT	12 Months Ended
OTHER LIABILITIES AND DEBT	Dec. 31, 2014
OTHER LIABILITIES AND DEBT [Abstract]
OTHER LIABILITIES AND DEBT	I. OTHER LIABILITIES AND DEBT

	As of December 31, 2014 and 2013, USE had current and long term liabilities associated with the following funding commitments:


		(In thousands)
		December 31,		December 31,
		2014		2013
	Other liabilities and debt:
	Other liabilities
	Deferred rent	$	14	$	11
	Remington Escrow		--		95
	Employee health insurance self funding		70		58
		$	84	$	164

	Other long term liabilities:
	Accrued executive retirement costs	$	1,029	$	741

	Debt:
	Credit Facility - collateralized by
	oil and gas reserves, at 2.66%	$	6,000	$	9,000
	Less current portion		--		--
	Totals	$	6,000	$	9,000

	Wells Fargo Reserve Credit Facility

	On July 30, 2010, USE established a Senior Secured Revolving Credit Facility (the "Facility") to borrow up to $100 million from a syndicate of banks, financial institutions and other entities, including BNP Paribas, who was replaced as a lender by Wells Fargo Bank, NA ("Wells Fargo") on April 24, 2012. At present, Wells Fargo is the only lender under the Facility. In the future, the facility may include other members of a lending syndicate (the "Lenders") as provided for in the Facility. Wells Fargo also is the administrative agent for the Facility, which is governed by the following documents: Credit Agreement; Mortgage, Deed of Trust, Assignment of As-Extracted Collateral, Security Agreement, Fixture Filing and Financing Statement (the "Mortgage"); and Guaranty and Pledge Agreement (the "Guaranty"), which are referred to below together as the "Facility Documents." The following summarizes the principal provisions of the Facility as set forth in the Facility Documents. The summary is qualified by reference to the complete text of the documents.

	USE's wholly-owned subsidiary, Energy One, is the borrower under the Facility. USE has assigned to Energy One all of its rights, title and interest in certain oil and gas properties and equipment related thereto, rights under various operating agreements, proceeds from sale of production and from sale or other disposition of the properties. Borrowings under the Facility are collateralized by Energy One's oil and gas producing properties. USE also has unconditionally and irrevocably guaranteed Energy One's performance of its obligations under the Credit Agreement, including without limitation Energy One's payment of all borrowings and related fees thereunder.

	From time to time until expiration of the Facility (July 30, 2017), if Energy One is in compliance with the Facility Documents, Energy One may borrow, pay, and re-borrow funds from the Lenders, up to an amount equal to the Borrowing Base, which was initially established at $12 million. The Borrowing Base is redetermined semi-annually, taking into account updated reserve reports prepared by USE's independent reserve engineers. Any proposed increase in the Borrowing Base will require approval by all Lenders in the syndicate (presently only Wells Fargo), and any proposed Borrowing Base decrease will require approval by Lenders holding not less than two-thirds of outstanding loans and loan commitments.

	Interest is payable quarterly at the greater of the Prime Rate, the Federal Funds Effective Rate (plus 0.5%), and the adjusted LIBO rate (as those terms are defined in the Credit Agreement) for the three prior months, plus, an additional 2.00% to 3.00%, depending on the amount of the loan relative to the Borrowing Base. Interest rates on outstanding loans are adjustable each day by Wells Fargo as administrative agent. Energy One may prepay principal at any time without premium or penalty, but all outstanding principal will be due on July 30, 2017. If there is a decrease in the Borrowing Base, the excess of outstanding loans over the Borrowing Base will be due over the six months following the redetermination. We pay Wells Fargo a fee each time the Borrowing Base is increased.

	In addition, on a quarterly basis, Energy One will pay Wells Fargo, for the account of each Lender (as applicable), a commitment fee of 0.50% of the unused amount of each Lender's lending commitment, computed daily until July 30, 2017.

	Energy One is required to comply with customary affirmative covenants and with certain negative covenants. The principal negative financial covenants (measured at various times as provided in the Credit Agreement) do not permit (i) the Interest Coverage Ratio (Interest Expense to EBITDAX) to be less than 3.0 to 1; (ii) Total Debt to EBITDAX to be greater than 3.5 to 1; and (iii) the Current Ratio (current assets plus unused lender commitments under the Borrowing Base) to be less than 1.0 to 1.0. EBITDAX is defined in the Credit Agreement as Consolidated Net Income, plus non-cash charges. At December 31, 2013, Energy One was in compliance with all the affirmative and negative covenants.


	If Energy One fails to pay interest or principal when due, or fails to comply with the covenants in the Credit Agreement (after a reasonable cure period, if applicable), Wells Fargo as Administrative Agent may (and shall, if requested by the Majority Lenders (Lenders holding not less than 2/3rds of the outstanding loan principal), declare the loans immediately due, and foreclose on Energy One's assets and enforce USE's guaranty.

	As of December 31, 2014, the Borrowing Base was $24.5 million and we had borrowed $6.0 million under the Facility. The Company's outstanding balance under the Credit Agreement as of the date of this report is $6.0 million.

	Real Estate Notes

	On May 5, 2011, USE borrowed $10.0 million from a commercial bank against Remington Village. This debt was retired on September 11, 2013 when Remington Village was sold.

INCOME_TAXES

INCOME TAXES	12 Months Ended
INCOME TAXES	Dec. 31, 2014
INCOME TAXES [Abstract]
INCOME TAXES	J. INCOME TAXES

	The provision for income taxes is composed of the following:


		(in thousands)
		Years ended December 31,
		2014			2013			2012
	Current income tax expense (benefit)
	Federal	$	--		$	--		$	--
	State		--			--			--
		$	--		$	--		$	--

	Deferred income tax expense (benefit)
	Federal	$	--		$	--		$	(1,093	)
	State		--			--			(64	)
		$	--		$	--		$	(1,157	)

	The effective income tax rate differs from the U.S. Federal Statutory income tax rate due to the following:


		(in thousands)
		Years ended December 31,
		2014			2013			2012

	Federal statutory income tax rate	$	(711	)	$	(2,509	)	$	(4,164	)
	State income taxes, net of federal benefit		(34	)		(158	)		(245	)
	Incentive stock options		79			43			12
	Percent depletion carryover		(129	)		(174	)		(177	)
	Valuation analysis		612			2,717			3,512
	Other		183			81			(95	)
		$	--		$	--		$	(1,157	)

	The components of deferred tax assets and liabilities as of December 31, 2014 and 2013 are as follows:


		December 31,
		2014			2013

	Deferred tax assets:
	Net operating loss	$	10,382		$	6,930
	Derivative instruments		0			96
	Asset retirement obligation		404			294
	Stock based compensation		248			228
	Deferred compensation		439			385
	Alternative minimum tax credit		706			706
	Contribution carryover		42			37
	Equity investments		629			643
	Percentage depletion carryover		2,402			2,421
		$	15,252		$	11,740

	Deferred tax liabilities:
	Property and equipment		(8,351	)		(5,446	)
	State tax		(3	)		(9	)
	Marketable securities		--			(16	)
		$	(8,354	)	$	(5,471	)

	Net deferred tax assets (liabilities)		6,898			6,269
	Less: Valuation Allowance		(6,898	)		(6,269	)
	Deferred tax liability	$	--		$	--

	During the year ended December 31, 2014, deferred tax assets increased $3.5 million and deferred tax liabilities increased by $2.9 million. The change in net deferred tax assets was an increase of $629,000 compared to the previous year. This resulted in a net deferred asset of $6.9 million, which is fully offset by a valuation allowance.

	USE has net operating loss carryovers as of December 31, 2014 of $32.4 million for federal income tax purposes and $29.6 million for financial reporting purposes. The difference of $2.8 million relates to tax deductions for compensation expense for financial reporting purposes for which the benefit will not be recognized until the related deductions reduce taxes payable. The net operating loss carryovers may be carried back two years and forward twenty years from the year the net operating loss was generated. The net operating losses may be used to offset taxable income through 2033. In addition, USE has alternative minimum tax credit carry-forwards of $706,000 which are available to offset future federal income taxes over an indefinite period.

The statute of limitations is closed for the tax years through 2010.

USE adopted the applicable provisions of ASC 740 to recognize, measure, and disclose uncertain tax positions in the financial statements. Under ASC 740, tax positions must meet a "more-likely-than-not" recognition threshold to be recognized. During the year ended December 31, 2014, no adjustments were recognized for uncertain tax positions. USE recognizes interest and penalties related to uncertain tax positions in income tax expense (benefit). No interest or penalties related to uncertain tax positions have been accrued.

SEGMENTS_AND_MAJOR_CUSTOMERS

SEGMENTS AND MAJOR CUSTOMERS	12 Months Ended
SEGMENTS AND MAJOR CUSTOMERS	Dec. 31, 2014
SEGMENTS AND MAJOR CUSTOMERS [Abstract]
SEGMENTS AND MAJOR CUSTOMERS	K. SEGMENTS AND MAJOR CUSTOMERS

	During the years ended December 31, 2014, 2013, and 2012, USE, for financial reporting purposes, operated two business segments, the exploration for and sale of oil and gas, and mining. Our operating segments are reflected in the tables below:



		(In thousands)
		For the years ended December 31,
		2014			2013			2012
	Revenues:
	Oil and gas	$	32,379		$	33,647		$	32,534
	Total revenues		32,379			33,647			32,534

	Operating expenses:
	Oil and gas		25,323			29,920			30,870
	Mineral properties		2,985			3,045			2,899
	Total operating expenses		28,308			32,965			33,769

	Interest expense:
	Oil and gas		368			264			169
	Mineral properties		--			12			24
	Total interest expense		368			276			193

	Operating income (loss)
	Oil and gas	$	6,688		$	3,463		$	1,495
	Mineral properties		(2,985	)		(3,057	)		(2,923	)
	Operating income (loss)
	from identified segments		3,703			406			(1,428	)

	General and administrative expenses		(6,559	)		(5,673	)		(9,109	)
	Add back interest expense		368			276			193
	Other revenues and expenses		397			(2,695	)		849

	(Loss) before income taxes
	and discontinued operations	$	(2,091	)	$	(7,686	)	$	(9,495	)

	Depreciation depletion and amortization expense:
	Oil and gas	$	14,685		$	13,623		$	14,893
	Mineral properties		123			126			127
	Corporate		148			149			437
	Total depreciation expense	$	14,956		$	13,898		$	15,457




		(In thousands)
		December 31,
		2014			2013			2012
	Assets by segment
	Oil and gas	$	92,020		$	97,418		$	93,839
	Mineral		21,942			20,739			20,747
	Corporate		9,561			8,644			26,241
	Total assets	$	123,523		$	126,801		$	140,827

SHAREHOLDERS_EQUITY

SHAREHOLDERS' EQUITY	12 Months Ended
SHAREHOLDERS' EQUITY	Dec. 31, 2014
SHAREHOLDERS' EQUITY [Abstract]
SHAREHOLDERS' EQUITY	L. SHAREHOLDERS' EQUITY

	Stock Option Plans

	Employee Stock Option Plans. In December 2001, the Board of Directors adopted (and the shareholders subsequently approved) the U.S. Energy Corp. 2001 Incentive Stock Option Plan (the "2001 ISOP") for the benefit of USE's employees. The 2001 ISOP (amended with the approval of the shareholders in 2004 and 2007) reserved for issuance 25% of USE's shares of common stock issued and outstanding at any time. The 2001 ISOP had a term of 10 years and expired on December 6, 2011. Options issued under the 2001 ISOP remain exercisable until their expiration date under the terms of the 2001 ISOP.

	In June 2012, the Board of Directors adopted (and the shareholders approved) the U.S. Energy Corp. 2012 Equity and Performance Incentive Plan (the "2012 Equity Plan") for the benefit of USE's employees. The 2012 Equity Plan reserved for issuance 1,200,000 shares of USE's common stock. The 2012 Equity Plan has a term of 10 years.

	A summary of the Employee Stock Option Plans activity in all plans for the years ended December 31, 2014, 2013 and 2012 is as follows:

			Year ended December 31,
			2014								2013								2012
			Employee Options				Weighted Average Exercise Price				Employee Options				Weighted Average Exercise Price				Employee Options				Weighted Average Exercise Price
	Outstanding at beginning
	of the period			2,500,949			$	3.6				2,259,282			$	3.8				2,318,399			$	3.94
	Granted			--			$	--				270,000			$	2.08				150,000			$	2.32
	Forfeited			(3,333	)		$	2.08				--			$	--				(10,000	)		$	2.32
	Expired			--			$	--				(28,333	)		$	4.68				(194,950	)		$	4.47
	Exercised			(400,203	)		$	2.46				-			$	-				(4,167	)		$	2.52
	Outstanding at period end			2,097,413			$	3.82				2,500,949			$	3.6				2,259,282			$	3.8
	Exercisable at period end			1,949,080			$	3.95				2,137,619			$	3.85				2,119,282			$	3.9

	Weighted average fair
	value of options
	granted during
	the period						$	--							$	1.2							$	1.3

	During the year ended December 31, 2014, a total of 400,203 options were exercised by employees by the payment of $1,000 in cash and the surrender or withholding of 228,047 shares valued at $982,000. An additional 14,206 shares valued at $63,000 were withheld for the payment of taxes due upon the exercise of non-qualified options. No employee options were exercised during the year ended December 31, 2013. During the year ended December 31, 2012, a total of 4,167 options were exercised by employees by the withholding of 3,097 shares valued at $10,000. The aggregate intrinsic value of options exercised was $743,000 in 2014, $0 in 2013 and $4,000 in 2012.

	Option related compensation expense is recognized over the vesting period of the options and is calculated using the Black Scholes option pricing model. USE initially assumed no forfeitures, but has subsequently reduced the cumulative expense based on historical forfeitures. The total expense associated with employee stock options for the years ended December 31, 2014, 2013 and 2012 was $229,000, $120,000 and $33,000, respectively. As of December 31, 2014, there was $124,000 of total unrecognized expense related to unvested stock options, which is being amortized through 2016.

	The following table summarizes information about employee stock options outstanding and exercisable at December 31, 2014:


	Grant Price Range				Employee Options Outstanding at December 31, 2014				Weighted average remaining contractual life in years				Weighted average exercise price				Employee Options exercisable at December 31, 2014				Weighted average exercise price

	$	2.08				270,000				8.74			$	2.08				166,668			$	2.08
	$	2.09 - $2.32				123,333				7.53			$	2.32				78,332			$	2.32
	$	2.33 - $2.52				405,312				3.73			$	2.52				405,312			$	2.52
	$	2.53 - $3.86				273,768				0.79			$	3.86				273,768			$	3.86
	$	3.87 - $4.97				1,025,000				2.57			$	4.97				1,025,000			$	4.97
						2,097,413				3.65			$	3.82				1,949,080			$	3.95

	The following table sets forth the number of options available for grant as well as the intrinsic value of the options outstanding and exercisable at:


			At December 31,
			2014				2013				2012
	Available for future grant			790,000				790,000				1,060,000
	Aggregate intrinsic value of options outstanding		$	--			$	1,661,000			$	--
	Aggregate intrinsic value of options exercisable		$	--			$	1,073,000			$	--



	Director Option Plan. In June 2008, the Board of Directors adopted (and the shareholders subsequently approved) the 2008 Stock Option Plan for U.S. Energy Corp. Independent Directors and Advisory Board Members (the "2008 SOP") for the benefit of USE's non-employee directors and advisory board members. The 2008 SOP reserved for issuance 1.0% of USE's shares of common stock issued and outstanding at any time. The 2008 SOP has a term of 10 years and expires on June 27, 2018.

