<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
EAGLE GEOPHYSICAL, INC.
- --------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, $0.01 Par Value
- --------------------------------------------------------------------------------
(Title of Class of Securities)
269524104
- --------------------------------------------------------------------------------
(CUSIP NUMBER)
CAMBRIDGE INVESTMENTS, LTD.
600 Montgomery Street
27th Floor
San Francisco, California 94111
Tel. No.: (415) 627-3017
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
- with copies to -
Michael G. Tannenbaum, Esq.
Newman Tannenbaum Helpern Syracuse & Hirschtritt LLP
900 Third Avenue - 13th Floor
New York, New York 10022
(212) 508-6700
August 6, 1997
- --------------------------------------------------------------------------------
(Date of event which requires filing of this statement)
If the filing person has previously filed a statement on Schedule 13G 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 [ ]
The information required in 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, as amended ("Act") or otherwise subject to the liabilities of that section
of the Act but shall be subject to all other provisions of the Act.
Page 1 of 8 Pages
<PAGE>
- -------------------------------------------------------------------------------
CUSIP No. 269524104 13D
- -------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Cambridge Investments, Ltd.
- ------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
- ------------------------------------------------------------------------------
3 SEC USE ONLY
- ------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
00
- ------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) [ ]
- ------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
U.S.A.
- ------------------------------------------------------------------------------
NUMBER OF | 7 | SOLE VOTING POWER
SHARES | | 772,000 shares of Common Stock (See Item 5)
BENEFICIALLY |-----|--------------------------------------------------------
OWNED BY | 8 | SHARED VOTING POWER
EACH | | 0
REPORTING |-----|--------------------------------------------------------
PERSON WITH | 9 | SOLE DISPOSITIVE POWER
| | 772,000 shares of Common Stock (See Item 5.)
|-----|--------------------------------------------------------
| 10 | SHARED DISPOSITIVE POWER
| | 0
- ------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
772,000 shares of Common Stock (See Item 5.)
- ------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- ------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.6% of Common Stock (See Item 5)
- ------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IA
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
Page 2 of 8 Pages
<PAGE>
SCHEDULE 13D
This Schedule 13D is being filed on behalf of Cambridge
Investments, Ltd., a California corporation ("Cambridge"), registered as an
investment advisor in the State of California, regarding shares of Eagle
Geophysical, Inc. acquired on behalf of certain of its clients.
Item 1. Security and Issuer
Securities acquired: Common Stock, $0.01 par value
Issuer: Eagle Geophysical, Inc. (the "Issuer")
50 Briar Hollow Lane
6th Floor, West
Houston, TX 77027
(713) 627-1990
Item 2. Identity and Background
Cambridge Investments, Ltd., a California corporation
("Cambridge"), is registered as an investment advisor in the State of California
and provides investment management services to private individuals and
institutions. Cambridge's contracts with its clients generally provide that
Cambridge is responsible for designing and implementing either the client's
overall investment strategy or the strategy of a client's portfolio managed by
Cambridge; for conducting direct portfolio management strategies to the extent
Cambridge determines that it is appropriate to utilize its own portfolio
management capabilities. Cambridge is located at 600 Montgomery Street, San
Francisco, California 94111. Cambridge has not been convicted in a criminal
proceeding during the last five (5) years. Cambridge is not, and during the past
five (5) years was not, a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction and as a result thereof, subject
to any judgment, decree or final order enjoining future violations of, or
prohibiting or mandating activities subject to, federal or state securities laws
or finding any violation with respect to such laws.
Mr. John R. Tozzi ("JRT") is the sole shareholder, director
and principal of Cambridge. His business address is 600 Montgomery Street, San
Francisco, California 94111. JRT's principal occupation is investment management
and he is a United States citizen. During the past five (5) years, JRT has not
been (a) convicted in a criminal proceeding, or (b) a party to any civil
proceeding as a result of which he has been subject to any judgment, decree or
final order enjoining future violations of, or prohibiting or mandating
activities subject to federal or state securities laws or finding any violation
with respect to such laws.
Page 3 of 8 Pages
<PAGE>
Item 3. Source and Amount of Funds
Cambridge, through Cambridge Energy, L.P. ("CELP"), Cambridge
Energy Fund International Ltd. ("CEF") Cambridge Oil & Gas, L.P. ("COG"),
Cambridge Oil & Gas International, Ltd. ("COG Int'l"), Palamundo, LDC
("Palamundo"), and Quantum Partners, LDC ("QP") (collectively, the "Funds"), has
invested approximately $15,312,855.70 in Common Stock of the Issuer as described
in Item 5 below. CELP, CEF, COG, COG Int'l., Palamundo and QP have invested
approximately $3,926,819.10, $9,215,039.40, $508,570.00, $183,249.90,
$183,249.90 and $1,295,927.40, respectively. The source of these funds was the
respective working capital of each of the Funds. JRT has invested directly
approximately $19,642.80 in Common Stock of the Issuer as described in Item 5
below.
