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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 3 OMB APPROVAL
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OMB NUMBER: 3235-0104
Expires: September 30, 1998
Estimated average burden
hours per response ...... 0.5
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INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
Filed pursuant to Section16(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
1. Name and Address of Reporting Person
Cole Aubrey L.
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(Last) (First) (Middle)
2 Greenpoint Plaza, Suite 800, 16825 Northchase Drive
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(Street)
Houston TX 77060
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(City) (State) (Zip)
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2. Date of Event Requiring Statement (Month/Day/Year)
11/12/97
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3. IRS or Social Security Number of Reporting Person (Voluntary)
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4. Issuer Name and Ticker or Trading Symbol
U.S. Timberlands Company, L.P. (Nasdaq: TIMBZ)
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5. Relationship of Reporting Person to Issuer:
(Check all applicable)
x Director 10% Owner
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Officer (give Other (Specify
----- title below) ------ below)
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6. If Amendment, Date of Original (Month/Day/Year)
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7. Individual or Joint/Group Filing (Check Applicable Line)
x Form filed by One Reporting Person
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Form filed by More than One Reporting Person
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<TABLE>
<CAPTION>
Table 1 -- Non-Derivative Securities Beneficially Owned
1. Title of Security 2. Amount of Securities 3. Ownership Form: 4. Nature of Indirect Beneficial Ownership
(Instr. 4) Beneficially Owned Direct (D) or (Instr. 5)
(Instr. 4) Indirect (I)
(Instr. 5)
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<S> <C> <C> <C>
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No Securities Owned
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</TABLE>
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
5(b)(v)
(Print or Type Responses)
(Over)
SEC 1473 (7/96)
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<TABLE>
<CAPTION>
FORM 3 (continued) Table II - Derivative Securities Beneficially Owned (e.g., puts, calls,
warrants, options, convertible securities)
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<S> <C> <C> <C> <C> <C>
1. Title of Derivative Security 2. Date Exer- 3. Title and Amount 4. Conver- 5. Owner- 6. Nature of Indirect
(Instr. 4) cisable and of Securities Underlying sion or ship Beneficial Own-
Expiration Derivative Security Exercise Form of ership (Instr. 5)
Date (Instr. 4) Price of Deriv-
(Month/Day/Year) Deri- ative
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Date Expira- Amount vative Security:
Exer- tion of Security Direct
cisable Date Title Number (D) or
of Indirect
Shares (I)
(Instr. 5)
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</TABLE>
Explanation of Responses:
** Intentional misstatements or omissions of facts constitute Federal Criminal
Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
/s/ Aubrey L. Cole 11/10/97
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**Signature of Reporting Person Date
Note: File three copies of this Form, one of which must be manually signed.
If space provided 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. Page 2
SEC 1473 (7-96)