	As of December 31, 2014, there were 178,666 director options outstanding to purchase shares of USE's common stock. USE values these options using the Black-Scholes option pricing model and expenses that value over various terms based on the nature of the award. Activity for the years ended December 31, 2014, 2013 and 2012 for director options is presented in the following table:


			Year ended December 31,
			2014								2013								2012
			Director Options				Weighted Average Exercise Price				Director Options				Weighted Average Exercise Price				Director Options				Weighted Average Exercise Price
	Outstanding at beginning
	of the period			146,000			$	2.93				150,000			$	3.05				210,000			$	3.1
Granted			60,000			$	3.77				36,000			$	2.08				80,000			$	2.78
Forfeited			--			$	--				--			$	--				--			$	--
Expired			--			$	--				(40,000	)		$	2.6				(120,000	)		$	3.05
Exercised			(27,334	)		$	2.53				-			$	-				(20,000	)		$	2.52
Outstanding at period end			178,666			$	3.28				146,000			$	2.93				150,000			$	3.05
Exercisable at period end			82,333			$	3.3				56,668			$	3.46				63,335			$	3.01

Weighted average fair
value of options
granted during
the period						$	2.27							$	1.2							$	1.59

During the year ended December 31, 2014, a total of 27,334 options were exercised by outside directors by the payment of $8,000 in cash and the withholding of 15,000 shares valued at $61,000. No director options were exercised during the year ended December 31, 2013. During the year ended December 31, 2012, a total of 20,000 director options were exercised by the payment of $50,000 in cash. The aggregate intrinsic value of options exercised was $45,000 in 2014, $0 in 2013 and $17,000 in 2012.The total expense associated with director stock options for the years ended December 31, 2014, 2013 and 2012 was $89,000, $64,000 and $69,000, respectively. As of December 31, 2014, there was $147,000 of total unrecognized expense related to unvested stock options, which is being amortized through 2017.


The following table summarizes information about director options outstanding and exercisable at December 31, 2014:


Grant Price Range				Director Options Outstanding at December 31, 2014				Weighted average remaining contractual life in years				Weighted average exercise price				Director Options exercisable at December 31, 2014				Weighted average exercise price

$	2.08				27,000				8.5			$	2.08				9,000			$	2.08
$	2.09 - $2.32				6,666				7.53			$	2.32				3,333			$	2.32
$	2.33 - $2.52				10,000				3.73			$	2.52				10,000			$	2.52
$	2.53 - $2.85				45,000				7.23			$	2.85				30,000			$	2.85
$	2.86 - $4.19				80,000				8.9			$	3.88				20,000			$	4.19
$	4.20 - $5.04				10,000				5.48			$	5.04				10,000			$	5.04

					178,666				7.88			$	3.28				82,333			$	3.3

These options are held by current and former directors of USE.

The following table sets forth the number of options available for grant as well as the intrinsic value of the options outstanding and exercisable at:


		At December 31,
		2014				2013				2012
Available for future grant			101,811				131,359				126,526

Aggregate intrinsic value of options outstanding		$	--			$	142,000			$	--
Aggregate intrinsic value of options exercisable		$	--			$	35,000			$	--


USE has computed the fair values of its employee and director options using the Black Scholes pricing model and the following weighted average assumptions:


	For the years ended December 31,
	2014	2013	2012
Risk-free interest rate	2.06%	1.66%	0.82% to 1.41%
Expected lives (years)	6.0	6.0	5.0 to 6.0
Expected volatility	65.45%	62.59%	61.87% to 63.59%
Expected dividend yield	--	--	--



Employee Stock Ownership Plan

The Board of Directors of USE adopted the U.S. Energy Corp. 1989 Employee Stock Ownership Plan ("ESOP") in 1989, for the benefit of all USE's employees. Employees become eligible to participate in the ESOP after one year of service which must consist of at least 1,000 hours worked. After the employee becomes a participant in the plan, he or she must have a minimum of 1,000 hours of service in each plan year to be considered for allocations of funding from USE. Employees become 20% vested after three years of service and increase their vesting by 20% each year thereafter until such time as they are fully vested after seven years of service.

An employee's total compensation paid, which is subject to federal income tax, up to an annual limit of $260,000 for the year ended December 31, 2014, $255,000 for the year ended December 31, 2013 and $250,000 for the year ended December 31, 2012, is the basis for computing how much of the total annual funding is contributed into his or her personal account. An employee's compensation divided by the total eligible compensation paid to all plan participants is the percentage that each participant receives on an annual basis. USE funds 10% of all eligible compensation annually in the form of common stock and may fund up to an additional 15% to the plan in common stock. As of December 31, 2014, all shares of USE's stock that have been contributed to the ESOP have been allocated and are vested.

During the year ended December 31, 2014, the Board of Directors of USE approved a contribution of 141,721 shares to the ESOP at the price of $1.48 for a total expense of $209,000. This compares to contributions to the ESOP during the years ended December 31, 2013 and 2012 of 53,276 and 161,624 shares to the ESOP at prices of $3.76 and $1.50 per share, respectively. The expense for the contributions during the years ended December 31, 2013 and 2012 were $200,000 and $243,000, respectively.

COMMITMENTS_CONTINGENCIES_AND_

COMMITMENTS, CONTINGENCIES AND OTHER	12 Months Ended
COMMITMENTS, CONTINGENCIES AND OTHER	Dec. 31, 2014
COMMITMENTS, CONTINGENCIES AND OTHER [Abstract]
COMMITMENTS, CONTINGENCIES AND OTHER	M. COMMITMENTS, CONTINGENCIES AND OTHER

	Legal Proceedings

	From time to time, we are party to certain legal actions and claims arising in the ordinary course of business. While the outcome of these events cannot be predicted with certainty, management does not expect these matters to have a materially adverse effect on our financial position or results of operations. Following are currently pending legal matters:

	Water Rights Litigation –Mt. Emmons Project

	On July 25, 2008, we filed an Application for Finding of Reasonable Diligence with the Colorado Water Court ("Water Diligence Application") concerning the conditional water rights associated with the Mt. Emmons Project (Case No. 2008CW81). The conditional water decree ("Decree") required the Company to file its proposed plan of operations and associated permits with the Forest Service and BLM within six years of entry of the Decree, or within six years of the final determination of the pending patent application, whichever occurred later. The BLM issued the mineral patents on April 2, 2004. Although the issuance of the patents was appealed, on April 30, 2007, the United States Supreme Court made a final determination (by denial of certiorari) upholding BLM's issuance of the mineral patents. The Company filed a plan of operations on March 31, 2010.

	On August 11, 2010, High Country Citizen's Alliance, Crested Butte Land Trust and Star Mountain Ranch Association, Inc. ("Opposers") filed a motion for summary judgment alleging that the plan of operations did not comply with the USFS regulations and did not satisfy certain "reality check" limitations contained in the Decree. On November 24, 2010, the District Court Judge denied the Opposers's motion for summary judgment and held that Company had until April 30, 2013 to comply with the reality check provision of the Decree, which is six years after the Supreme Court denied certiorari in the judicial proceeding. On October 10, 2012, the Company filed a Plan of Operations with the USFS in compliance with the reality check provision of the Decree. The question of the adequacy of the Water Diligence Application is pending. We have settled with every Opposer except Crested Butte Land Trust. The claims of Crested Butte land Trust have been referred to the Colorado Water Court for further proceedings.
	Brigham Oil & Gas, L.P.

	On June 8, 2011, Brigham Oil & Gas, L.P. ("Brigham"), as the operator of the Williston 25-36 #1H Well, filed an action in the State of North Dakota, County of Williams, in District Court, Northwest Judicial District, Case No. 53-11-CV-00495 to interplead to the court with respect to the undistributed suspended royalty funds from this well to protect itself from potential litigation. Brigham became aware of an apparent dispute with respect to ownership of the mineral interest between the ordinary high water mark and the ordinary low water mark of the Missouri River. Brigham suspended payment of certain royalty proceeds of production related to the minerals in and under this property pending resolution of the apparent dispute. Energy One owns a working interest, not royalty interest, in this well so no funds owed to Energy One have been withheld.

	On January 28, 2013, the District Court Northwest Judicial District issued an Order for Partial Summary Judgment holding that the State of North Dakota as part of its title to the beds of navigable waterways owns the minerals in the area between the ordinary high and low watermarks on these waterways, and that this public title excludes ownership and any proprietary interest by riparian landowners. This issue has been appealed to the North Dakota Supreme Court. Energy One's legal position is aligned with Brigham, who will continue to provide legal counsel in this case for the benefit of all working interest owners.

	Quiet Title Action – Dimmit County, TX

	On October 4, 2013, Dimmit Wood Properties, Ltd. ("Dimmit") filed a Quiet Title Action against Chesapeake Exploration, LLC ("Chesapeake"), Crimson Exploration Operating, Inc. ("Crimson"), EXCO Operating Company, LP, OOGC America, Inc., Energy One and Liberty Energy, LLC ("Liberty") (jointly referred to as "Defendants") concerning an 800.77 gross acre oil and gas lease ("Lease") located in Dimmit County, Texas. Crimson, Energy One and Liberty received an assignment from Chesapeake of the Lease, in which Energy One has a 30% working interest. Dimmit alleges that the Lease has terminated due to the failure to achieve production in paying quantities. On October 28, 2013, the Defendants filed an answer, asserting that production in paying quantities was achieved in the primary term of the Lease with an existing producing well and that the Lease has remained in good standing and has not terminated. The Defendants also filed Counterclaims against Dimmit, including but not limited to breach of contract. No new wells have been drilled by the Defendants on the Lease. Crimson, Energy One and Liberty filed a declaratory judgment action in the District Court of Dimmit County in 2014 regarding similar allegations relating to a lease on adjacent acreage that was also assigned to those parties by Chesapeake. The lessors in that case are Dr. Darrell Willerson, Sue Willerson and Willerson Energy Partners, L.P. Crimson, Energy One and Liberty are seeking a determination from the court that the lease remains valid and in effect.

	Mining Permits

	The Mt. Emmons molybdenum property is located on fee property within the boundary of USFS land. Although mining of the mineral resource will occur on the fee property, associated ancillary activities will occur on USFS land. USE submitted a full mine plan of operations in part to satisfy the requirements of the conditional water rights decree on October 10, 2012. Under the procedures mandated by National Environmental Protection Act ("NEPA"), the USFS will prepare an environmental analysis in the form of an Environmental Assessment and/or and Environmental Impact Statement to evaluate the predicted environmental and social economic impacts of the proposed development and mining of the Mt. Emmons molybdenum property. The NEPA process provides for public review and comment of the proposed plan.

	Obtaining and maintaining the various permits for the mining operations at Mt. Emmons will be complex, time-consuming, and expensive. Changes in a mine's design, production rates, quality of material mined, and many other matters, often require submission of the proposed changes for agency approval prior to implementation. In addition, changes in operating conditions beyond our control, or changes in agency policy and Federal and State law, could further affect the successful permitting of the mine operations.

	Although USE believes that the plan of operations for Mt. Emmons will ultimately be approved by the USFS, this cannot be guaranteed. Moreover, the timing and cost, and ultimate success of the mining operation, cannot be predicted.

	401(K) Plan

	The Board of Directors of USE adopted the U.S. Energy Corp. 401(K) Plan in 2004. USE matches 50% of an employee's salary deferrals up to a maximum contribution per employee of $4,000 annually. USE expensed $48,000, $46,000, and $54,000 for the years ended December 31, 2014, 2013 and 2012, respectively, related to these contributions.

	Executive Officer Compensation

	Executive Retirement Plan. On October 20, 2005, the Board of Directors adopted an Executive Retirement Policy (the "Retirement Plan") for the then Chairman/CEO, President/COO and CFO/Treasurer/V.P. Finance. Under the terms of the Retirement Plan, upon retirement, the executive will receive payments equaling 50% of the greater of (i) the amount of compensation the officer received as base cash pay on his/her final regular pay check or (ii) the average annual pay rate, less all bonuses, he/she received over the last five years of his/her employment with Company. To be eligible for this benefit, the executive officer must have served in one of the designated executive offices for 15 years, reached the age of 60 and been an employee of USE on December 31, 2010. During 2007, the Board of Directors voted unanimously to fund the retirement benefit for the then active officers who qualified under the plan. The funding is held in a separate trust account that is managed by an independent trustee and is subject only to the claims of creditors in the event of insolvency of USE. At December 31, 2014, USE had funded the executive retirement account with the amount calculated by a third party actuary, of $1.3 million, which is recorded as Other Long Term Assets. Additional amounts will be deposited annually until each executive's 60^th birthday.

	On June 30, 2011, the CFO/Treasurer/V.P. Finance retired. During the years ended December 31, 2014, 2013 and 2012 that former officer received annual payments of $122,000 from the Retirement Plan. In addition, pursuant to the former CFO/Treasurer/V.P. Finance's employment contract, USE agreed to pay for health insurance for the executive and his spouse from his date of retirement until he becomes eligible for Medicare.

	On December 31, 2014, the President/COO retired. Upon announcement of his retirement, the Board of Directors voted unanimously to waive the minimum age eligibility requirement for this officer. As a result, this former officer will receive annual payments of $152,000 beginning January 1, 2015 through December 31, 2019. In addition, pursuant to the former President/COO's employment contract, USE agreed to pay for health insurance for the executive and his spouse for a period of 18 months from his date of retirement.

	Compensation expense for executives under the Retirement Plan for the years ended December 31, 2014, 2013 and 2012 was $599,000, $99,000, and $80,000, respectively. The total accrued liability for executive retirement under all plans at December 31, 2014, 2013, and 2012 was $1.3 million, $865,000, and $903,000, respectively.

	Health Insurance Retirement Benefit. Pursuant to employment agreements with the current CEO and CFO, USE has agreed to pay for health insurance for the retiring executive and his spouse for a period of 18 months from the date of retirement.

	2001 Stock Compensation Plan. In December 2001, the Board of Directors adopted (and the shareholders subsequently approved) the 2001 Stock Compensation Plan (the "2001 SCP") to compensate its executive officers. The 2001 SCP terminated on April 20, 2013 with the shareholder approval of the 2012 Equity Plan at the 2012 annual meeting. The last shares issued under the 2001 SCP were issued in April 2013. Under the plan, 20,000 shares were issued annually to each officer during his employment. During the years ended December 31, 2013 and 2012, USE collectively issued 30,000 and 60,000 shares of stock to these officers, respectively. In consideration of this agreement, USE agreed to pay all taxes due on the shares granted to the officers.

	Operating Leases

	USE is the lessor of portions of the office buildings and building improvements that it owns. USE occupies the majority of its main office building. The leases are accounted for as operating leases and provide for minimum monthly receipts of $5,000 through December 31, 2015. Rental income under the agreements was $95,000, $96,000, and $170,000 for the years ended December 31, 2014, 2013 and 2012, respectively. Future minimum receipts for non-cancelable operating leases are $76,000 for the year ended December 31, 2015.