Item 4. Purpose of the Transaction
Cambridge has acquired shares of Common Stock reported in Item
5(c) hereof over the last sixty (60) days, and prior thereto, for portfolio
investment purposes only, and do not have any present plans or proposals that
relate to or would result in any change in the business, policies, management,
structure or capitalization of the Issuer. Cambridge reserves the right to
acquire, or dispose of, additional securities of the Issuer or any of its
securities in the ordinary course of business, to the extent deemed advisable in
light of their general investment and trading policies, market conditions or
other factors. The Issuer may from time to time contact large shareholders with
a view towards discussing the acquisition of their shares. Other than as
described above, Cambridge does not have plans or proposals which would result
in any of the following:
1) the acquisition by any person of additional securities of
the Issuer, or the disposition of securities of the Issuer;
2) an extraordinary corporate transaction, such as a merger,
reorganization or liquidation, involving the Issuer or any
of its subsidiaries;
3) a sale or transfer of a material amount of assets of the
Issuer or any of its subsidiaries;
4) any change in the present board of directors or management
of the Issuer, including any plans or proposals to change
the number or term of directors or to fill any vacancies on
the board;
5) any material change in the present capitalization or
dividend policy of the Issuer;
6) any other material change in the Issuer's business or
corporate structure;
Page 4 of 8 Pages
<PAGE>
7) changes in the Issuer's charter, by-laws or instruments
corresponding thereto or other actions which may impede the
acquisition of control of the Issuer by any person;
8) causing a class of securities of the issuer to be delisted
from a national securities exchange or to cease to be
authorized to be quoted in an interdealer quotation system
of a registered national securities association;
9) causing a class of securities of the Issuer to become
eligible for termination of registration pursuant to Section
12(g)(4) of the Act; or
10) any action similar to any of those enumerated above.
Item 5. Interest in Securities of the Issuer
(a) Cambridge is the beneficial owner of 772,000 shares of
Common Stock, or 9.6% shares of the shares outstanding. Of the 772,000 shares of
Common Stock described above, (i) 193,000 are deemed beneficially owned by
Cambridge in its capacity as investment advisor for the institutional account of
CELP; (ii) 470,000 are deemed beneficially owned by Cambridge in its capacity as
investment advisor for the institutional account of CEF; (iii) 26,000 are deemed
beneficially owned by Cambridge in its capacity as investment advisor for the
institutional account of COG; (iv) 9,000 are deemed beneficially owned by
Cambridge in its capacity as investment advisor for the institutional account of
COG Int'l.; (v) 9,000 are deemed beneficially owned by Cambridge in its capacity
as investment advisor for the institutional account of Palamundo; and (vi)
64,000 are deemed beneficially owned by Cambridge in its capacity as investment
advisor for the institutional account of QP. JRT, directly and indirectly, may
be deemed the beneficial owner of 1,000 shares of Common Stock or 0.01% of the
shares outstanding.
The number of shares beneficially owned by Cambridge and JRT,
and the percentage of outstanding shares represented thereby, have been computed
in accordance with Rule 13d-3 under the Act. The percentage of ownership of
Cambridge on August 15, 1997 is based on 8,025,000 outstanding shares of Common
Stock as reported in the Issuer's Prospectus dated August 5, 1997.
(b) Cambridge has the sole power to vote and dispose of the
shares of Common Stock held for the institutional accounts of CELP, CEF, COG,
COG Int'l., Palamundo and QP. JRT has sole power to vote and dispose of 1,000
shares of Common Stock held by him through an entity established for the benefit
of his family.
(c) The transactions in the Issuer's securities by Cambridge
over the last sixty (60) days are listed as Annex A attached hereto and made
apart hereof.
Page 5 of 8 Pages
<PAGE>
(d) The Funds, respectively, and the entity established for
the benefit of JRT's family have the right to participate in the receipt of
dividends from, or proceeds from the sale of securities held on behalf of such
funds.
(e) Not Applicable.
Item 6. Contracts, Arrangement, Understandings or Relationships with
Respect to Securities of the Issuer
Not Applicable.
Item 7. Material to be Filed as Exhibits
Not Applicable
Page 6 of 8 Pages
<PAGE>
EAGLE
<TABLE>
<CAPTION>
================================================================================================================================
DATE TRANS SHARES PRICE ACCOUNT
(A/D) ($)
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
08/06/97 A 189,000 20.3611 CEF
- --------------------------------------------------------------------------------------------------------------------------------
08/06/97 A 125,000 20.1911 CEF
- --------------------------------------------------------------------------------------------------------------------------------
08/06/97 A 56,000 20.409 CEF
- --------------------------------------------------------------------------------------------------------------------------------
08/06/97 A 25,000 17 CEF
- --------------------------------------------------------------------------------------------------------------------------------
08/06/97 A 75,000 17 CEF
- --------------------------------------------------------------------------------------------------------------------------------
08/06/97 A 189,000 20.3611 CELP
- --------------------------------------------------------------------------------------------------------------------------------
08/06/97 A 9,000 20.3611 COG Int'l.
- --------------------------------------------------------------------------------------------------------------------------------
08/06/97 A 9,000 20.3611 Palamundo
- --------------------------------------------------------------------------------------------------------------------------------
08/06/97 A 54,000 20.3611 QP
- --------------------------------------------------------------------------------------------------------------------------------
08/07/97 A 4,000 19.6428 CELP
- --------------------------------------------------------------------------------------------------------------------------------
08/07/97 A 25,000 19.6428 COG
- --------------------------------------------------------------------------------------------------------------------------------
08/07/97 D 3,000 19.75 COG
- --------------------------------------------------------------------------------------------------------------------------------
08/07/97 A 4,000 19.1875 COG
- --------------------------------------------------------------------------------------------------------------------------------
08/07/97 A 1,000 19.6428 JRT*
- --------------------------------------------------------------------------------------------------------------------------------
08/07/97 A 10,000 19.6428 QP
- --------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------------
================================================================================================================================
</TABLE>
* These transactions relate to shares held by an entity established for the
benefit of JRT's family.
Page 7 of 8 Pages
<PAGE>
Signatures
After reasonable inquiry and to the best of our knowledge and belief,
the undersigned certify that the information set forth in this statement is
true, complete and correct.
Dated: September 4, 1997
CAMBRIDGE INVESTMENTS, LTD.
By: /s/ Jocelyn E. Weingart
---------------------------
Jocelyn E. Weingart,
Vice President
Page 8 of 8 Pages