8-K
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of
Report (Date of earliest event reported): December
01, 2006
US
ENERGY HOLDINGS INC.
(Exact
name of registrant as specified in its charter)
|
Nevada
|
333-86518
|
75-3025152
|
|
(State
or other jurisdiction of incorporation)
|
(Commission
File Number)
|
(IRS
Employer Identification No.)
|
4606
FM
1960W Suite:443, Houston Texas, 77069
(Address
of principal executive offices) (Zip Code)
Registrant's
telephone number, including area code: (281)
315-8895
N/A.
(Former
name or former address, if changed since last report)
Check
the
appropriate box below if the Form 8-K is intended to simultaneously satisfy
the
filing obligation of the registrant under any of the following provisions:
[
]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[
]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[
]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act
(17
CFR
240.14d-2(b))
[
]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act
(17
CFR
240.13e-4(c))
Section
5
- Corporate Governance and Management
Item
5.01 - Changes in Control of Registrant
US
Energy
Holdings Inks Lakeside Insurance & Financial, Inc. Merger
US
Energy
Holdings, Inc. announced on 12.01.06 that it has executed the final document
to
acquire Lakeside Insurance & Financial, Inc., US Energy holdings has since
made available through its website http://www.usenergyholding.com detailed
background and financial information on the now known subsidiary "Lakeside
Insurance & Financial".
US
Energy
Holdings, Inc. and its board of directors stated: “The
company now has the ability to leverage the bankable gas reserves
of its properties in Ozona Texas and thus will allow the company to acquire
and
expand it’s asset portfolio”.
As
part
of its expanded business plan the company plans to utilize what is sees as
its
two main assets to expand the company’s capability
to grow its business model:
1.
The
company plans to use the bankable reserves of the "Ozona" properties
2.
The
public nature of the company it self
The
company plans to use the aforementioned item(s) to acquire for permanent asset
and or also incubate for "Spin-Out" several newly formed "Subsidiaries"
or "Divisions" of the company to strengthen cash flow and the stability of
the
parent company and its shareholders investment.
The
company management and its board of directors have been recently presented
with
several acquisition candidates that it believes would be a
benefit
to the growth of the company as well as increase the shareholder value in the
company, the company is in the process of reviewing each candidate
in detail and plans to release information on each one as they (individually)
materialize into a final possibility for acquisition or as called for
by
the regulating bodies.
As
in the
case of Lakeside Insurance & Financial, Inc., the company tentatively plans
to "Spin Out" into a newly formed public company those assets
whereby the parent company (USEH) shareholders would receive a predetermined
share amount in consideration as well as the parent company
would receive up to 15% of the newley formed intity for any monies that were
raised or funded to the subsidiary during its time with the
parent.
Renaming
of the corporation
The
company stated on 12.01.06: "The
company has not at this time come to a conclusion to the new name of the parent
corporation but the board of
directors as well as management will be meeting Wednesday December 13th 2006
to
finalize the name / change of the corporation and its newly excepted
expanded business plan".
Given
the
aforementioned events of the company's outlook and restructured plan, the
company and its board of directors have seen fit to change the
company’s name to better suit its ongoing business.
The
company plans to release the new name of the parent company after a decision
has
been reached and the market regulators have been informed in
proper
written manner, the shareholders should be aware this event may in fact cause
the company’s public symbol to change from (USEH) to something
more appropriate to the new name.
Re-Price
of the corporations common traded shares
The
company and its board of directors believe given the aforementioned information
that the companys "Common Trading Shares" will be "Undervalued".
The
company would like to note at this time that its publicly traded shares have
been currently trading around .10 per share and believe that the price does
not
reflect the true value of the company and its assets.
The
company has retained the legal services of Buskirk & Associates to determine
if "Re-Price" of its shares are a necessary means of correcting this
situation.
The
company plans to comment further as deemed necessary by legal council and the
board of directors.
Signatures
Pursuant
to the requirement of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized.
US
ENERGY HOLDINGS , Inc.
December
13 , 2006
/s/
Claude Eldridge
Claude
Eldridge
Chairman