SELECTED_QUARTERLY_FINANCIAL_D

SELECTED QUARTERLY FINANCIAL DATA (Unaudited)	12 Months Ended
SELECTED QUARTERLY FINANCIAL DATA (Unaudited)	Dec. 31, 2014
SELECTED QUARTERLY FINANCIAL DATA (Unaudited) [Abstract]
SELECTED QUARTERLY FINANCIAL DATA (Unaudited)	N. SELECTED QUARTERLY FINANCIAL DATA (Unaudited)



			(In thousands except per share data)
			Three Months Ended
			December 31,				September 30,				June 30,			March 31,
			2014				2014				2014			2014
	Operating revenues		$	5,067			$	9,928			$	9,128		$	8,256

	Operating income (loss)		$	(3,203	)		$	(681	)		$	769		$	627

	Income (loss) before income tax and discontinued operations		$	(2,334	)		$	(63	)		$	56		$	250

	Benefit from (provision for) income taxes		$	--			$	--			$	--		$	--

	Discontinued operations, net of tax		$	--			$	--			$	--		$	--

	Net income (loss)		$	(2,334	)		$	(63	)		$	56		$	250

	Income (loss) per share, basic
	Continuing operations		$	(0.08	)		$	--			$	--		$	0.01
	Discontinued operations			--				--				--			--
			$	(0.08	)		$	--			$	--		$	0.01

	Basic weighted average shares outstanding			27,905,940				27,905,940				27,785,280			27,738,083

	Income (loss) per share, diluted
	Continuing operations		$	(0.08	)		$	--			$	--		$	0.01
	Discontinued operations			--				--				--			--
			$	(0.08	)		$	--			$	--		$	0.01

	Diluted weighted average shares outstanding			27,905,940				27,905,940				28,237,883			28,142,253




			(In thousands except per share data)
			Three Months Ended
			December 31,				September 30,				June 30,			March 31,
			2013				2013				2013			2013
	Operating revenues		$	9,271			$	8,582			$	7,915		$	7,879

	Operating income (loss)		$	581			$	403			$	151		$	(6,125	)

	Income (loss) before income tax and discontinued operations		$	(1,217	)		$	(706	)		$	367		$	(6,130	)

	Benefit from (provision for) income taxes		$	--			$	--			$	--		$	--

	Discontinued operations, net of tax		$	(3	)		$	(128	)		$	206		$	232

	Net income (loss)		$	(1,220	)		$	(834	)		$	573		$	(5,898	)

	Income (loss) per share, basic
	Continuing operations		$	(0.04	)		$	(0.03	)		$	0.01		$	(0.22	)
	Discontinued operations			--				--				0.01			0.01
			$	(0.04	)		$	(0.03	)		$	0.02		$	(0.21	)

	Basic weighted average shares outstanding			27,682,602				27,682,602				27,682,272			2,766,710

	Income (loss) per share, diluted
	Continuing operations		$	(0.04	)		$	(0.03	)		$	0.01		$	(0.22	)
	Discontinued operations			--				--				0.01			0.01
			$	(0.04	)		$	(0.03	)		$	0.02		$	(0.21	)

Diluted weighted average shares outstanding			27,682,602				27,682,602				27,682,272			27,667,102




		(In thousands except per share data)
		Three Months Ended
		December 31,				September 30,				June 30,			March 31,
		2012				2012				2012			2012
Operating revenues		$	8,038			$	7,639			$	8,522		$	8,335

Operating (loss)		$	(5,898	)		$	(2,675	)		$	(957	)	$	(679	)

Income (loss) before income tax and discontinued operations		$	(6,079	)		$	(3,155	)		$	624		$	(833	)

Benefit from (provision for) income taxes		$	(1,302	)		$	1,285			$	(379	)	$	388

Discontinued operations, net of tax		$	(548	)		$	(75	)		$	(1,235	)	$	64

Net (loss)		$	(7,929	)		$	(1,945	)		$	(990	)	$	(381	)

Income (loss) per share, basic
Continuing operations		$	(0.27	)		$	(0.07	)		$	0.01		$	(0.01	)
Discontinued operations			(0.02	)			--				(0.05	)		--
		$	(0.29	)		$	(0.07	)		$	(0.04	)	$	(0.01	)

Basic weighted average shares outstanding			27,475,813				27,468,355				27,460,483			27,438,584

Income (loss) per share, diluted
Continuing operations		$	(0.27	)		$	(0.07	)		$	0.01		$	(0.01	)
Discontinued operations			(0.02	)			--				(0.05	)		--
		$	(0.29	)		$	(0.07	)		$	(0.04	)	$	(0.01	)

Diluted weighted average shares outstanding			27,475,813				27,468,355				27,460,483			27,438,584

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2014
SUBSEQUENT EVENTS [Abstract]
SUBSEQUENT EVENTS	O. SUBSEQUENT EVENTS

	Subsequent to December 31, 2014, we entered into one commodity derivative contract as detailed in the table below:

				Quantity
	Settlement Period	Counterparty	Basis	(Bbls/day)	Strike Price

	Crude Oil Put
	02/01/15 - 04/30/15	Wells Fargo	WTI	500	Put:	$46.00

SUMMARY_OF_SIGNIFICANT_ACCOUNT1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2014
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Use of Estimates	Use of Estimates

	The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include oil and gas reserves used for depletion and impairment considerations, accrued revenue and related receivables, valuation of commodity derivative instruments and the cost of future asset retirement obligations. The Company evaluates its estimates on an on-going basis and bases its estimates on historical experience and on various other assumptions the Company believes to be reasonable under the circumstances. Due to inherent uncertainties, including the future prices of oil and gas, these estimates could change in the near term and such changes could be material.
Principles of Consolidation	Principles of Consolidation

	The financial statements of USE as of December 31, 2014 include the accounts of USE and its wholly owned subsidiary Energy One, LLC ("Energy One"). The financial statements of USE as of December 31, 2013 and 2012 include the accounts of USE and its then wholly owned subsidiaries Energy One and Remington Village, LLC ("Remington Village"). All inter-company balances and transactions have been eliminated in consolidation. The financial statements as of December 31, 2014, 2013 and 2012 reflect USE's ownership in a geothermal company, Standard Steam Trust LLC ("SST"), which is accounted for using the equity method. The Company recorded an impairment of $2.2 million on the investment in SST during the year ended December 31, 2013, which reduced the carrying amount of our investment in SST to zero. Subsequently, we no longer record our share of equity in earnings or losses. At December 31, 2014 USE's ownership interest in SST was 19.54%.
Cash and Cash Equivalents	Cash and Cash Equivalents

	USE considers all highly liquid investments with original maturities of three months or less to be cash equivalents. The carrying value of cash and cash equivalents approximates fair value due to the short-term nature of these instruments. USE maintains its cash and cash equivalents in bank deposit accounts which may exceed federally insured limits. USE has not experienced any losses in such accounts and believes the accounts are not exposed to any significant credit risk on cash and cash equivalents.
Marketable Securities	Marketable Securities

	USE categorizes its marketable securities as available-for-sale or held-to-maturity. Increases or decreases in the fair value of available-for-sale securities which are considered temporary are recorded within equity as comprehensive income or losses. Gains or losses as a result of sale are recorded in operations when realized. As of December 31, 2014 and 2013, USE had unrealized gains in the marketable securities before tax effect of $1,000 and $45,000, respectively.
Accounts Receivable	Accounts Receivable

	USE determines any required allowance by considering a number of factors including the length of time trade and other accounts receivable are past due and our previous loss history. USE provides reserves for account receivable balances when they become uncollectable. Payments subsequently received on such reserved receivables are credited to the allowance for doubtful accounts. During the years ended December 31, 2014 and 2013, USE recorded $0 in bad debt expense. The balance of accounts receivable at December 31, 2014 and 2013 are primarily related to the sale of oil and gas. Generally, the Company's oil and gas receivables are collected within two months, and the company has had minimal bad debts. No reserve for uncollectable receivables was booked during the year ended December 31, 2014 or 2013.
Valuation of Equity Method Investment	Valuation of Equity Method Investment
Valuation of Equity Method Investment	The Company's investment in SST is evaluated quarterly for possible impairment as applicable in accordance with ASC 323-10-35-32, which provides guidance related to a loss in value of an equity method investment. This evaluation as of December 31, 2013, based on historical losses, current market conditions and forward business plans of SST, resulted in a determination by management that the Company's investment in SST was impaired as of December 31, 2013. As a result, the Company incurred a non-cash impairment charge of $2.2 million to write off the carrying amount of the investment in SST at December 31, 2013 to zero. Future equity losses will not be recorded, however, the Company will resume accounting for the investment in SST under the equity method if SST subsequently reports net income and the Company's share of that net income equals the net losses not recognized during the period in which the equity method was suspended. For additional information about the Company's investment in SST, please refer to Note G – Investment in Standard Steam Trust, LLC.
Restricted Investments	Restricted Investments

	USE accounts for cash deposits held as collateral for reclamation obligations as restricted investments. Maturities or release dates less than twelve months from the end of the reported accounting period are reported as current assets while maturities or release dates in excess of twelve months from report dates are reported as long term assets.
Properties and Equipment	Properties and Equipment

	Land, buildings, improvements, machinery and equipment are carried at cost. Depreciation of buildings, improvements, machinery and equipment is provided principally by the straight-line method over estimated useful lives ranging from 3 to 45 years. Following is a breakdown of the lives over which assets are depreciated:

	Machinery and Equipment:
		Office Equipment	3 to 5 years
		Field Tools and Hand Equipment	5 to 7 years
		Vehicles and Trucks	3 to 7 years
		Heavy Equipment	7 to 10 years
	Buildings and Improvements:
		Service Buildings	20 years
		Corporate Headquarters Building	45 years
		Corporate Headquarters Building	45 years
	Components of Property and Equipment as of December 31, 2014 and 2013 are as follows:


			(In thousands)
			December 31,			December 31,
			2014			2013
	Oil and Gas properties
	Proved		$	147,486		$	136,521
	Unproved			10,188			7,478
	Exploratory wells in progress			2,357			--
				160,031			143,999
	Less accumulated depreciation
	depletion and amortization			(71,762	)		(57,077	)
	Net book value		$	88,269		$	86,922

	Mineral properties		$	21,942		$	20,739

	Property, plant and equipment		$	8,346		$	8,334
	Less accumulated depreciation			(4,404	)		(4,135	)
	Net book value		$	3,942		$	4,199
Oil and Gas Properties	Oil and Gas Properties

	The Company follows the full cost method in accounting for its oil and gas properties. Under the full cost method, all costs associated with the acquisition, exploration and development of oil and gas properties are capitalized and accumulated in a country-wide cost center. This includes any internal costs that are directly related to development and exploration activities, but does not include any costs related to production, general corporate overhead or similar activities. Proceeds received from property disposals are credited against accumulated cost except when the sale represents a significant disposal of reserves, in which case a gain or loss is recognized. The sum of net capitalized costs and estimated future development and dismantlement costs for each cost center is depleted on the equivalent unit-of-production method, based on proved oil and gas reserves. Excluded from amounts subject to depletion are costs associated with unproved properties.

	Full Cost Pool – Full cost pool capitalized costs are amortized over the life of production of proven properties. Capitalized costs at December 31, 2014 and 2013 which were not included in the amortized cost pool were $12.5 million and $7.5 million, respectively. These costs consist of exploratory wells in progress and land costs related to unevaluated properties. No capitalized costs related to unproved properties are included in the amortization base at December 31, 2014 and 2013.

	Ceiling Test Analysis – Under the full cost method, net capitalized costs are limited to the lower of unamortized cost reduced by the related net deferred tax liability and asset retirement obligations or the cost center ceiling. The cost center ceiling is defined as the sum of (i) estimated future net revenue, discounted at 10% per annum, from proved reserves, based on unescalated average prices per barrel of oil and per MMbtu of natural gas at the first day of each month in the 12-month period prior to the end of the reporting period and costs, adjusted for contract provisions and financial derivatives that hedge USE's oil and gas revenue and asset retirement obligations, (ii) the cost of properties not being amortized, and (iii) the lower of cost or market value of unproved properties included in the cost being amortized, reduced by (iv) the income tax effects related to differences between the book and tax basis of the crude oil and natural gas properties. If the net book value reduced by the related net deferred income tax liability and asset retirement obligations exceeds the cost center ceiling limitation, a non-cash impairment charge is required in the period in which the impairment occurs.

	We perform a quarterly ceiling test for each of our oil and gas cost centers. There was only one such cost center in 2014. The reserves used in the ceiling test and the ceiling test itself incorporate assumptions regarding pricing and discount rates over which management has no influence in the determination of present value. In arriving at the ceiling test for the year ended December 31, 2014, USE used $94.99 per barrel for oil and $4.35 per MMbtu for natural gas (and adjusted for property specific gravity, quality, local markets and distance from markets) to compute the future cash flows of USE's producing properties. The discount factor used was 10%.

	The Company recorded no proved property impairments related to its oil and gas assets during the year ended December 31, 2014. In 2013, we recorded a proved property impairment of $5.8 million related to our oil and gas assets. The impairment was primarily due to a decline in the price of oil, additional capitalized well costs and changes in production. As of December 31, 2014, there were no unproved properties that were considered to be impaired and reclassified to properties being amortized. Management will continue to review the Company's unproved properties based on market conditions and other changes and if appropriate, unproved property amounts may be reclassified to the amortized base of properties within the full cost pool. Recent declines in the price of oil have significantly increased the risk of a ceiling test write-down in future periods.

	Wells in Progress - Wells in progress represent the costs associated with unproved wells that have not reached total depth or have not been completed as of period end. They are classified as wells in progress and withheld from the depletion calculation and the ceiling test. The costs for these wells are then transferred to evaluated property when the wells reach total depth and are cased and the costs become subject to depletion and the ceiling test calculation in future periods.
Mineral Properties	Mineral Properties

	We capitalize all costs incidental to the acquisition of mineral properties. Mineral exploration costs are expensed as incurred. When exploration work indicates that a mineral property can be economically developed as a result of establishing proved and probable reserves, costs for the development of the mineral property as well as capital purchases and capital construction are capitalized and amortized using units of production over the estimated recoverable proved and probable reserves. Costs and expenses related to general corporate overhead are expensed as incurred. All capitalized costs are charged to operations if we subsequently determine that the property is not economic due to permanent decreases in market prices of commodities, excessive production costs or depletion of the mineral resource.

	Mineral properties at December 31, 2014 and 2013 reflect capitalized costs associated with our Mt. Emmons molybdenum property near Crested Butte, Colorado. Our carrying balance in the Mt. Emmons property at December 31, 2014 and 2013 is as follows:


			(In thousands)
			December 31,			December 31,
			2014			2013
	Costs associated with Mount Emmons
	beginning of year		$	20,739		$	20,739
	Property purchase⁽¹⁾			1,203			--
	Costs at the end of the period		$	21,942		$	20,739

	(1)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.
Long-Lived Assets	Long-Lived Assets

	We evaluate our long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amount may not be recoverable. Impairment calculations are generally based on market appraisals. If estimated future cash flows, on an undiscounted basis, are less than the carrying amount of the related asset, an asset impairment is considered to exist. Changes in significant assumptions underlying future cash flow estimates may have a material effect on our financial position and results of operations.
Assets Held for Sale	Assets Held for Sale

	In accordance with authoritative accounting guidance regarding property plant and equipment, assets are classified as held for sale when we commit to a plan to sell the assets and there is reasonable certainty that the sale will take place within one year. Upon classification as held for sale, long-lived assets are no longer depreciated or depleted, and a measurement for impairment is performed to determine if there is any excess of carrying value over fair value less costs to sell. Subsequent changes to estimated fair value less the cost to sell will impact the measurement of assets held for sale if the fair value is determined to be less than the carrying value of the assets.

	In January 2011, we made the decision to sell our Remington Village multifamily project in Gillette, Wyoming and in September 2012, we made the decision to sell our corporate aircraft and related facilities to reduce overhead costs. All assets classified as assets held for sale at December 31, 2012 were sold in the year ending December 31, 2013. Operations related to Remington Village are shown in discontinued operations on the accompanying consolidated statements of operations. For additional discussion please refer to Note H – Discontinued Operations.
Derivative Instruments	Derivative Instruments

	The Company uses derivative instruments, typically costless collars and fixed-rate swaps, to manage price risk underlying its oil and gas production. All derivative instruments are recorded in the consolidated balance sheets at fair value. The Company offsets fair value amounts recognized for derivative instruments executed with the same counterparty. Although the Company does not designate any of its derivative instruments as cash flow hedges, such derivative instruments provide an economic hedge of our exposure to commodity price risk associated with forecasted future oil and gas production. These contracts are accounted for using the mark-to-market accounting method and accordingly, the Company recognizes all unrealized and realized gains and losses that are related to these contracts currently in earnings and classifies them as gain (loss) on derivative instruments, net in our consolidated statements of operations. The Company may also use puts, calls and basis swaps in the future.


	The Company's Board of Directors sets all risk management policies and reviews the status and results of derivative activities, including volumes, types of instruments and counterparties on a quarterly basis. These policies require that derivative instruments be executed only by the Chief Executive Officer or President. The agreements with approved counterparties identify the Chief Executive Officer and President as the only Company representatives authorized to execute trades. See Note E, Commodity Price Risk Management, for further discussion.
Fair Value of Financial Instruments	Fair Value of Financial Instruments

	The carrying amount of cash equivalents, receivables, other current assets, accounts payable and accrued expenses approximate fair value because of the short-term nature of those instruments. The recorded amounts for short-term and long-term debt approximate the fair market value due to the variable nature of the interest rates on the short-term debt, and the fact that interest rates remain generally unchanged from issuance of the long-term debt.
Asset Retirement Obligations	Asset Retirement Obligations

	USE accounts for its asset retirement obligations under FASB ASC 410-20, "Asset Retirement Obligations." USE records the fair value of the reclamation liability on its inactive mining properties and its operating oil and gas properties as of the date that the liability is incurred. USE reviews the liability each quarter and determines if a change in estimate is required, and it accretes the discounted liability on a quarterly basis for the future liability. Final determinations are made during the fourth quarter of each year. USE deducts any actual funds expended for reclamation during the quarter in which it occurs.

