SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 AND 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): NOVEMBER 5, 2003 (OCTOBER 31,
2003)
CRESTED CORP.
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EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
COLORADO 0-8773 84-0608126
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(STATE OR OTHER JURISDICTION (COMMISSION (I.R.S. EMPLOYER
OF INCORPORATION) FILE NO.) IDENTIFICATION NO.)
GLEN L. LARSEN BUILDING
877 NORTH 8TH WEST
RIVERTON, WY 82501
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(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (307) 856-9271
NOT APPLICABLE
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(FORMER NAME, FORMER ADDRESS OR FORMER FISCAL YEAR,
IF CHANGED FROM LAST REPORT)
ITEM 5. OTHER EVENTS.
Registrant's parent, U.S. Energy Corp. ("USEG") announced on October 31,
203, that USEG's wholly owned subsidiary Plateau Resources Limited (PRL)
received approval from the U.S. Nuclear Regulatory Commission (NRC) to release
about $2.9 Million of excess reclamation bond funds on the Shootaring Canyon
Uranium Mill located in southeastern Utah. In 1993, when USEG acquired the Mill,
PRL had posted a surety reclamation bond with the NRC of $2.5 Million for the
reclamation of the Shootaring Canyon Uranium Mill. In fiscal 1997, PRL requested
that the status of the Mill license be changed from standby to operational. As a
result of the change of the Mill license to operational status, the NRC required
that the cash bond be increased to $6.7 Million. The bond was posted and the
Mill status was changed to operational. Due to uranium market conditions in
2002, PRL decided to change the license status from operational back to
reclamation and filed a new reclamation plan. The NRC has reviewed the revised
reclamation and decommissioning plan and has agreed to a $6.1 million
reclamation plan. The NRC therefore approved the release of some $2.9 Million
from the existing cash bond to PRL and retained $6.1 Million to cover the new
reclamation plan. These funds will be used to initiate reclamation activities as
well as advancing the business plan in developing the coalbed methane natural
gas resources by Rocky Mountain Gas, Inc., a subsidiary of USEG and Registrant.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(a) Financial statements of business acquired. Not applicable.
(b) Pro forma financial information. Not applicable.
(c) Exhibits. Not applicable
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned hereunto duly authorized.
CRESTED CORP.
Dated: November 5, 2003 By: /s/ Daniel P. Svilar
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Secretary