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OMB APPROVAL
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FORM 5 OMB Number 3235-0362
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/ / CHECK BOX IF NO U.S. SECURITIES AND EXCHANGE COMMISSION
LONGER SUBJECT TO WASHINGTON, DC 20549
SECTION 16. FORM
4 OR FORM 5 ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
OBLIGATIONS MAY
CONTINUE. SEE Filed pursuant to Section 16(a) of the Securities
INSTRUCTION 1(b) Exchange Act of 1934,
/ / FORM 3 HOLDINGS Section 17(a) of the Public Utility
REPORTED Holding Company Act of 1935 or Section 30(f) of
/ / FORM 4 the Investment Company Act
TRANSACTIONS of 1940
REPORTED
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1. Name and Address of Reporting Person* 2. Issuer Name and Ticker or Trading Symbol 6. Relationship of Reporting Person to
Issuer (Check all applicable)
SPENCER, TERRY K. CONTINENTAL NATURAL GAS, INC. ("CNGL")
- ------------------------------------------- ---------------------------------------------- X Director 10% Owner
(Last) (First) (Middle) 3. IRS Identification 4. Statement for ---- ---
1437 South Boulder, Suite 1250 Number of Reporting Month/Year X Officer (give Other (specify
- ------------------------------------------- Person, if an Entity 12/97 ---- title --- below)
(Street) (Voluntary) ------------------- below)
Tulsa, Oklahoma 74119 5. If Amendment, Vice President, Operations
- ------------------------------------------- Date of Original -------------------------------
(City) (State) (Zip) (Month/Year)
7. Individual or Joint/Group Filing
------------------ (Check applicable line)
Form Filed by one
---- Reporting Person
Form Filed by more than
---- one Reporting Person
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TABLE 1 -- NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
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1. Title of Security 2. Trans- 3. Transac- 4. Securities Acquired (A) 5. Amount of Se- 6. Owner- 7. Nature
(Instr. 3) action tion or Disposed of (D) curities Benefi- ship of In-
Date Code (Instr. 3, 4 and 5) cially Owned at Form: direct
(Instr. End of Issuer's Direct Benefi-
(Month/ 8) Fiscal Year (D) or cial
Day/ ---------------------------- (Instr. 3 and 4) Indirect Owner-
Year) Amount (A) or Price (I) ship
(D) (Instr. 4) (Instr.
4)
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Common Stock 2/28/96 P 126,005+ A $0.238+ 126,005 D
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*If the form is filed by more than one Reporting Person, see Instruction 4(b)(v).
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. (Over)
(Print or Type Responses)
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FORM 5 (CONTINUED) TABLE II -- DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
<S> <C> <C> <C> <C> <C> <C> <C>
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1. Title of Derivative 2. Conver- 3. Trans- 4. Trans- 5. Number of 6. Date Exer- 7. Title and Amount 8. Price
Security sion or action action Derivative cisable and of Underlying of
(Instr. 3) Exercise Date Code Securities Ac- Expiration Securities Deriv-
Price of (Month/ (Instr. 8) quired (A) or Date (Instr. 3 and 4) ative
Deriv- Day/ Disposed of (D) (Month/Day/ Secur-
ative Year) (Instr. 3, 4, Year) ity
Security and 5) (Instr. 5)
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Date Expira- Amount or
--------------- Exer- tion Title Number of
(A) (D) cisable Date Shares
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Stock Options $0.26 2/28/96 J** 68,000 3/2000 * Common 68,000 $0.00
Stock
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<S> <C> <C> <C>
1. Title of Derivative 9. Number of 10. Ownership 11. Nature of
Security Derivative of Derivative Indirect
(Instr. 3) Securities Security: Beneficial
Beneficially Direct (D) Ownership
Owned at End or Indirect (l) (Instr. 4)
of Year (Instr. 4)
(Instr. 4)
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Stock Options 68,000 D
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Explanation of Responses:
+ As adjusted for 136.0016 for 1 stock split on July 29, 1997.
* The exercise of each incentive stock option ("ISO") is conditional upon the Company achieving specified financial
goals for each of the calendar years 1997, 1998 and 1999, and the optionee may not in any event exercise ISOs to
acquire Common Stock having a fair market value in excess of $150,000 for any one calendar year.
** Acquisition of Derivative Securities, not subject to rule 16b-3(d) at the time of acquisition.
**Intentional misstatements or omissions of facts constitute Federal Criminal Violations.
/s/ Terry K. Spencer 2/13/98
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). ------------------------------- -------
**Signature of Reporting Person Date
Terry K. Spencer
Note. File three copies of this Form, one of which must be manually signed. Page 2
If space provided is insufficient, see Instruction 6 for procedure. SEC 2270 (3/91)
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