	The following is a reconciliation of the total liability for asset retirement obligations:


			(In thousands)
			December 31,			December 31,
			2014			2013
	Beginning asset retirement obligation		$	812		$	686
	Accretion of discount			40			38
	Liabilities incurred			310			131
	Liabilities settled			(29	)		(43	)
	Ending asset retirement obligation		$	1,133		$	812

	Mineral properties		$	187		$	175
	Oil and Gas wells			946			637
	Ending asset retirement obligation		$	1,133		$	812
Revenue Recognition	Revenue Recognition

	USE derives revenue primarily from the sale of produced oil, gas, and NGLs. The Company reports revenue as the gross amount received before taking into account production taxes and transportation costs, which are reported separately as expenses and are included in oil and gas production expense in the accompanying statements of operations. USE records natural gas and oil revenue under the sales method of accounting. Revenue is recorded in the month that the production is delivered to the purchaser. Payment is generally received between 30 and 90 days after the date of production. At the end of each month, we estimate the amount of production delivered to the purchaser and the price we will receive. USE uses its knowledge of its properties, their historical performance, market prices, and other factors as the basis for these estimates.

	USE has exposure to credit risk in the event of nonpayment by our operators, which are all in energy related industries. During 2014, we had three major operators, Contango Oil & Gas Company, Statoil and Zavanna, LLC and which accounted for approximately 38 percent, 28 percent and 20 percent of our total oil, gas and NGL revenues, respectively. During 2013, we had three major operators, Statoil, Zavanna, LLC and Contango Oil & Gas Company which accounted for approximately 38 percent, 32 percent and 18 percent of our total oil, gas and NGL revenues, respectively. During 2012, we had two major operators, Statoil and Zavanna, which accounted for 57 percent and 32 percent of our total oil, gas and NGL revenues, respectively.

	Revenues from real estate operations are reported on a gross revenue basis and are recorded at the time the service is provided.
Stock Based Compensation	Stock Based Compensation

	USE measures the cost of employee and director services received in exchange for all equity awards granted, including stock options, based on the fair market value of the award as of the grant date. USE computes the fair values of its options granted to employees using the Black Scholes pricing model and the following weighted average assumptions:


		For the years ended December 31,
		2014	2013	2012
	Risk-free interest rate	2.06%	1.66%	0.82% to 1.41%
	Expected lives (years)	6.0	6.0	5.0 to 6.0
	Expected volatility	65.45%	62.59%	61.87% to 63.59%
	Expected dividend yield	--	--	--


	USE recognizes the cost of the equity awards over the period during which an employee is required to provide service in exchange for the award, usually the vesting period. As share-based compensation expense is recognized based on awards ultimately expected to vest, the expense has been reduced for estimated forfeitures based on historical forfeiture rates.
Income Taxes	Income Taxes

	USE recognizes deferred income tax assets and liabilities for the expected future income tax consequences, based on enacted tax laws, of temporary differences between the financial reporting and tax bases of assets, liabilities and carry forwards.

	Additionally, USE recognizes deferred tax assets for the expected future effects of all deductible temporary differences, loss carry forwards and tax credit carry forwards. Deferred tax assets are reduced, if deemed necessary, by a valuation allowance for any tax benefits which, based on current circumstances, are not expected to be realized. At December 31, 2014 and 2013, management believed it was more likely than not that such tax benefits would not be realized and a valuation allowance has been provided. For further discussion, please refer to Note J – Income Taxes.
Earnings Per Share	Earnings Per Share

	Basic net income (loss) per share is computed based on the weighted average number of common shares outstanding. Common shares held by the ESOP are included in the computation of earnings per share. Total shares held by the ESOP at December 31, 2014, 2013, and 2012 were 949,870, 877,399, and 824,123, respectively.

	Diluted net income (loss) per share is calculated by dividing net income or loss by the diluted weighted average common shares outstanding, which includes the effect of potentially dilutive securities. Potentially dilutive securities for this calculation consist of in-the-money outstanding stock options. When there is a loss from continuing operations, all potentially dilutive shares are anti-dilutive and are excluded from the calculation of net income (loss) per share. The treasury stock method is used to measure the dilutive impact of in-the-money stock options.

	The following table sets forth the calculations of basic and diluted earnings per share:



			(In thousands except share amounts and per share data)
			For the years ended December 31,
			2014			2013			2012
	Net (loss)		$	(2,091	)	$	(7,379	)	$	(11,245	)

	Basic weighted-average common shares outstanding			27,832,859			27,678,698			27,466,549
	Add: dilutive effect of stock options			--			--			--
	Diluted weighted-average common shares outstanding			27,832,859			27,678,698			27,466,549

	Basic net (loss) per share		$	(0.08	)	$	(0.27	)	$	(0.41	)
	Diluted net (loss) per share		$	(0.08	)	$	(0.27	)	$	(0.41	)

	The following table details the weighted-average anti-dilutive securities related to stock options for the years presented:

			For the years ended December 31,
			2014		2013	2012
	Weighted-average anti-dilutive stock options		1,355,195		2,531,202	2,491,746
Recent Accounting Pronouncements	Recent Accounting Pronouncements

	In April 2014, the Financial Accounting Standard Board ("FASB") issued new authoritative accounting guidance related to the recognition and presentation of discontinued operations in the financial statements. The guidance is aimed at reducing the frequency of disposals reported as discontinued operations by focusing on strategic shifts that have or will have a major effect on an entity's operations and financial results. This authoritative accounting guidance is effective for interim and annual periods beginning after December 15, 2014, and is to be applied prospectively. The Company is currently evaluating the provisions of this authoritative guidance and assessing its impact, but does not currently believe it will have a material effect on the Company's financial statements or disclosures.

	In May 2014, the FASB issued new authoritative accounting guidance related to the recognition of revenue. This authoritative accounting guidance is effective for the annual period beginning after December 15, 2016, including interim periods within that reporting period, and is to be applied using one of two acceptable methods. The Company is currently evaluating the provisions of this guidance and assessing its impact on the Company's financial statements and disclosures.

	In June 2014, the FASB issued new authoritative accounting guidance related to the recognition of share-based compensation when an award provides that a performance target can be achieved after the requisite service period. This authoritative accounting guidance may be applied either prospectively or retrospectively and is effective for annual periods and interim periods beginning after December 15, 2015. The Company is currently evaluating the provisions of this guidance and assessing its impact on the Company's financial statements and disclosures.

	In August 2014, the FASB issued new authoritative guidance that requires management to evaluate whether there are conditions or events that raise substantial doubt about an entity's ability to continue as a going concern within one year after the date that the entity's financial statements are issued, or within one year after the date that the entity's financial statements are available to be issued, and to provide disclosures when certain criteria are met. This guidance is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The Company is currently evaluating the provisions of this guidance and assessing its impact on the Company's financial statements and disclosures.

	In January 2015, the FASB issued new authoritative accounting guidance that simplifies income statement presentation by eliminating extraordinary items from GAAP. This guidance is to be applied either prospectively or retrospectively and is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. Early application is permitted provided the guidance is applied from the beginning of the annual year of adoption. The Company is currently evaluating the provisions of this guidance and assessing its impact on the Company's financial statements and disclosures.

	In February 2015, the FASB issued new authoritative accounting guidance meant to clarify the consolidation reporting guidance in GAAP. This guidance is to be applied using a retrospective method or a modified retrospective method, as outlined in the guidance, and is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. Early application is permitted. The Company is currently evaluating the provisions of this guidance and assessing its impact on the Company's financial statements and disclosures.

	There are no other accounting standards applicable to the Company that have been issued but not yet adopted by the Company as of December 31, 2014, and through the filing date of this report.

SUMMARY_OF_SIGNIFICANT_ACCOUNT2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	Dec. 31, 2014
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Estimated Useful Lives and Components of Property and Equipment	Land, buildings, improvements, machinery and equipment are carried at cost. Depreciation of buildings, improvements, machinery and equipment is provided principally by the straight-line method over estimated useful lives ranging from 3 to 45 years. Following is a breakdown of the lives over which assets are depreciated:

	Machinery and Equipment:
		Office Equipment	3 to 5 years
		Field Tools and Hand Equipment	5 to 7 years
		Vehicles and Trucks	3 to 7 years
		Heavy Equipment	7 to 10 years
	Buildings and Improvements:
		Service Buildings	20 years
		Corporate Headquarters Building	45 years
		Corporate Headquarters Building	45 years
Components of Property and Equipment	Components of Property and Equipment as of December 31, 2014 and 2013 are as follows:


			(In thousands)
			December 31,			December 31,
			2014			2013
	Oil and Gas properties
	Proved		$	147,486		$	136,521
	Unproved			10,188			7,478
	Exploratory wells in progress			2,357			--
				160,031			143,999
	Less accumulated depreciation
	depletion and amortization			(71,762	)		(57,077	)
	Net book value		$	88,269		$	86,922

	Mineral properties		$	21,942		$	20,739

	Property, plant and equipment		$	8,346		$	8,334
	Less accumulated depreciation			(4,404	)		(4,135	)
	Net book value		$	3,942		$	4,199
Mineral Properties	Mineral properties at December 31, 2014 and 2013 reflect capitalized costs associated with our Mt. Emmons molybdenum property near Crested Butte, Colorado. Our carrying balance in the Mt. Emmons property at December 31, 2014 and 2013 is as follows:


			(In thousands)
			December 31,			December 31,
			2014			2013
	Costs associated with Mount Emmons
	beginning of year		$	20,739		$	20,739
	Property purchase⁽¹⁾			1,203			--
	Costs at the end of the period		$	21,942		$	20,739

	(1)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.
Reconciliation of the Total Liability for Asset Retirement Obligations	The following is a reconciliation of the total liability for asset retirement obligations:


			(In thousands)
			December 31,			December 31,
			2014			2013
	Beginning asset retirement obligation		$	812		$	686
	Accretion of discount			40			38
	Liabilities incurred			310			131
	Liabilities settled			(29	)		(43	)
	Ending asset retirement obligation		$	1,133		$	812

	Mineral properties		$	187		$	175
	Oil and Gas wells			946			637
	Ending asset retirement obligation		$	1,133		$	812
Stock Based Compensation, Weighted Average Assumptions	USE has computed the fair values of its employee and director options using the Black Scholes pricing model and the following weighted average assumptions:


		For the years ended December 31,
		2014	2013	2012
	Risk-free interest rate	2.06%	1.66%	0.82% to 1.41%
	Expected lives (years)	6.0	6.0	5.0 to 6.0
	Expected volatility	65.45%	62.59%	61.87% to 63.59%
	Expected dividend yield	--	--	--
Schedule of Calculations of Basic and Diluted Earnings Per Share	The following table sets forth the calculations of basic and diluted earnings per share:



			(In thousands except share amounts and per share data)
			For the years ended December 31,
			2014			2013			2012
	Net (loss)		$	(2,091	)	$	(7,379	)	$	(11,245	)

	Basic weighted-average common shares outstanding			27,832,859			27,678,698			27,466,549
	Add: dilutive effect of stock options			--			--			--
	Diluted weighted-average common shares outstanding			27,832,859			27,678,698			27,466,549

	Basic net (loss) per share		$	(0.08	)	$	(0.27	)	$	(0.41	)
	Diluted net (loss) per share		$	(0.08	)	$	(0.27	)	$	(0.41	)
Weighted-average Dilutive and Anti-dilutive Securities Related to Stock Options	The following table details the weighted-average anti-dilutive securities related to stock options for the years presented:

			For the years ended December 31,
			2014		2013	2012
	Weighted-average anti-dilutive stock options		1,355,195		2,531,202	2,491,746

FAIR_VALUE_Tables

FAIR VALUE (Tables)	12 Months Ended
FAIR VALUE (Tables)	Dec. 31, 2014
FAIR VALUE [Abstract]
Fair Value Measurements	The following tables list the Company's assets and liabilities that are measured at fair value and their classification within the fair value hierarchy as of December 31, 2014 and December 31, 2013:


		(In thousands)
				Fair Value Measurements at December 31, 2014 Using
		December 31,
	Description	2014		(Level 1)		(Level 2)		(Level 3)

	Available for sale securities	$	25	$	25	$	--	$	--

	Total assets	$	25	$	25	$	--	$	--

	Executive retirement program liability	$	1,309	$	--	$	--	$	1,309

	Total liabilities	$	1,309	$	--	$	--	$	1,309



				Fair Value Measurements at December 31, 2013 Using
		December 31,
	Description	2013		(Level 1)		(Level 2)		(Level 3)

	Commodity risk management assets	$	14	$	--	$	14	$	--
	Available for sale securities		69		69		--		--

	Total assets	$	83	$	69	$	14	$	--

	Commodity risk management liability	$	280	$	--	$	280	$	--
	Executive retirement program liability		865		--		--		865

	Total liabilities	$	1,145	$	--	$	280	$	865
Summary of Changes in Fair Value of Level 3 Fair Value Measurements	The following table summarizes the change in the fair value of our Level 3 fair value measurements for the year ended December 31, 2014.


		Change in Level 3 Fair Value Measurements

	Description	31-Dec-13		Additions and Payments		Revision of Value		31-Dec-14

	Executive retirement program liability	$	865	$	444	$	--	$	1,309

Available-for-sale Securities	The following table summarizes, by major security type, the fair value and unrealized gain of our investments. The unrealized gain is recorded on the consolidated balance sheet as other comprehensive income, a component of stockholders' equity.


		(In thousands)
		31-Dec-14
				Unrealized
	Description of Securities	Cost		Gain		Fair Value

	Available for sale securities	$	24	$	1	$	25

	Total	$	24	$	1	$	25

		31-Dec-13
				Unrealized
	Description of Securities	Cost		Gain		Fair Value

	Available for sale securities	$	24	$	45	$	69

	Total	$	24	$	45	$	69

COMMODITY_PRICE_RISK_MANAGEMEN1

COMMODITY PRICE RISK MANAGEMENT (Tables)	12 Months Ended
COMMODITY PRICE RISK MANAGEMENT (Tables)	Dec. 31, 2014
COMMODITY PRICE RISK MANAGEMENT [Abstract]
Fair Value of Derivatives Recorded in Applicable Consolidated Balance Sheet, by Category	The following table details the fair value of the derivatives recorded in the applicable consolidated balance sheet, by category as of December 31, 2013. There were no derivative contracts in place at December 31, 2014.


