<PAGE> OMB Number 3235-0287
Expires: September 30, 1998
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FORM 4
/ / Check this box if no longer
subject to Section 16. Form 4 or
Form 5 obligations may continue.
See Instruction 1(b).
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of
1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
(Print or Type Responses)
1. Name and Address of Reporting Person
<< Spencer, Richard S. III>>
(Last) (First) (Middle)
<< 200 Seventh Avenue, Suite 105, Santa Cruz, CA 95062
(Street), (City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
<< Huntway Refining Company (HWY) >>
3. IRS or Social Security Number of Reporting Person (Voluntary) ________
4. Statement for Month/Year
<< 2-99 >>
5. If Amendment, Date of Original (Month/Year) ___________
6. Relationship of reporting person to issuer
(Check all applicable)
<< XXX Director XXX 10% Owner >>
____ Officer (give ____ Other (specify
title below) below)
______________________
7. Individual or Joint/Group Filing (Check Applicable line)
<< XX Form filed by one Reporting Person >>
____ Form filed by More than One Reporting Person
SEC 1474 (7-96)
<PAGE>
FORM 4 (continued) Page 2 of 4 Pages
Table I - Non-Derivative Securities Acquired, Disposed of,
or Beneficially Owned
1. Title of Security (Instr. 3)
<< Common Stock >>
2. Transaction Date (Month/Day/Year)
<< 2-17-99 >>
3. Transaction Code (Instr. 8)
Code V
<< S ______ >>
4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)
Amount (A) or (D) Price
<< 13,000 D 1.9375 >>
5. Amount of Securities Beneficially Owned at End of Month
(Inst. 3 and 4)
<< 911,100 >>
6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)
<< I >>
7. Nature of Indirect Beneficial Ownership (Inst. 4)
<< As Manager of General Partner of Limited Partnership >>
___________________________________________________________________________
Reminder: Report on a separate line for each class of
securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person,
see Instruction 4(b)(v). SEC 1474 (7-96)
<PAGE>
FORM 4 (continued) Page 3 of 4 Pages
Table II - Derivative Securities Acquired, Disposed of,
or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible
securities)
1. Title of Derivative Security (Instr. 3) ______________________________
2. Conversion or Exercise Price of Derivative Security _________________
3. Transaction Date (Month/Day/Year) ______________
4. Transaction Code (Instr. 8)
Code ______ V ______
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5) (A) _____________ (D) ______________
6. Date Exercisable and Expiration Date (Month/Day/Year)
Date Exercisable Expiration Date
____________________ ________________________
7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)
Title __________________________ Amount or Number of Shares ________
8. Price of Derivative Security (Instr. 5) _______________
9. Number of derivative Securities Beneficially Owned at End of Month
(Instr. 4) _______________
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4) __________________
11. Nature of Indirect Beneficial Ownership (Inst. 4)
_____________________________________________________________________
___________________________________________________________________________
Explanation of Responses:
<< The reporting person has only a pro rata interest in the securities
reported and disclaims beneficial ownership of the securities reported
except to the extent of the reporting person's pecuniary interest. >>
/s/ Richard S. Spencer III 3-5-99
Richard S. Spencer III
**Signature of Reporting Person Date
<PAGE>
FORM 4 (continued) Page 4 of 4 Pages
** Intentional misstatements or omissions of facts constitute
Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed.
If space is insufficient, See Instruction 6 for procedure.
Potential persons who are to respond to the collection
of information contained in this form are not required to respond
unless the form displays a currently valid OMB Number. SEC 1474 (7-96)
CJR\3804\008\1032782.01
