SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
SCHEDULE l3D
Under the Securities Exchange Act of 1934
(Amendment No. 2)*
PATINA OIL & GAS CORPORATION
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
703224105
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(CUSIP Number)
with a copy to:
Teri Freiberg George J. Mazin
Stark Investments Lowenstein, Sandler, Kohl,
1500 West Market Street Fisher & Boylan, P.A.
Mequon, WI 53092 65 Livingston Avenue
(414) 241-1810 Roseland, New Jersey 07068
(201) 992-8700
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(Name, Address and Telephone Number
of Person Authorized to Receive
Notices and Communications)
November 14, 1997
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(Date of Event which Requires Filing
of this Statement)
If the filing person has previously filed a statement on Schedule l3G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box [ ].
Note: Six copies of this statement, including all exhibits, should be filed
with the Commission. See Rule l3d-1(a) for other parties to whom copies are to
be sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
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CUSIP NO. 703224105
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1) Names of Reporting Persons (S.S. or I.R.S. Identification Nos. of Above
Persons):
Michael A. Roth and Brian J. Stark (filing as joint filers pursuant to Rule
13(d)1(f)(1))
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2) Check the Appropriate Box if a Member of a Group (See Instructions):
(a) Not
(b) Applicable
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3) SEC Use Only
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4) Source of Funds (See Instructions):WC
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5) Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d)
or 2(e):
Not Applicable
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6) Citizenship or Place of Organization:
United States
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Number of 7) Sole Voting Power: 0
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Shares Beneficially 8) Shared Voting Power: 726,230*
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Owned by
Each Reporting 9) Sole Dispositive Power: 0
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Person With: 10) Shared Dispositive Power: 726,230*
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11) Aggregate Amount Beneficially Owned by Each Reporting Person:
726,230*
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12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions):
Not Applicable
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13) Percent of Class Represented by Amount in Row (11):
4.38*
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14) Type of Reporting Person (See Instructions): IN
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* Includes: 477,592 shares of the Issuer's common stock, par value $.01
("Shares") beneficially owned by Reliant Trading upon the conversion of
409,275 shares of the Issuer's preferred stock and conversion of 68,317
of the Issuer's warrants; 21,671 Shares beneficially owned by Shepherd
Trading Limited upon the conversion of 21,671 of the Issuer's warrants;
and 226,966 Shares beneficially owned by Staro Partners upon the
conversion of 191,710 shares of the Issuer's preferred stock and
conversion of 35,256 of the Issuer's warrants. See Item 2 and Item 5 for
additional details.
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Item 1: Security and Issuer:
This statement relates to the common stock, par value $.01, of Patina Oil & Gas
Corporation ("Shares"). The Issuer has principal executive offices located at
1625 Broadway, Suite 2000, Denver, Colorado 80202.
Item 2: Identity and Background
1.
a) Name: Brian J. Stark
b) Residence or Business Address: 1500 West Market Street
Mequon, WI 53092
c) Occupation: Investment Fund Manager
Staro Asset Management, L.L.C.,
Stark & Roth, Inc., Staro Partners
1500 West Market Street
Mequon, WI 53092
d) Convictions: none
e) Civil Proceedings: none
f) Citizenship: United States
2.
a) Name: Michael A. Roth
b) Residence or Business Address: 1500 West Market Street
Mequon, WI 53092
c) Occupation: Investment Fund Manager
Staro Asset Management, L.L.C.,
Stark & Roth, Inc., Staro Partners
1500 West Market Street
Mequon, WI 53092
d) Convictions: none
e) Civil Proceedings: none
f) Citizenship: United States
3.
a) Name: Staro Partners
b) State of Organization: Wisconsin
c) Principal Business: Securities Trading
d) Address of principal business: 1500 West Market Street
Mequon, WI 53092
e) Address of Principal Office: same
f) Convictions: none
g) Civil proceedings: none
4.
a) Name: Reliant Trading
b) State of Organization: Wisconsin
c) Principal Business: Securities Trading
d) Address of principal business: 1500 West Market Street
Mequon, WI 53092
e) Address of Principal Office: same
f) Convictions: none
g) Civil proceedings: none
5.
a) Name: Shepherd Trading Limited
b) State of Organization: British Virgin Islands
c) Principal Business: Securities Trading
Address of principal business: c/o International Fund
Administration, Ltd.