				As of December 31, 2013
				(in thousands)
	Underlying Commodity	Location on Balance Sheet		Gross amounts of recognized assets and liabilities				Gross amounts offset in the consolidated balance sheet				Net amounts of assets and liabilities presented in the consolidated balance sheet

	Crude oil derivative contract	Current assets		$	345			$	(331	)		$	14
	Crude oil derivative contract	Current liabilities		$	611			$	(331	)		$	280
Schedule of Unrealized and Realized Derivative Gain Loss
		(In thousands)
		For the years ended December 31,
		2014				2013				2012
	Realized derivative (loss) gain	$	316			$	(338	)		$	21
	Unrealized derivative (loss) gain	$	266			$	(737	)		$	1,070
	Total realized and unrealized derivative (loss) gain	$	582			$	(1,075	)		$	1,091

SUPPLEMENTAL_FINANCIAL_INFORMA1

SUPPLEMENTAL FINANCIAL INFORMATION ON OIL AND NATURAL GAS EXPLORATION, DEVELOPMENT AND PRODUCTION ACTIVITIES (Tables)	12 Months Ended
	Dec. 31, 2014
SUPPLEMENTAL FINANCIAL INFORMATION ON OIL AND NATURAL GAS EXPLORATION, DEVELOPMENT AND PRODUCTION ACTIVITIES [Abstract]
Net Costs Incurred in Purchase of Proved and Unproved Properties, and in Exploration and Development Activities	The following table presents information regarding USE's net costs incurred in the purchase of proved and unproved properties, and in exploration and development activities:


		(In thousands)
		December 31,			December 31,
		2014			2013
	Proved oil and gas properties	$	147,486		$	136,521
	Unproved		10,188			7,478
	Exploratory wells in progress		2,357			--
		$	160,031		$	143,999

Undeveloped Properties	Undeveloped properties as of December 31, 2014 include costs incurred in the following years:

		(In thousands)
		Acquisitions			Exploration			Development			Total
	2010	$	103		$	--		$	--		$	103
	2011		4,015			--			--			4,015
	2012		271			--			--			271
	2013		2,067			--			--			2,067
	2014		3,732			--			--			3,732
	Total	$	10,188		$	--		$	--		$	10,188
Costs Incurred in Oil and Natural Gas Property Acquisition, Exploration and Development	Costs incurred in oil and natural gas property acquisition, exploration and development activities are summarized below:

		(In thousands)
		Year Ended December 31,
		2014			2013			2012
	Property acquisition costs:
	Proved	$	552		$	445		$	2,987
	Unproved		4,167			1,760			1,416
	Exploration costs		14,791			9,138			10,943
	Development costs		8,037			9,403			20,134
	Total costs incurred	$	27,547		$	20,746		$	35,480
Summary of Results of Operations	Results of operations from oil and natural gas producing activities are presented below:


		(In thousands)
		For the years ending December 31,
		2014			2013			2012
	Revenues	$	32,379		$	33,647		$	32,534
	Operating expenses		10,638			10,469			10,788
	Depreciation, depletion and amortization		14,685			13,623			14,893
	Impairment		--			5,828			5,189
			25,323			29,920			30,870
	Operating income	$	7,056		$	3,727		$	1,664
Estimated Quantities of Proved Oil and Natural Gas Reserves and Changes in Net Proved Reserves	USE's net ownership interests in estimated quantities of proved oil and natural gas reserves and changes in net proved reserves, all of which are located in the continental United States, are summarized below:


	31-Dec-14	Oil (BBLS)			Natural Gas or NGL (MCFE)
	Beginning of year		3,459,713			2,371,908
	Revisions of previous quantity estimates		(262,570	)		802,241
	Extensions, discoveries and improved recoveries		1,583,292			1,006,659
	Purchase of reserves in place		--			--
	Sales of reserves in place		(330,871	)		(156,482	)
	Production		(329,828	)		(813,081	)
	End of year		4,119,736			3,211,245

	Proved developed reserves at end of year		1,754,668			1,892,446


	31-Dec-13	Oil (BBLS)			Natural Gas or NGL (MCFE)
	Beginning of year		2,613,643			1,798,088
	Revisions of previous quantity estimates		(162,957	)		382,690
	Extensions, discoveries and improved recoveries		1,352,746			678,412
	Purchase of reserves in place		--			--
	Sales of reserves in place		--			--
	Production		(343,719	)		(487,282	)
	End of year		3,459,713			2,371,908

	Proved developed reserves at end of year		1,875,528			1,701,282
Summary of Standardized Measure	The standardized measure of discounted future net cash flows relating to USE's ownership interests in proved oil and natural gas reserves as of year-end is shown below:

		(In thousands)
		Year Ended December 31,
		2014			2013			2012
	Future cash inflows	$	381,156		$	330,245		$	237,148
	Future costs:
	Production		(149,450	)		(129,392	)		(96,616	)
	Development		(70,770	)		(37,739	)		(21,461	)
	Future income tax expense		(12,719	)		(14,500	)		(8,483	)
	Future net cash flows		148,217			148,614			110,588
	10% discount factor		(66,328	)		(43,761	)		(39,571	)
	Standardized measure of discounted future net cash flows	$	81,889		$	104,853		$	71,017
Changes in Standardized Measure	Changes in standardized measure of future net cash flows relating to proved oil and natural gas reserves are summarized below:

		(In thousands)
		Year Ended December 31,
		2014			2013			2012
	Balance at beginning of period	$	104,853		$	71,017		$	62,191
	Sales of oil and gas, net of production costs		(21,741	)		(23,179	)		(21,747	)
	Net change in prices and production costs		(17,376	)		2,543			(4,548	)
	Changes in estimated future development costs		(1,869	)		(6,414	)		(9,706	)
	Extensions and discoveries		14,706			54,360			23,297
	Purchase of reserves in place		--			--			2,573
	Sale of reserves in place		(13,339	)		--			(13,573	)
	Revisions of previous quantity estimates		(4,815	)		(2,961	)		(5,927	)
	Previously estimated development costs incurred during the period		7,175			8,344			22,808
	Net change in income taxes		6,924			(4,245	)		7,261
	Accretion of discount		10,090			7,647			7,254
	Changes in production rates, timing and other		(2,719	)		(2,259	)		1,134
	Balance at end of period	$	81,889		$	104,853		$	71,017

DISCONTINUED_OPERATIONS_Tables

DISCONTINUED OPERATIONS (Tables)	12 Months Ended
DISCONTINUED OPERATIONS (Tables)	Dec. 31, 2014
DISCONTINUED OPERATIONS [Abstract]
Results of Operations and Assets and Liabilities of Disposal Groups	Results of discontinued operations for the years ended December 31, 2014, 2013, and 2012 were as follows:


		(In thousands)
		For the years ending December 31,
		2014		2013		2012
	Revenues	$	--	$	1,271	$	2,037
	Operating expenses		--		844		1,885
	Impairment		--		--		2,955
			--		844		4,840

	Income (loss) before income taxes		--		427		(2,803	)

	Income tax benefit		--		--		1,009

	Net income (loss) from discontinued operations	$	--	$	427	$	(1,794	)

OTHER_LIABILITIES_AND_DEBT_Tab

OTHER LIABILITIES AND DEBT (Tables)	12 Months Ended
OTHER LIABILITIES AND DEBT (Tables)	Dec. 31, 2014
OTHER LIABILITIES AND DEBT [Abstract]
Schedule of Other Liability and Debt	As of December 31, 2014 and 2013, USE had current and long term liabilities associated with the following funding commitments:


		(In thousands)
		December 31,		December 31,
		2014		2013
	Other liabilities and debt:
	Other liabilities
	Deferred rent	$	14	$	11
	Remington Escrow		--		95
	Employee health insurance self funding		70		58
		$	84	$	164

	Other long term liabilities:
	Accrued executive retirement costs	$	1,029	$	741

	Debt:
	Credit Facility - collateralized by
	oil and gas reserves, at 2.66%	$	6,000	$	9,000
	Less current portion		--		--
	Totals	$	6,000	$	9,000

INCOME_TAXES_Tables

INCOME TAXES (Tables)	12 Months Ended
INCOME TAXES (Tables)	Dec. 31, 2014
INCOME TAXES [Abstract]
Components of Income Tax Expense (benefit)	The provision for income taxes is composed of the following:


		(in thousands)
		Years ended December 31,
		2014			2013			2012
	Current income tax expense (benefit)
	Federal	$	--		$	--		$	--
	State		--			--			--
		$	--		$	--		$	--

	Deferred income tax expense (benefit)
	Federal	$	--		$	--		$	(1,093	)
	State		--			--			(64	)
		$	--		$	--		$	(1,157	)
Effective Income Tax Reconciliation	The effective income tax rate differs from the U.S. Federal Statutory income tax rate due to the following:


		(in thousands)
		Years ended December 31,
		2014			2013			2012

	Federal statutory income tax rate	$	(711	)	$	(2,509	)	$	(4,164	)
	State income taxes, net of federal benefit		(34	)		(158	)		(245	)
	Incentive stock options		79			43			12
	Percent depletion carryover		(129	)		(174	)		(177	)
	Valuation analysis		612			2,717			3,512
	Other		183			81			(95	)
		$	--		$	--		$	(1,157	)
Components of Deferred Tax Assets and Liabilities	The components of deferred tax assets and liabilities as of December 31, 2014 and 2013 are as follows:


		December 31,
		2014			2013

	Deferred tax assets:
	Net operating loss	$	10,382		$	6,930
	Derivative instruments		0			96
	Asset retirement obligation		404			294
	Stock based compensation		248			228
	Deferred compensation		439			385
	Alternative minimum tax credit		706			706
	Contribution carryover		42			37
	Equity investments		629			643
	Percentage depletion carryover		2,402			2,421
		$	15,252		$	11,740

	Deferred tax liabilities:
	Property and equipment		(8,351	)		(5,446	)
	State tax		(3	)		(9	)
	Marketable securities		--			(16	)
		$	(8,354	)	$	(5,471	)

	Net deferred tax assets (liabilities)		6,898			6,269
	Less: Valuation Allowance		(6,898	)		(6,269	)
	Deferred tax liability	$	--		$	--

SEGMENTS_AND_MAJOR_CUSTOMERS_T

SEGMENTS AND MAJOR CUSTOMERS (Tables)	12 Months Ended
SEGMENTS AND MAJOR CUSTOMERS (Tables)	Dec. 31, 2014
SEGMENTS AND MAJOR CUSTOMERS [Abstract]
Summary of Result of Operations and Total Assets by Segment	Our operating segments are reflected in the tables below:



		(In thousands)
		For the years ended December 31,
		2014			2013			2012
	Revenues:
	Oil and gas	$	32,379		$	33,647		$	32,534
	Total revenues		32,379			33,647			32,534

	Operating expenses:
	Oil and gas		25,323			29,920			30,870
	Mineral properties		2,985			3,045			2,899
	Total operating expenses		28,308			32,965			33,769

	Interest expense:
	Oil and gas		368			264			169
	Mineral properties		--			12			24
	Total interest expense		368			276			193

	Operating income (loss)
	Oil and gas	$	6,688		$	3,463		$	1,495
	Mineral properties		(2,985	)		(3,057	)		(2,923	)
	Operating income (loss)
	from identified segments		3,703			406			(1,428	)

	General and administrative expenses		(6,559	)		(5,673	)		(9,109	)
	Add back interest expense		368			276			193
	Other revenues and expenses		397			(2,695	)		849

	(Loss) before income taxes
	and discontinued operations	$	(2,091	)	$	(7,686	)	$	(9,495	)

	Depreciation depletion and amortization expense:
	Oil and gas	$	14,685		$	13,623		$	14,893
	Mineral properties		123			126			127
	Corporate		148			149			437
	Total depreciation expense	$	14,956		$	13,898		$	15,457




		(In thousands)
		December 31,
		2014			2013			2012
	Assets by segment
	Oil and gas	$	92,020		$	97,418		$	93,839
	Mineral		21,942			20,739			20,747
	Corporate		9,561			8,644			26,241
	Total assets	$	123,523		$	126,801		$	140,827

SHAREHOLDERS_EQUITY_Tables

SHAREHOLDERS' EQUITY (Tables)	12 Months Ended
SHAREHOLDERS' EQUITY (Tables)	Dec. 31, 2014
SHAREHOLDERS' EQUITY [Abstract]
Summary of Employee Stock Option Plans Activity in All Plans	A summary of the Employee Stock Option Plans activity in all plans for the years ended December 31, 2014, 2013 and 2012 is as follows:

			Year ended December 31,
			2014								2013								2012
			Employee Options				Weighted Average Exercise Price				Employee Options				Weighted Average Exercise Price				Employee Options				Weighted Average Exercise Price
	Outstanding at beginning
	of the period			2,500,949			$	3.6				2,259,282			$	3.8				2,318,399			$	3.94
	Granted			--			$	--				270,000			$	2.08				150,000			$	2.32
	Forfeited			(3,333	)		$	2.08				--			$	--				(10,000	)		$	2.32
	Expired			--			$	--				(28,333	)		$	4.68				(194,950	)		$	4.47
	Exercised			(400,203	)		$	2.46				-			$	-				(4,167	)		$	2.52
	Outstanding at period end			2,097,413			$	3.82				2,500,949			$	3.6				2,259,282			$	3.8
	Exercisable at period end			1,949,080			$	3.95				2,137,619			$	3.85				2,119,282			$	3.9

	Weighted average fair
	value of options
	granted during
	the period						$	--							$	1.2							$	1.3

Summary of Information about Employee Stock Options Outstanding and Exercisable	The following table summarizes information about employee stock options outstanding and exercisable at December 31, 2014:


	Grant Price Range				Employee Options Outstanding at December 31, 2014				Weighted average remaining contractual life in years				Weighted average exercise price				Employee Options exercisable at December 31, 2014				Weighted average exercise price

	$	2.08				270,000				8.74			$	2.08				166,668			$	2.08
	$	2.09 - $2.32				123,333				7.53			$	2.32				78,332			$	2.32
	$	2.33 - $2.52				405,312				3.73			$	2.52				405,312			$	2.52
	$	2.53 - $3.86				273,768				0.79			$	3.86				273,768			$	3.86
	$	3.87 - $4.97				1,025,000				2.57			$	4.97				1,025,000			$	4.97
						2,097,413				3.65			$	3.82				1,949,080			$	3.95
Summary of Number of Options Available for Grant and Intrinsic Value of Options Outstanding	The following table sets forth the number of options available for grant as well as the intrinsic value of the options outstanding and exercisable at:


			At December 31,
			2014				2013				2012
	Available for future grant			790,000				790,000				1,060,000
	Aggregate intrinsic value of options outstanding		$	--			$	1,661,000			$	--
	Aggregate intrinsic value of options exercisable		$	--			$	1,073,000			$	--
Director Stock Award Plan Activity	Activity for the years ended December 31, 2014, 2013 and 2012 for director options is presented in the following table:


			Year ended December 31,
			2014								2013								2012
			Director Options				Weighted Average Exercise Price				Director Options				Weighted Average Exercise Price				Director Options				Weighted Average Exercise Price
	Outstanding at beginning
	of the period			146,000			$	2.93				150,000			$	3.05				210,000			$	3.1
	Granted			60,000			$	3.77				36,000			$	2.08				80,000			$	2.78
	Forfeited			--			$	--				--			$	--				--			$	--
	Expired			--			$	--				(40,000	)		$	2.6				(120,000	)		$	3.05
	Exercised			(27,334	)		$	2.53				-			$	-				(20,000	)		$	2.52
	Outstanding at period end			178,666			$	3.28				146,000			$	2.93				150,000			$	3.05
	Exercisable at period end			82,333			$	3.3				56,668			$	3.46				63,335			$	3.01

	Weighted average fair
	value of options
	granted during
	the period						$	2.27							$	1.2							$	1.59
Summary of Information About Directors Plan	The following table summarizes information about director options outstanding and exercisable at December 31, 2014:


	Grant Price Range				Director Options Outstanding at December 31, 2014				Weighted average remaining contractual life in years				Weighted average exercise price				Director Options exercisable at December 31, 2014				Weighted average exercise price

	$	2.08				27,000				8.5			$	2.08				9,000			$	2.08
	$	2.09 - $2.32				6,666				7.53			$	2.32				3,333			$	2.32
	$	2.33 - $2.52				10,000				3.73			$	2.52				10,000			$	2.52
	$	2.53 - $2.85				45,000				7.23			$	2.85				30,000			$	2.85
	$	2.86 - $4.19				80,000				8.9			$	3.88				20,000			$	4.19
	$	4.20 - $5.04				10,000				5.48			$	5.04				10,000			$	5.04

						178,666				7.88			$	3.28				82,333			$	3.3
Summary of Director Options Available for Grant and Intrinsic Value of Options Outstanding	The following table sets forth the number of options available for grant as well as the intrinsic value of the options outstanding and exercisable at:


			At December 31,
			2014				2013				2012
	Available for future grant			101,811				131,359				126,526

	Aggregate intrinsic value of options outstanding		$	--			$	142,000			$	--
	Aggregate intrinsic value of options exercisable		$	--			$	35,000			$	--
Summary of Valuation Assumptions in Stock Option and Warrant Valuation	USE has computed the fair values of its employee and director options using the Black Scholes pricing model and the following weighted average assumptions:


		For the years ended December 31,
		2014	2013	2012
	Risk-free interest rate	2.06%	1.66%	0.82% to 1.41%
	Expected lives (years)	6.0	6.0	5.0 to 6.0
	Expected volatility	65.45%	62.59%	61.87% to 63.59%
	Expected dividend yield	--	--	--

