OPTION AGREEMENT

 

                                                                   EXHIBIT 10.43

                               OPTION AGREEMENT

This Option Agreement entered into at Riverton, Wyoming this 14th day of June,
1995, by and between U.S. Energy Corp. and Crested Corp. d/b/a/ USECC.

WITNESSETH:

WHEREAS, U.S. Energy Corp. and Crested Corp. d/b/a USECC operate a Fixed Base
Operation (FBO) known as Western Executive Air (WEA) at the Riverton Regional
Airport (the "Airport") and USECC has experienced increased aircraft occupancy
in their hangar operated under lease by WEA; and

WHEREAS, aviation related business has increased and is expected to increase
further while additional hangar and building space is limited at the Airport;
and

WHEREAS, Arrowstar Investments Inc. (AII) owns a 7,200 square foot hangar
located on a leasehold at the Airport more fully described in that certain Lease
Agreement between the City of Riverton and Richard Gilpatrick d/b/a RENTCO dated
August 29, 1991, which was assigned to AII on December 28, 1992 attached as
Exhibit "A", and

WHEREAS, AII controls the leasehold for the property (where the hangar formerly
owned and operated by RENTCO) for a period of at least 16 years from the date of
this document, and AII desires to provide an option for USECC to acquire it.

NOW THEREFORE, for consideration OF $10.00 and other considerations and the
mutual understanding set forth herein, the parties agree as follows:

1.  AII grants USECC an option to purchase AII's hangar and its leasehold from
the City of Riverton for a minimum price of $110,000 or a greater value
depending on market conditions to be mutually agreed upon by both parties. 2.
This Option is for 6 years from the date of the execution of this Option.

Dated the day and year first above written.

ARROWSTAR INVESTMENTS, INC.

s/ Mark Larsen
-------------------------------
Mark Larsen, President

USECC BY
U.S. ENERGY CORP.

s/ Harold Herron
-------------------------------
Hal Herron, Vice President

USECC BY
CRESTED CORP.

s/ Max T. Evans
-------------------------------
Max T. Evans, President

 

Basic Info X:

Name: OPTION AGREEMENT
Type: Option Agreement
Date: Sept. 13, 1995
Company: US ENERGY CORP
State: Wyoming

Other info:

Date:

  • 14th day of June , 1995
  • August 29 , 1991
  • December 28 , 1992

Organization:

  • Arrowstar Investments Inc.
  • U.S. ENERGY CORP.

Location:

  • Wyoming
  • Airport
  • City of Riverton

Money:

  • $ 10.00
  • $ 110,000

Person:

  • Richard Gilpatrick
  • Mark Larsen
  • Harold Herron
  • Hal Herron
  • Max T. Evans