48 Par-La Ville Road, Suite 464
Hamilton, HM 11 Bermuda
d) Address of Principal Office: same
e) Convictions: none
f) Civil proceedings: none
Item 3: Source and Amount of Funds or Other Consideration
All funds used by Reliant Trading to purchase Shares acquired by
Reliant Trading, upon conversion of the Issuer's preferred stock and warrants,
were obtained from the capital contributed by the limited partners of Stark
Investments, L.P. and general margin financing to Reliant Trading from brokers.
The amount of funds used in making the purchases was $3,616,434. The funds used
by Shepherd Trading Limited to purchase the Shares acquired by Shepherd Trading
Limited, upon conversion of the Issuer's preferred stock and warrants, were
obtained from the capital contributed by the shareholders of Shepherd Fund
Limited. The amount of funds used in making the purchase was $39,049. All funds
used by Staro Partners to purchase Shares acquired by Staro Partners, upon
conversion of the Issuer's preferred stock and warrants, were obtained from the
assets of Staro Partners. The amount of funds used in making the purchase was
$1,758,211.
Item 4: Purpose of Transaction
The acquisition of the Shares by Reliant Trading, by Shepherd Trading
Limited and by Staro Partners are solely for investment purposes. Further
acquisitions, sales or short sales of securities of the Issuer may be made for
investment purposes, however, neither reporting person has present plans or
intentions which relate to or would result in any of the transactions required
to be described in Item 4 of Schedule 13D.
Item 5: Interest in Securities of the Issuer
Based upon the information contained in Patina Oil & Gas Corporation's
quarterly report on Form 10-Q for the quarterly period ending September 30,
1997, there were issued and outstanding 16,581,230 Shares (including the Shares
owned by the reporting persons upon conversion of the Issuer's preferred stock
and warrants). Messrs. Stark and Roth beneficially own 726,230 Shares or 4.38%
of the Shares. 477,592 of such Shares are held by Reliant Trading. Messrs. Stark
and Roth have shared power to vote or direct the vote and shared power to
dispose or direct the disposition of the 477,592 Shares by virtue of their
position as members of Staro Asset Management, L.L.C., the managing partner of
Reliant Trading. 21,671 of such Shares are held by Shepherd Trading Limited.
Messrs. Stark and Roth have shared power to vote or direct the vote and shared
power to dispose or direct the disposition of the 21,671 Shares by virtue of
their position as investment manager of Shepherd Trading Limited. 226,966 of
such Shares are held by Staro Partners. Messrs. Stark and Roth have shared power
to vote or direct the vote and shared power to dispose or direct the disposition
of the 226,966 Shares by virtue of their position as the partners of Staro
Partners.
The following Table details the transactions by Reliant Trading,
Shepherd Trading Limited and Staro Partners in Patina Oil & Gas Corporation's
securities since for the last sixty (60) days: :
Shepherd Trading Limited
Date Quantity Price Transaction Type
11/14/97 589 $2.125 Open Mkt. Sale
11/13/97 1,566 2.000 Open Mkt. Sale
11/12/97 174 2.0625 Open Mkt. Sale
11/11/97 520 2.250 Open Mkt. Sale
10/30/97 1,731 2.0625 Open Mkt. Sale
10/29/97 2,025 2.25 Open Mkt. Sale
10/28/97 8,655 1.9375 Open Mkt. Sale
10/27/97 13,436 2.500 Open Mkt. Sale
