US Energy Corp. and Crested Corp.

Riverton, WY: (Mar-19-07) In an inter-company debt settlement, US Energy Corp. (USE) and Crested Corp., both natural resource exploration and development companies, settled with Sutter Gold Mining Inc. announcing the conversion of $2,025,702 in amounts due to the companies into 7,621,867 common shares of Sutter Gold Mining Inc. at $.31 per share. These shares will be subject to a four-month hold period. The conversion of the long outstanding amounts will help to prepare Sutter Gold for future financing as it advances its gold projects in the US and Mexico. Following this transaction, USE now holds approximately 56% of Sutter Gold. In addition, the companies agreed to cancel the $4.6 million Contingent Stock Purchase Warrant they hold to purchase common stock in Sutter Gold, by Sutter Gold issuing to the companies a Net Profits Interest Royalty of 5% on its Lincoln Project in the historic Mother Lode, until the total amount is repaid, and a 1% NPIR thereafter. [PR NEWSWIRE: GOLD SHARES]

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Published on Mar-21-07