SELECTED_QUARTERLY_FINANCIAL_D1

SELECTED QUARTERLY FINANCIAL DATA (Unaudited) (Tables)	12 Months Ended
SELECTED QUARTERLY FINANCIAL DATA (Unaudited) (Tables)	Dec. 31, 2014
SELECTED QUARTERLY FINANCIAL DATA (Unaudited) [Abstract]
Selected Quarterly Financial Data
			(In thousands except per share data)
			Three Months Ended
			December 31,				September 30,				June 30,			March 31,
			2014				2014				2014			2014
	Operating revenues		$	5,067			$	9,928			$	9,128		$	8,256

	Operating income (loss)		$	(3,203	)		$	(681	)		$	769		$	627

	Income (loss) before income tax and discontinued operations		$	(2,334	)		$	(63	)		$	56		$	250

	Benefit from (provision for) income taxes		$	--			$	--			$	--		$	--

	Discontinued operations, net of tax		$	--			$	--			$	--		$	--

	Net income (loss)		$	(2,334	)		$	(63	)		$	56		$	250

	Income (loss) per share, basic
	Continuing operations		$	(0.08	)		$	--			$	--		$	0.01
	Discontinued operations			--				--				--			--
			$	(0.08	)		$	--			$	--		$	0.01

	Basic weighted average shares outstanding			27,905,940				27,905,940				27,785,280			27,738,083

	Income (loss) per share, diluted
	Continuing operations		$	(0.08	)		$	--			$	--		$	0.01
	Discontinued operations			--				--				--			--
			$	(0.08	)		$	--			$	--		$	0.01

	Diluted weighted average shares outstanding			27,905,940				27,905,940				28,237,883			28,142,253




			(In thousands except per share data)
			Three Months Ended
			December 31,				September 30,				June 30,			March 31,
			2013				2013				2013			2013
	Operating revenues		$	9,271			$	8,582			$	7,915		$	7,879

	Operating income (loss)		$	581			$	403			$	151		$	(6,125	)

	Income (loss) before income tax and discontinued operations		$	(1,217	)		$	(706	)		$	367		$	(6,130	)

	Benefit from (provision for) income taxes		$	--			$	--			$	--		$	--

	Discontinued operations, net of tax		$	(3	)		$	(128	)		$	206		$	232

	Net income (loss)		$	(1,220	)		$	(834	)		$	573		$	(5,898	)

	Income (loss) per share, basic
	Continuing operations		$	(0.04	)		$	(0.03	)		$	0.01		$	(0.22	)
	Discontinued operations			--				--				0.01			0.01
			$	(0.04	)		$	(0.03	)		$	0.02		$	(0.21	)

	Basic weighted average shares outstanding			27,682,602				27,682,602				27,682,272			2,766,710

	Income (loss) per share, diluted
	Continuing operations		$	(0.04	)		$	(0.03	)		$	0.01		$	(0.22	)
	Discontinued operations			--				--				0.01			0.01
			$	(0.04	)		$	(0.03	)		$	0.02		$	(0.21	)

	Diluted weighted average shares outstanding			27,682,602				27,682,602				27,682,272			27,667,102




		(In thousands except per share data)
		Three Months Ended
		December 31,				September 30,				June 30,			March 31,
		2012				2012				2012			2012
Operating revenues		$	8,038			$	7,639			$	8,522		$	8,335

Operating (loss)		$	(5,898	)		$	(2,675	)		$	(957	)	$	(679	)

Income (loss) before income tax and discontinued operations		$	(6,079	)		$	(3,155	)		$	624		$	(833	)

Benefit from (provision for) income taxes		$	(1,302	)		$	1,285			$	(379	)	$	388

Discontinued operations, net of tax		$	(548	)		$	(75	)		$	(1,235	)	$	64

Net (loss)		$	(7,929	)		$	(1,945	)		$	(990	)	$	(381	)

Income (loss) per share, basic
Continuing operations		$	(0.27	)		$	(0.07	)		$	0.01		$	(0.01	)
Discontinued operations			(0.02	)			--				(0.05	)		--
		$	(0.29	)		$	(0.07	)		$	(0.04	)	$	(0.01	)

Basic weighted average shares outstanding			27,475,813				27,468,355				27,460,483			27,438,584

Income (loss) per share, diluted
Continuing operations		$	(0.27	)		$	(0.07	)		$	0.01		$	(0.01	)
Discontinued operations			(0.02	)			--				(0.05	)		--
		$	(0.29	)		$	(0.07	)		$	(0.04	)	$	(0.01	)

Diluted weighted average shares outstanding			27,475,813				27,468,355				27,460,483			27,438,584

SUBSEQUENT_EVENTS_Tables

SUBSEQUENT EVENTS (Tables)	12 Months Ended
SUBSEQUENT EVENTS (Tables)	Dec. 31, 2014
SUBSEQUENT EVENTS [Abstract]
Schedule of Derivative Instruments	Subsequent to December 31, 2014, we entered into one commodity derivative contract as detailed in the table below:

				Quantity
	Settlement Period	Counterparty	Basis	(Bbls/day)	Strike Price

	Crude Oil Put
	02/01/15 - 04/30/15	Wells Fargo	WTI	500	Put:	$46.00

SUMMARY_OF_SIGNIFICANT_ACCOUNT3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)	3 Months Ended												12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Operator	Operator	Operator
Schedule of Equity Method Investments [Line Items]
Impairment of equity investment													$0	$2,160,000	$0
Marketable Securities [Abstract]
Unrealized gains in the marketable securities													1,000	45,000
Accounts Receivable [Abstract]
Bad debt expense													0	0
Reserve for uncollectable receivables	0				0								0	0
Valuation of Equity Method Investment [Abstract]
Non-cash impairment charge on equity method investment													0	2,160,000	0
Revenue Recognition [Abstract]
Period of payment received after date of production, minimum													30 days
Period of payment received after date of production, maximum													90 days
Concentration Risk [Line Items]
Number of major operators													3	3	2
Assumptions [Line Items]
Risk free interest rate (in hundredths)													2.06%	1.66%
Expected lives													6 years	6 years
Expected volatility (in hundredths)													65.45%	62.59%
Expected dividend yield (in hundredths)													0.00%	0.00%	0.00%
Earnings Per Share [Abstract]
Shares held by the ESOP (in shares)	949,870				877,399				824,123				949,870	877,399	824,123
Summary of calculations of basic and diluted earnings per share [Abstract]
Net (loss)	-2,334,000	-63,000	56,000	250,000	-1,220,000	-834,000	573,000	-5,898,000	-7,929,000	-1,945,000	-990,000	-381,000	-2,091,000	-7,379,000	-11,245,000
Basic weighted-average common shares outstanding (in shares)	27,905,940	27,905,940	27,785,280	27,738,083	27,682,602	27,682,602	27,682,272	2,766,710	27,475,813	27,468,355	27,460,483	27,438,584	27,832,859	27,678,698	27,466,549
Add: dilutive effect of stock options (in shares)													0	0	0
Diluted weighted-average common shares outstanding (in shares)	27,905,940	27,905,940	28,237,883	28,142,253	27,682,602	27,682,602	27,682,272	27,667,102	27,475,813	27,468,355	27,460,483	27,438,584	27,832,859	27,678,698	27,466,549
Basic net (loss) per share (in dollars per share)	($0.08)	$0	$0	$0.01	($0.04)	($0.03)	$0.02	($0.21)	($0.29)	($0.07)	($0.04)	($0.01)	($0.08)	($0.27)	($0.41)
Diluted net (loss) per share (in dollars per share)	($0.08)	$0	$0	$0.01	($0.04)	($0.03)	$0.02	($0.21)	($0.29)	($0.07)	($0.04)	($0.01)	($0.08)	($0.27)	($0.41)
Stock Option [Member]
Antidilutive securities excluded from computation of earnings per share [Line Items]
Weighted-average anti-dilutive stock options (in shares)													1,355,195	2,531,202	2,491,746
Minimum [Member]
Assumptions [Line Items]
Risk free interest rate, minimum (in hundredths)															0.82%
Expected lives															5 years
Expected volatility, minimum (in hundredths)															61.87%
Maximum [Member]
Assumptions [Line Items]
Risk free interest rate, maximum (in hundredths)															1.41%
Expected lives															6 years
Expected volatility, maximum (in hundredths)															63.59%
Stock Options [Member]
Assumptions [Line Items]
Risk free interest rate, minimum (in hundredths)															0.82%
Risk free interest rate (in hundredths)													2.06%	1.66%
Risk free interest rate, maximum (in hundredths)															1.41%
Expected lives													6 years	6 years
Expected volatility, minimum (in hundredths)															61.87%
Expected volatility (in hundredths)													65.45%	62.59%
Expected volatility, maximum (in hundredths)															63.59%
Expected dividend yield (in hundredths)													0.00%		0.00%
Stock Options [Member] \| Minimum [Member]
Assumptions [Line Items]
Expected lives															5 years
Stock Options [Member] \| Maximum [Member]
Assumptions [Line Items]
Expected lives															6 years
Statoil and Zavanna [Member]
Concentration Risk [Line Items]
Credit risk, percentage (in hundredths)													28.00%	38.00%	57.00%
Contango Oil & Gas [Member]
Concentration Risk [Line Items]
Credit risk, percentage (in hundredths)													38.00%	32.00%
NGL [Member]
Concentration Risk [Line Items]
Credit risk, percentage (in hundredths)													20.00%	18.00%	32.00%
Standard Steam Trust LLC [Member]
Schedule of Equity Method Investments [Line Items]
Impairment of equity investment														2,160,000
Ownership interest (in hundredths)	19.54%												19.54%
Valuation of Equity Method Investment [Abstract]
Non-cash impairment charge on equity method investment														$2,160,000

SUMMARY_OF_SIGNIFICANT_ACCOUNT4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, PROPERTY, PLANT AND EQUIPMENT (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
	DollarUSPerMillionsofBTU
	Center
Oil and Gas properties [Abstract]
Proved	$147,486,000	$136,521,000
Unproved	10,188,000	7,478,000
Exploratory wells in progress	2,357,000	0
Oil & Gas properties	160,031,000	143,999,000
Less accumulated depreciation depletion and amortization	-71,762,000	-57,077,000
Net book value	88,269,000	86,922,000
Mining properties	21,942,000	20,739,000
Property, plant and equipment	8,346,000	8,334,000
Less accumulated depreciation	-4,404,000	-4,135,000
Net book value	3,942,000	4,199,000
Oil and Gas Properties [Abstract]
Capitalized costs excluded from amortized cost pool	12,500,000	7,500,000
Capitalized costs related to unevaluated properties included in the amortization base	0	0
Percentage of discount used for future net revenue (in hundredths)	10.00%
Period for calculating unescalated average prices prior to the end of reporting period	12 months
Number of cost centers for quarterly ceiling test for oil and gas	1
Price per barrel for oil at ceiling test (in dollars per barrel)	94.99
Price for natural gas at ceiling test (dollars per MMbtu)	4.35
Proved property impairments	$0	$5,828,000	$5,189,000
Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	45 years
Office Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Office Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Field Tools and Hand Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Field Tools and Hand Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	7 years
Vehicles and Trucks [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Vehicles and Trucks [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	7 years
Heavy Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	7 years
Heavy Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	10 years
Service Buildings [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	20 years
Corporate Headquarter Building [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	45 years

SUMMARY_OF_SIGNIFICANT_ACCOUNT5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, MINERAL PROPERTIES (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Jan. 21, 2014
	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	acre
Mineral Properties [Abstract]
Costs associated with Mount Emmons beginning of year	$20,739
Property purchase	3,732		2,067		271	4,015	103
Costs at the end of the period	21,942		20,739
Percentage interest acquired (in hundredths)								50.00%
Acres acquired								160
Reconciliation of total liability for asset retirement obligations [Roll Forward]
Beginning asset retirement obligation	812		686
Accretion of discount	40		38
Liabilities incurred	310		131
Liabilities settled	-29		-43
Ending asset retirement obligation	1,133		812		686
Mt. Emmons Property [Member]
Mineral Properties [Abstract]
Costs associated with Mount Emmons beginning of year	20,739		20,739
Property purchase	1,203	[1]	0	[1]
Costs at the end of the period	21,942		20,739
Mining Properties [Member]
Reconciliation of total liability for asset retirement obligations [Roll Forward]
Ending asset retirement obligation	187		175
Oil and Gas Wells [Member]
Reconciliation of total liability for asset retirement obligations [Roll Forward]
Ending asset retirement obligation	$946		$637

[1]	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.

ACQUISITIONS_AND_DIVESTITURES_

ACQUISITIONS AND DIVESTITURES (Details) (USD $)	12 Months Ended			0 Months Ended	3 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	7-May-14	Jun. 30, 2014	Jan. 21, 2014
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Wells	Jun. 30, 2014	acre
Acquisitions and Divestitures [Line Items]
Percentage interest acquired (in hundredths)						50.00%
Gross acres acquired in acquisition (in acres)						160
Proceeds from sale of assets held for sale	$109,000	$2,628,000	$76,000
Farm in Acreage [Member]
Acquisitions and Divestitures [Line Items]
Initial well commitment				2
Minimum percentage of net revenue interest in lease owned (in hundredths)				12.50%
South Texas Based Oil and Gas Company [Member]
Acquisitions and Divestitures [Line Items]
Percentage interest acquired (in hundredths)				33.00%
Percentage payout of all costs (in hundredths)				100.00%
Expected net revenue interests in new wells after sale (in hundredths)				115.00%
Cost of acquisition				3,900,000
Dimmit County [Member]
Acquisitions and Divestitures [Line Items]
Percentage interest acquired (in hundredths)	30.00%
Gross acres acquired in acquisition (in acres)	800.77			12,100
Net acres acquired in acquisition (in acres)				3,384
Dimmit County [Member] \| Primary Leasehold Acreage [Member]
Acquisitions and Divestitures [Line Items]
Gross acres acquired in acquisition (in acres)				4,020
Net acres acquired in acquisition (in acres)				1,181
Dimmit County [Member] \| Farm in Acreage [Member]
Acquisitions and Divestitures [Line Items]
Gross acres acquired in acquisition (in acres)				8,080
Net acres acquired in acquisition (in acres)				2,203
Farmor [Member]
Acquisitions and Divestitures [Line Items]
Number of developed wells in which our original working interest is retained				10
Percentage of working interest retained (in hundredths)				25.00%
Williams and McKenzie Counties [Member]
Acquisitions and Divestitures [Line Items]
Gross acres acquired in acquisition (in acres)				16
Net acres acquired in acquisition (in acres)				0.62
Net proceeds on transaction					12,200,000
Adjustment related to revenue					681,000
Proceeds from sale of assets held for sale					$11,500,000
Net sales of acres (in acres)				285.7

FAIR_VALUE_Details

FAIR VALUE (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Fair Value Measurements [Abstract]
Commodity risk management assets		$14
Available for sale securities	25	69
Total assets	25	83
Commodity risk management liability		280
Executive retirement program liability	1,309	865
Total Liabilities	1,309	1,145
Executive retirement program liability [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning of period	865
Additions and Payments	444
Revision of value	0
Ending of period	1,309
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Fair Value Measurements [Abstract]
Commodity risk management assets		0
Available for sale securities	25	69
Total assets	25	69
Commodity risk management liability		0
Executive retirement program liability	0	0
Total Liabilities	0	0
Significant Other Observable Inputs (Level 2) [Member]
Fair Value Measurements [Abstract]
Commodity risk management assets		14
Available for sale securities	0	0
Total assets	0	14
Commodity risk management liability		280
Executive retirement program liability	0	0
Total Liabilities	0	280
Significant Unobservable Inputs (Level 3) [Member]
Fair Value Measurements [Abstract]
Commodity risk management assets		0
Available for sale securities	0	0
Total assets	0	0
Commodity risk management liability		0
Executive retirement program liability	1,309	865
Total Liabilities	$1,309	$865