10/16/97 2,385 9.875 Open Mkt. Purchase
10/16/97 8,347 9.875 Open Mkt. Purchase
10/16/97 49,355 32.250 Open Mkt. Sale
10/16/97 49,355 32.250 Open Mkt. Purchase
10/16/97 1,908 2.750 Open Mkt. Sale
10/15/97 8,627 10.194 Open Mkt. Sale
10/15/97 578 2.750 Open Mkt. Sale
10/15/97 10,591 10.028 Open Mkt. Sale
10/13/97 7,125 10.000 Open Mkt. Sale
10/10/97 5,218 10.000 Open Mkt. Sale
10/09/97 9,198 9.953 Open Mkt. Sale
10/08/97 1,541 9.9375 Open Mkt. Sale
10/06/97 300 10.000 Open Mkt. Sale
10/03/97 481 9.9375 Open Mkt. Sale
10/01/97 1,392 9.9375 Open Mkt. Sale
Reliant Trading
Date Quantity Price Transaction Type
11/14/97 1,854 $2.125 Open Mkt. Sale
11/13/97 4,905 2.000 Open Mkt. Sale
11/12/97 545 2.0625 Open Mkt. Sale
11/11/97 1,636 2.250 Open Mkt. Sale
10/30/97 5,454 2.0625 Open Mkt. Sale
10/29/97 6,382 2.25 Open Mkt. Sale
10/28/97 27,271 1.9375 Open Mkt. Sale
10/27/97 6,564 2.500 Open Mkt. Sale
10/16/97 4,425 9.875 Open Mkt. Purchase
10/16/97 15,488 9.875 Open Mkt. Purchase
10/16/97 3,540 2.750 Open Mkt. Sale
10/15/97 24,634 10.194 Open Mkt. Sale
10/15/97 1,650 2.750 Open Mkt. Sale
10/14/97 30,243 10.028 Open Mkt. Sale
10/13/97 20,345 10.000 Open Mkt. Sale
10/10/97 14,902 10.000 Open Mkt. Sale
10/09/97 25,142 9.953 Open Mkt. Sale
10/08/97 4,398 9.9375 Open Mkt. Sale
10/06/97 700 10.000 Open Mkt. Sale
10/03/97 1,375 9.9375 Open Mkt. Sale
10/02/97 1,480 9.9375 Open Mkt. Sale
10/01/97 249 9.9375 Open Mkt. Sale
9/24/97 500 2.2500 Open Mkt. Sale
Staro Partners
Date Quantity Price Transaction Type
11/14/97 957 $2.125 Open Mkt. Sale
11/13/97 2,529 2.000 Open Mkt. Sale
11/12/97 281 2.0625 Open Mkt. Sale
11/11/97 844 2.250 Open Mkt. Sale
10/30/97 2,815 2.0625 Open Mkt. Sale
10/29/97 3,293 2.25 Open Mkt. Sale
10/28/97 14,074 1.9375 Open Mkt. Sale
10/16/97 3,190 9.875 Open Mkt. Purchase
10/16/97 11,165 9.875 Open Mkt. Purchase
10/16/97 2,552 2.750 Open Mkt. Sale
10/15/97 11,539 10.194 Open Mkt. Sale
10/15/97 772 2.750 Open Mkt. Sale
10/14/97 14,166 10.028 Open Mkt. Sale
10/13/97 9,530 10.000 Open Mkt. Sale
10/10/97 6,980 10.000 Open Mkt. Sale
10/09/97 13,160 9.953 Open Mkt. Sale
10/08/97 2,061 9.9375 Open Mkt. Sale
10/03/97 644 9.9375 Open Mkt. Sale
10/02/97 220 9.9375 Open Mkt. Sale
10/01/97 359 9.9375 Open Mkt. Sale
No other entity controlled by the reporting persons has traded Patina Oil &
Gas Corporation securities in the previous sixty (60) days.
Item 6: Contracts, Arrangements, Understandings or Relationships with Respect to
Securities of the Issuer.
Item 7: Material to be filed as exhibits.
Exhibit 1: Agreement as to joint filing.
<PAGE>
EXHIBIT 1
AGREEMENT AS TO JOINT FILING
Dated: December 18, 1997
The undersigned hereby agree that the Schedule 13D/A with respect to Patina
Oil & Gas Corporation dated as of the date hereof is filed on behalf of each of
the undersigned jointly, pursuant to Rule 13d-1(f)(1).
/s/Brian J. Stark
_________________________
Brian J. Stark
/s/Michael A. Roth
__________________________
Michael A. Roth
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of the undersigned's knowledge and
belief, the undersigned hereby certifies that the information set forth in this
statement is true, complete and correct.
December 18, 1997
/s/Brian J. Stark
______________________________
Brian J. Stark
/s/ Michael A. Roth
______________________________
Michael A. Roth
ATTENTION: INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE FEDERAL
CRIMINAL VIOLATIONS (SEE 18 U.S.C. 1001).