FAIR_VALUE_FAIR_VALUE_AND_UNRE

FAIR VALUE, FAIR VALUE AND UNREALIZED GAIN OF OUR INVESTMENT (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Summary of fair value and unrealized gain of investments by major security type [Abstract]
Cost	$24,000	$24,000
Unrealized Gain	1,000	45,000
Fair Value	25,000	69,000
Fair value and carrying value of debt	6,000,000
Available for sale securities [Member]
Summary of fair value and unrealized gain of investments by major security type [Abstract]
Cost	24,000	24,000
Unrealized Gain	1,000	45,000
Fair Value	$25,000	$69,000

COMMODITY_PRICE_RISK_MANAGEMEN2

COMMODITY PRICE RISK MANAGEMENT (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Derivative Liability, Fair Value, Net [Abstract]
Realized derivative (loss) gain	$316	($338)	$21
Unrealized derivative (loss) gain	266	-737	1,070
Total realized and unrealized derivative (loss) gain	582	-1,075	1,091
Current Asset [Member] \| Crude Oil Derivative Contract [Member]
Derivative Asset, Fair Value, Net [Abstract]
Derivative Assets, Fair Gross		345
Derivative Asset, Gross amount offset in		-331
Derivative Asset, Net amount of assets		14
Current Liability [Member] \| Crude Oil Derivative Contract [Member]
Derivative Liability, Fair Value, Net [Abstract]
Derivative Liability, Gross		611
Derivative Liabilities, Gross amount offset in		-331
Derivative Liability, Net amount of assets		$280

SUPPLEMENTAL_FINANCIAL_INFORMA2

SUPPLEMENTAL FINANCIAL INFORMATION ON OIL AND NATURAL GAS EXPLORATION, DEVELOPMENT AND PRODUCTION ACTIVITIES (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Oil & Gas properties [Abstract]
Proved oil and properties	$147,486	$136,521
Unproved	10,188	7,478
Exploratory wells in progress	2,357	0
Total capitalized costs	160,031	143,999
DD&A per equivalent BOE (in dollars per BOE)	31.56	32.06	33.49
Undeveloped properties [Abstract]
Acquisitions	3,732	2,067	271	4,015	103
Exploration	0	0	0	0	0
Development	0	0	0	0	0
Undeveloped property costs	3,732	2,067	271	4,015	103
Total Acquisitions	10,188
Total Exploration	0
Total Development	0
Total undeveloped property costs	10,188
Property acquisition costs:
Proved	552	445	2,987
Unproved	4,167	1,760	1,416
Exploration costs	14,791	9,138	10,943
Development costs	8,037	9,403	20,134
Total costs incurred	27,547	20,746	35,480
Results of operations from oil and natural gas producing activities [Abstract]
Revenues	32,379	33,647	32,534
Operating expenses	10,638	10,469	10,788
Depreciation, depletion and amortization	14,685	13,623	14,893
Impairment	0	5,828	5,189
Total operating expenses	25,323	29,920	30,870
Operating income	7,056	3,727	1,664
Standardized measure of discounted future net cash flows relating to USE's ownership interests in proved oil and natural gas reserves [Abstract]
Future cash inflows	381,156	330,245	237,148
Future costs:
Production	-149,450	-129,392	-96,616
Development	-70,770	-37,739	-21,461
Future income tax expense	-12,719	-14,500	-8,483
Future net cash flows	148,217	148,614	110,588
10% discount factor	-66,328	-43,761	-39,571
Standardized measure of discounted future net cash flows	81,889	104,853	71,017	62,191
Period for calculating unescalated average prices prior to the end of reporting period	12 months
Discount factor (in hundredths)	10.00%
Changes in standardized measure of future net cash flows relating to proved oil and natural gas reserves [Roll Forward]
Balance at beginning of period	104,853	71,017	62,191
Sales of oil and gas, net of production costs	-21,741	-23,179	-21,747
Net change in prices and production costs	-17,376	2,543	-4,548
Changes in estimated future development costs	-1,869	-6,414	-9,706
Extensions and discoveries	14,706	54,360	23,297
Purchase of reserves in place	0	0	2,573
Sale of reserves in place	-13,339	0	-13,573
Revisions of previous quantity estimates	-4,815	-2,961	-5,927
Previously estimated development costs incurred during the period	7,175	8,344	22,808
Net change in income taxes	6,924	-4,245	7,261
Accretion of discount	10,090	7,647	7,254
Changes in production rates, timing and other	-2,719	-2,259	1,134
Balance at end of period	$81,889	$104,853	$71,017	$62,191
Oil (BBLS) [Member]
Proved Developed and Undeveloped Reserves [Roll forward]
Beginning of year	3,459,713	2,613,643
Revisions of previous quantity estimates	-262,570	-162,957
Extensions, discoveries and improved recoveries	1,583,292	1,352,746
Purchase of reserves in place	0	0
Sales of reserves in place	-330,871	0
Production	-329,828	-343,719
End of year	4,119,736	3,459,713	2,613,643
Proved developed reserves at end of year	1,754,668	1,875,528
Pricing used in cash flow estimates (in BBLS or MCFE)	94.99	96.78	94.71
Natural Gas or NGL (MCFE) [Member]
Proved Developed and Undeveloped Reserves [Roll forward]
Beginning of year	2,371,908	1,798,088
Revisions of previous quantity estimates	802,241	382,690
Extensions, discoveries and improved recoveries	1,006,659	678,412
Purchase of reserves in place	0	0
Sales of reserves in place	-156,482	0
Production	-813,081	-487,282
End of year	3,211,245	2,371,908	1,798,088
Proved developed reserves at end of year	1,892,446	1,701,282
Pricing used in cash flow estimates (in BBLS or MCFE)	4.35	3.67	2.757

INVESTMENT_IN_STANDARD_STEAM_T1

INVESTMENT IN STANDARD STEAM TRUST, LLC (Details) (USD $)	12 Months Ended
INVESTMENT IN STANDARD STEAM TRUST, LLC (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Noncontrolling Interest [Line Items]
Equity gain (loss) in unconsolidated investment	$0	($104,000)	($359,000)
Impairment of equity investment	0	2,160,000	0
Standard Steam Trust LLC [Member]
Noncontrolling Interest [Line Items]
Ownership percentage (in hundredths)		19.54%
Equity gain (loss) in unconsolidated investment		-104,000
Impairment of equity investment		$2,200,000

DISCONTINUED_OPERATIONS_Detail

DISCONTINUED OPERATIONS (Details) (USD $)	3 Months Ended												12 Months Ended			0 Months Ended
DISCONTINUED OPERATIONS (Details) (USD $)	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Sep. 11, 2013
Long Lived Assets Held-for-sale [Line Items]
(Loss) on sale of discontinued of operations													$0	($120,000)	$0
Results of discontinued operations [Abstract]
Net income (loss) from discontinued operations	0	0	0	0	-3,000	-128,000	206,000	232,000	-548,000	-75,000	-1,235,000	64,000	0	307,000	-1,794,000
Depreciation of assets held for sale not recorded														660,000	896,000
Real Estate Operations [Member]
Results of discontinued operations [Abstract]
Revenues													0	1,271,000	2,037,000
Operating expenses													0	844,000	1,885,000
Impairment													0	0	2,955,000
Total operating expenses													0	844,000	4,840,000
Income (loss) before income taxes													0	427,000	-2,803,000
Income tax benefit													0	0	1,009,000
Net income (loss) from discontinued operations													0	427,000	-1,794,000
Remington Village Multifamily [Member]
Long Lived Assets Held-for-sale [Line Items]
Selling price of asset																15,000,000
Commercial note due																9,500,000
Net proceeds on transaction																5,000,000
(Loss) on sale of discontinued of operations																($120,000)

OTHER_LIABILITIES_AND_DEBT_Det

OTHER LIABILITIES AND DEBT (Details) (USD $)	12 Months Ended
OTHER LIABILITIES AND DEBT (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Jun. 30, 2010
Other liabilities [Abstract]
Deferred rent	14,000	$11,000
Remington Escrow	0	95,000
Employee health insurance self funding	70,000	58,000
Other current liabilities	84,000	164,000
Other long term liabilities [Abstract]
Accrued executive retirement costs	1,029,000	741,000
Debt [Abstract]
Less current portion	0	0
Totals	6,000,000	9,000,000
Amount borrowed	10,000,000
Credit Facility - collateralized by oil and gas reserves, at 2.66% [Member]
Debt [Abstract]
Debt	6,000,000	9,000,000
Federal Funds Effective Rate [Member]
Debt [Abstract]
Description of variable rate basis	Federal Funds Effective Rate
Basis spread on variable rate (in hundredths)	0.50%
LIBO rate for the three prior months [Member]
Debt [Abstract]
Description of variable rate basis	LIBO rate for the three prior months
LIBO rate for the three prior months [Member] \| Minimum [Member]
Debt [Abstract]
Basis spread on variable rate (in hundredths)	2.00%
LIBO rate for the three prior months [Member] \| Maximum [Member]
Debt [Abstract]
Basis spread on variable rate (in hundredths)	3.00%
Senior Secured Revolving Credit Facility [Member]
Debt [Abstract]
Borrowing capacity	100,000,000
Expiration date of senior credit facility	30-Jul-17
Borrowing base	24,500,000		12,000,000
Maturity term of senior credit facility	6 months
Commitment fee percentage (in hundredths)	0.50%
Percentage of outstanding loans and loan commitments held by lenders required, minimum (in hundredths)	67.00%
Principal negative financial covenants	The principal negative financial covenants (measured at various times as provided in the Credit Agreement) do not permit (i) the Interest Coverage Ratio (Interest Expense to EBITDAX) to be less than 3.0 to 1; (ii) Total Debt to EBITDAX to be greater than 3.5 to 1; and (iii) the Current Ratio (current assets plus unused lender commitments under the Borrowing Base) to be less than 1.0 to 1.0.
Minimum interest coverage ratio (in hundredths)	3.00%
Maximum total debt to EBITDAX ratio (in hundredths)	3.50%
Minimum current ratio (in hundredths)	1.00%
Amount borrowed	6,000,000
Amount outstanding	6,000,000

INCOME_TAXES_Details

INCOME TAXES (Details) (USD $)	12 Months Ended
INCOME TAXES (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Current income tax expense (benefit) [Abstract]
Federal	$0	$0	$0
State	0	0	0
Total current income tax expense (benefit)	0	0	0
Deferred income tax expense (benefit) [Abstract]
Federal	0	0	-1,093,000
State	0	0	-64,000
Total deferred income tax expense (benefit)	0	0	-1,157,000
Effective income tax reconciliation [Abstract]
Federal statutory income tax rate	-711,000	-2,509,000	-4,164,000
State income taxes, net of federal benefit	-34,000	-158,000	-245,000
Incentive stock options	79,000	43,000	12,000
Percent depletion carryover	-129,000	-174,000	-177,000
Valuation analysis	612,000	2,717,000	3,512,000
Other	183,000	81,000	-95,000
Total deferred income tax expense (benefit)	0	0	-1,157,000
Deferred tax assets [Abstract]
Net operating loss	10,382,000	6,930,000
Derivative instruments	0	96,000
Asset retirement obligation	404,000	294,000
Stock based compensation	248,000	228,000
Deferred compensation	439,000	385,000
Alternative minimum tax credit	706,000	706,000
Contribution carryover	42,000	37,000
Equity investments	629,000	643,000
Percentage depletion carryover	2,402,000	2,421,000
Total deferred tax assets	15,252,000	11,740,000
Deferred tax liabilities [Abstract]
Property and equipment	-8,351,000	-5,446,000
State tax	-3,000	-9,000
Marketable securities	0	-16,000
Total deferred tax liabilities	-8,354,000	-5,471,000
Net deferred tax assets (liabilities)	6,898,000	6,269,000
Less: Valuation Allowance	-6,898,000	-6,269,000
Deferred tax liability	0	0
Increase in deferred tax assets	3,500,000
Increase in deferred tax liability	2,900,000
Increase in net deferred tax assets	629,000
Operating Loss Carryforwards [Line Items]
Net operating loss carryovers	29,600,000
Tax deductions for compensation expense	2,800,000
Net operating loss carry back period	2 years
Net operating loss carry forward period	20 years
Adjustments for uncertain tax positions	0
Penalties and interest accrued related to uncertain tax positions	0
Federal [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryovers	$32,400,000

SEGMENTS_AND_MAJOR_CUSTOMERS_D

SEGMENTS AND MAJOR CUSTOMERS (Details) (USD $)	3 Months Ended												12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Segment	Dec. 31, 2013	Dec. 31, 2012
Segment Reporting Information [Line Items]
Number of reportable segments													2
Segment Reporting Information, Results of operations [Abstract]
Revenues													$32,379	$33,647	$32,534
Total operating expenses													28,308	32,965	33,769
Total interest expenses													368	276	193
Operating income (loss) from identified segments	-3,203	-681	769	627	581	403	151	-6,125	-5,898	-2,675	-957	-679	-2,488	-4,846	-10,209
General and administrative expenses													-6,559	-5,673	-9,109
Add back Interest expenses													368	276	193
Other revenues and expenses													397	-2,695	849
(Loss) before income taxes and discontinued operations	-2,334	-63	56	250	-1,217	-706	367	-6,130	-6,079	-3,155	624	-833	-2,091	-7,686	-9,495
Depreciation depletion and amortization expense [Abstract]
Total depreciation expense													14,956	13,898	15,457
Assets by segment [Abstract]
Total Assets	123,523				126,801				140,827				123,523	126,801	140,827
Reportable Segment [Member]
Segment Reporting Information, Results of operations [Abstract]
Operating income (loss) from identified segments													3,703	406	-1,428
Reportable Segment [Member] \| Oil and gas [Member]
Segment Reporting Information, Results of operations [Abstract]
Revenues													32,379	33,647	32,534
Total operating expenses													25,323	29,920	30,870
Total interest expenses													368	264	169
Operating income (loss) from identified segments													6,688	3,463	1,495
Add back Interest expenses													368	264	169
Depreciation depletion and amortization expense [Abstract]
Total depreciation expense													14,685	13,623	14,893
Assets by segment [Abstract]
Total Assets	92,020				97,418				93,839				92,020	97,418	93,839
Reportable Segment [Member] \| Mineral properties [Member]
Segment Reporting Information, Results of operations [Abstract]
Total operating expenses													2,985	3,045	2,899
Total interest expenses													0	12	24
Operating income (loss) from identified segments													-2,985	-3,057	-2,923
Add back Interest expenses													0	12	24
Depreciation depletion and amortization expense [Abstract]
Total depreciation expense													123	126	127
Assets by segment [Abstract]
Total Assets	21,942				20,739				20,747				21,942	20,739	20,747
Corporate [Member]
Depreciation depletion and amortization expense [Abstract]
Total depreciation expense													148	149	437
Assets by segment [Abstract]
Total Assets	$9,561				$8,644				$26,241				$9,561	$8,644	$26,241

SHAREHOLDERS_EQUITY_Details

SHAREHOLDERS' EQUITY (Details) (USD $)	12 Months Ended
SHAREHOLDERS' EQUITY (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Weighted Average Exercise Price [Roll Forward]
Value of stock options exercised	($62,000)		$0
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of outstanding shares reserved for issuance (in hundredths)	25.00%
Shares reserved for authorization (in shares)	1,200,000
Number of options available for grant and intrinsic value of options outstanding and exercisable [Abstract]
Available for future grant (in shares)	790,000	790,000	1,060,000
Aggregate intrinsic value of options outstanding	0	1,661,000	0
Aggregate intrinsic value of options exercisable	0	1,073,000	0
Employee Stock Options [Member]
Options [Roll Forward]
Outstanding at beginning of the year (in shares)	2,500,949	2,259,282	2,318,399
Granted (in shares)	0	270,000	150,000
Forfeited (in shares)	-3,333	0	-10,000
Expired (in shares)	0	-28,333	-194,950
Exercised (in shares)	-400,203	0	-4,167
Outstanding at period end (in shares)	2,097,413	2,500,949	2,259,282
Exercisable at year end (in shares)	1,949,080	2,137,619	2,119,282
Weighted Average Exercise Price [Roll Forward]
Beginning Balance (in dollars per share)	$3.60	$3.80	$3.94
Granted (in dollars per share)	$0	$2.08	$2.32
Forfeited (in dollars per share)	$2.08	$0	$2.32
Expired (in dollar per share)	$0	$4.68	$4.47
Exercised (in dollars per share)	$2.46	$0	$2.52
Ending Balance (in dollars per share)	$3.82	$3.60	$3.80
Exercisable (in dollars per share)	$3.95	$3.85	$3.90
Weighted average fair value of options granted during the period (in dollars per share)	$0	$1.20	$1.30
Employee Stock Options [Member] \| Stock Options [Member]
Weighted Average Exercise Price [Roll Forward]
Proceeds from stock options exercised	1,000
Withholding of shares (in shares)	14,206
Withhold values of common stock	63,000
Shares surrendered upon stock option exercise (in shares)	228,047		3,097
Value of stock options exercised	982,000		10,000
Intrinsic value of option exercised	743,000	0	4,000
Share-based compensation expense	229,000	120,000	33,000
Total unrecognized expense for the option plan	124,000
Director Stock Options [Member]
Options [Roll Forward]
Outstanding at beginning of the year (in shares)	146,000	150,000	210,000
Granted (in shares)	60,000	36,000	80,000
Forfeited (in shares)	0	0	0
Expired (in shares)	0	-40,000	-120,000
Exercised (in shares)	-27,334	0	-20,000
Outstanding at period end (in shares)	178,666	146,000	150,000
Exercisable at year end (in shares)	82,333	56,668	63,335
Weighted Average Exercise Price [Roll Forward]
Beginning Balance (in dollars per share)	$2.93	$3.05	$3.10
Granted (in dollars per share)	$3.77	$2.08	$2.78
Forfeited (in dollars per share)	$0	$0	$0
Expired (in dollar per share)	$0	$2.60	$3.05
Exercised (in dollars per share)	$2.53	$0	$2.52
Ending Balance (in dollars per share)	$3.28	$2.93	$3.05
Exercisable (in dollars per share)	$3.30	$3.46	$3.01
Weighted average fair value of options granted during the period (in dollars per share)	$2.27	$1.20	$1.59
Director Stock Options [Member] \| Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of common stock (in hundredths)	1.00%
Weighted Average Exercise Price [Roll Forward]
Proceeds from stock options exercised	8,000	50,000
Shares surrendered upon stock option exercise (in shares)	15,000
Value of stock options exercised	61,000
Intrinsic value of option exercised	45,000	0	17,000
Share-based compensation expense	89,000	64,000	69,000
Total unrecognized expense for the option plan	147,000
Number of options available for grant and intrinsic value of options outstanding and exercisable [Abstract]
Available for future grant (in shares)	101,811	131,359	126,526
Aggregate intrinsic value of options outstanding	0	142,000	0
Aggregate intrinsic value of options exercisable	$0	$35,000	$0
2001 Incentive Stock Option Plan [Member] \| Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term of the plan	10 years
2012 Equity Plan [Member] \| Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term of the plan	10 years
2008 Stock Option Plan [Member] \| Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term of the plan	10 years

SHAREHOLDERS_EQUITY_Options_Ou

SHAREHOLDERS' EQUITY, Options Outstanding and Exercisable and Weighted Average Fair Value Assumptions Used (Details) (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Fair Value Assumptions [Abstract]
Risk free interest rate (in hundredths)	2.06%	1.66%
Expected lives	6 years	6 years
Expected volatility (in hundredths)	65.45%	62.59%
Expected dividend yield (in hundredths)	0.00%	0.00%	0.00%
Minimum [Member]
Fair Value Assumptions [Abstract]
Risk free interest rate, minimum (in hundredths)			0.82%
Expected lives			5 years
Expected volatility, minimum (in hundredths)			61.87%
Maximum [Member]
Fair Value Assumptions [Abstract]
Risk free interest rate, maximum (in hundredths)			1.41%
Expected lives			6 years
Expected volatility, maximum (in hundredths)			63.59%
Employee Stock Options [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Outstanding at end of period (in shares)	2,097,413
Weighted average remaining contractual life	3 years 7 months 24 days
Weighted average exercise price (in dollars per share)	3.82
Exercisable at end of period (in shares)	1,949,080
Weighted average exercise price (in dollars per share)	3.95
Employee Stock Options [Member] \| $2.08 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price range upper range limit (in dollars per share)	2.08
Outstanding at end of period (in shares)	270,000
Weighted average remaining contractual life	8 years 8 months 26 days
Weighted average exercise price (in dollars per share)	2.08
Exercisable at end of period (in shares)	166,668
Weighted average exercise price (in dollars per share)	2.08
Employee Stock Options [Member] \| $2.09 - $2.32 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price range lower range limit (in dollars per share)	2.09
Exercise price range upper range limit (in dollars per share)	2.32
Outstanding at end of period (in shares)	123,333
Weighted average remaining contractual life	7 years 6 months 11 days
Weighted average exercise price (in dollars per share)	2.32
Exercisable at end of period (in shares)	78,332
Weighted average exercise price (in dollars per share)	2.32
Employee Stock Options [Member] \| $2.33 - $2.52 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price range lower range limit (in dollars per share)	2.33
Exercise price range upper range limit (in dollars per share)	2.52
Outstanding at end of period (in shares)	405,312
Weighted average remaining contractual life	3 years 8 months 23 days
Weighted average exercise price (in dollars per share)	2.52
Exercisable at end of period (in shares)	405,312
Weighted average exercise price (in dollars per share)	2.52
Employee Stock Options [Member] \| $2.53 - $3.86 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price range lower range limit (in dollars per share)	2.53
Exercise price range upper range limit (in dollars per share)	3.86
Outstanding at end of period (in shares)	273,768
Weighted average remaining contractual life	0 years 9 months 14 days
Weighted average exercise price (in dollars per share)	3.86
Exercisable at end of period (in shares)	273,768
Weighted average exercise price (in dollars per share)	3.86
Employee Stock Options [Member] \| $3.87 - $4.97 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price range lower range limit (in dollars per share)	3.87
Exercise price range upper range limit (in dollars per share)	4.97
Outstanding at end of period (in shares)	1,025,000
Weighted average remaining contractual life	2 years 6 months 25 days
Weighted average exercise price (in dollars per share)	4.97
Exercisable at end of period (in shares)	1,025,000
Weighted average exercise price (in dollars per share)	4.97
Director Stock Options [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Outstanding at end of period (in shares)	178,666
Weighted average remaining contractual life	7 years 10 months 17 days
Weighted average exercise price (in dollars per share)	3.28
Exercisable at end of period (in shares)	82,333
Weighted average exercise price (in dollars per share)	3.3
Director Stock Options [Member] \| $2.08 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price range upper range limit (in dollars per share)	2.08
Outstanding at end of period (in shares)	27,000
Weighted average remaining contractual life	8 years 6 months
Weighted average exercise price (in dollars per share)	2.08
Exercisable at end of period (in shares)	9,000
Weighted average exercise price (in dollars per share)	2.08
Director Stock Options [Member] \| $2.09 - $2.32 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price range lower range limit (in dollars per share)	2.09
Exercise price range upper range limit (in dollars per share)	2.32
Outstanding at end of period (in shares)	6,666
Weighted average remaining contractual life	7 years 6 months 11 days
Weighted average exercise price (in dollars per share)	2.32
Exercisable at end of period (in shares)	3,333
Weighted average exercise price (in dollars per share)	2.32
Director Stock Options [Member] \| $2.33 - $2.52 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price range lower range limit (in dollars per share)	2.33
Exercise price range upper range limit (in dollars per share)	2.52
Outstanding at end of period (in shares)	10,000
Weighted average remaining contractual life	3 years 8 months 23 days
Weighted average exercise price (in dollars per share)	2.52
Exercisable at end of period (in shares)	10,000
Weighted average exercise price (in dollars per share)	2.52
Director Stock Options [Member] \| $2.53 - $2.85 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price range lower range limit (in dollars per share)	2.53
Exercise price range upper range limit (in dollars per share)	2.85
Outstanding at end of period (in shares)	45,000
Weighted average remaining contractual life	7 years 2 months 23 days
Weighted average exercise price (in dollars per share)	2.85
Exercisable at end of period (in shares)	30,000
Weighted average exercise price (in dollars per share)	2.85
Director Stock Options [Member] \| $2.86 - $4.19 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price range lower range limit (in dollars per share)	2.86
Exercise price range upper range limit (in dollars per share)	4.19
Outstanding at end of period (in shares)	80,000
Weighted average remaining contractual life	8 years 10 months 24 days
Weighted average exercise price (in dollars per share)	3.88
Exercisable at end of period (in shares)	20,000
Weighted average exercise price (in dollars per share)	4.19
Director Stock Options [Member] \| $4.20 - $5.04 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price range lower range limit (in dollars per share)	4.2
Exercise price range upper range limit (in dollars per share)	5.04
Outstanding at end of period (in shares)	10,000
Weighted average remaining contractual life	5 years 5 months 23 days
Weighted average exercise price (in dollars per share)	5.04
Exercisable at end of period (in shares)	10,000
Weighted average exercise price (in dollars per share)	5.04

SHAREHOLDERS_EQUITY_Options_Av

SHAREHOLDERS' EQUITY, Options Available for Grant and Intrinsic Value (Details) (Stock Options [Member], USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Number of options available for grant and intrinsic value of options outstanding and exercisable, current and former directors [Abstract]
Available for future grant (in shares)	790,000	790,000	1,060,000
Aggregate intrinsic value of options outstanding	$0	$1,661,000	$0
Aggregate intrinsic value of options exercisable	0	1,073,000	0
Director Stock Options [Member]
Number of options available for grant and intrinsic value of options outstanding and exercisable, current and former directors [Abstract]
Available for future grant (in shares)	101,811	131,359	126,526
Aggregate intrinsic value of options outstanding	0	142,000	0
Aggregate intrinsic value of options exercisable	$0	$35,000	$0

SHAREHOLDERS_EQUITY_Employee_S

SHAREHOLDERS' EQUITY, Employee Stock Ownership Plan (Details) (1989 Employee Stock Ownership Plan [Member], USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
	H	Dec. 31, 2013	Dec. 31, 2012
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Term of eligibility	1 year
Minimum hours required in the term of service for eligibility	1,000
Initial vesting percentage (in hundredths)	20.00%
Vesting period	3 years
Annual vesting percentage (in hundredths)	20.00%
Service period requirement to be Fully Vested	7 years
Maximum employee's total compensation paid as basis for contribution into ESOP	$260,000	$255,000	$250,000
Shares contributed to ESOP (in shares)	141,721	53,276	161,624
Share price of shares included in ESOP (in dollars per share)	$1.48	$3.76	$1.50
ESOP contribution expense	$209,000	$200,000	$243,000
Minimum [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
ESOP funding percentages (in hundredths)	10.00%
Maximum [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
ESOP funding percentages (in hundredths)	15.00%

COMMITMENTS_CONTINGENCIES_AND_1

COMMITMENTS, CONTINGENCIES AND OTHER (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Jan. 21, 2014	7-May-14
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	acre	acre
Water Rights Litigation Mt. Emmons Project [Abstract]
Period for proposal submission	6 years
Gas and Oil Acreage [Line Items]
Gross acres acquired in acquisition (in acres)				160
Working interest percentage (in hundredths)				50.00%
401(K) Plan [Abstract]
Matching percentage on an employee's salary deferrals (in hundredths)	50.00%
Maximum matching on an employee's salary deferrals	$4,000
401 (k) expense	48,000	46,000	54,000
Assumptions [Line Items]
Health insurance pay period for executive and his spouse	18 months
Leases, Operating [Abstract]
Operating leases minimum payments receivable monthly	5,000
Rental income under the agreements	95,000	96,000	170,000
Future minimum receipts for non-cancelable operating leases	76,000
Executive Officers [Member]
Assumptions [Line Items]
Percentage of payment as received by executive under Retirement Plan conditions (in hundredths)	50.00%
Period used to compute supplemental retirement salary	5 years
Minimum years of service for eligibility in plan	15 years
Minimum age requirement	60 years
Value of executive retirement account funded	1,300,000
Compensation expense	599,000	99,000	80,000
Accrued liability for executive retirement	1,300,000	865,000	903,000
Shares authorized under the plan per each officer (in shares)		20,000
Shares issued under the plan (in shares)		30,000	60,000
Former CFO/Treasurer/V.P. Finance [Member]
Assumptions [Line Items]
Distributions paid	122,000	122,000	122,000
Former President/COO [Member]
Assumptions [Line Items]
Annual payment	$152,000
Dimmit Wood Properties Ltd [Member]
Gas and Oil Acreage [Line Items]
Gross acres acquired in acquisition (in acres)	800.77				12,100
Working interest percentage (in hundredths)	30.00%

SELECTED_QUARTERLY_FINANCIAL_D2

SELECTED QUARTERLY FINANCIAL DATA (Unaudited) (Details) (USD $)	3 Months Ended												12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
SELECTED QUARTERLY FINANCIAL DATA (Unaudited) [Abstract]
Operating revenues	$5,067	$9,928	$9,128	$8,256	$9,271	$8,582	$7,915	$7,879	$8,038	$7,639	$8,522	$8,335
Operating income (loss)	-3,203	-681	769	627	581	403	151	-6,125	-5,898	-2,675	-957	-679	-2,488	-4,846	-10,209
Income (loss) before income tax and discontinued operations	-2,334	-63	56	250	-1,217	-706	367	-6,130	-6,079	-3,155	624	-833	-2,091	-7,686	-9,495
Benefit from (provision for) income taxes	0	0	0	0	0	0	0	0	-1,302	1,285	-379	388	0	0	-44
Discontinued operations, net of taxes	0	0	0	0	-3	-128	206	232	-548	-75	-1,235	64	0	307	-1,794
Net income (loss)	($2,334)	($63)	$56	$250	($1,220)	($834)	$573	($5,898)	($7,929)	($1,945)	($990)	($381)	($2,091)	($7,379)	($11,245)
Income (loss) per share, basic [Abstract]
Continuing operations (in dollars per share)	($0.08)	$0	$0	$0.01	($0.04)	($0.03)	$0.01	($0.22)	($0.27)	($0.07)	$0.01	($0.01)
Discontinued operations (in dollars per share)	$0	$0	$0	$0	$0	$0	$0.01	$0.01	($0.02)	$0	($0.05)	$0
Income (loss) per share, basic (in dollars per share)	($0.08)	$0	$0	$0.01	($0.04)	($0.03)	$0.02	($0.21)	($0.29)	($0.07)	($0.04)	($0.01)	($0.08)	($0.27)	($0.41)
Basic weighted average shares outstanding (in shares)	27,905,940	27,905,940	27,785,280	27,738,083	27,682,602	27,682,602	27,682,272	2,766,710	27,475,813	27,468,355	27,460,483	27,438,584	27,832,859	27,678,698	27,466,549
Income (loss) per shares, diluted [Abstract]
Continuing operations (in dollars per share)	($0.08)	$0	$0	$0.01	($0.04)	($0.03)	$0.01	($0.22)	($0.27)	($0.07)	$0.01	($0.01)
Discontinued operations (in dollars per share)	$0	$0	$0	$0	$0	$0	$0.01	$0.01	($0.02)	$0	($0.05)	$0
Income (loss) per share, diluted (in dollars per share)	($0.08)	$0	$0	$0.01	($0.04)	($0.03)	$0.02	($0.21)	($0.29)	($0.07)	($0.04)	($0.01)	($0.08)	($0.27)	($0.41)
Diluted weighted average shares outstanding (in shares)	27,905,940	27,905,940	28,237,883	28,142,253	27,682,602	27,682,602	27,682,272	27,667,102	27,475,813	27,468,355	27,460,483	27,438,584	27,832,859	27,678,698	27,466,549

SUBSEQUENT_EVENTS_Details

SUBSEQUENT EVENTS (Details) (Subsequent Event [Member])	3 Months Ended
SUBSEQUENT EVENTS (Details) (Subsequent Event [Member])	Apr. 30, 2015
Subsequent Event [Line Items]
Number of derivative contracts	1
Crude Oil [Member] \| Put [Member] \| Short [Member]
Subsequent Event [Line Items]
Inception date	1-Feb-15
Maturity date	30-Apr-15
Counterparty	Wells Fargo
Basis	WTI
Flow rate	500,000,000
Strike Price (in dollars per barrel)	46