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FORM 4 U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
OMB APPROVAL
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[X] CHECK THIS BOX IF NO LONGER OMB NUMBER: 3235-0287
SUBJECT TO SECTION 16. FORM 4 Expires: September 30, 1998
OR FORM 5 OBLIGATIONS MAY Estimated average burden
CONTINUE. SEE INSTRUCTION 1(b). hours per response ...... 0.5
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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*
Kobacker Edward J.
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(Last) (First) (Middle)
5731 Still Forest Drive
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(Street)
Dallas TX 75252
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(City) (State) (Zip)
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2. Issuer Name and Ticker or Trading Symbol
U.S. Timberlands Company, L.P. (Nasdaq: TIMBZ)
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3. IRS or Social Security Number of Reporting Person (Voluntary)
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4. Statement for Month/Year
January, 1998
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5. If Amendment, Date of Original (Month/Year)
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6. Relationship of Reporting Person to Issuer
(Check all applicable)
Director 10% Owner
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Officer X Other
----- (give title below) ------ (specify below)
Former VP & Chief Operating Off.
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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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<CAPTION>
TABLE 1 -- NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
1. Title of Security 2. Trans- 3. Trans- 4. Securities Acquired (A) 5. Amount of 6. Ownership 7. Nature
(Instr. 3) action action or Disposed of (D) Securities Form: of Indirect
Date Code Beneficially Direct Beneficial
(Instr. 8) (Instr. 3,4 and 5) Owned at (D) or Ownership
(Month/ ------------ -------------------------- End of Month Indirect (Instr. 4)
Day/ (A) or (Instr. 3 (I)
Year) Code V Amount (D) Price and 4) (Instr. 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
* If the form if filed by more than one reporting person, see Instruction
4(b)(v).
(Over)
SEC 1474 (7-96)
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FORM 4 (CONTINUED)
<TABLE>
<CAPTION>
TABLE II -- DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
1. Title of Derivative Security 2. Conversion 3. Transaction 4. Transaction 5. Number of Derivative 6. Date Exercisable
(Instr. 3) or Exercise Date Code Securities Acquired (A) and Expiration
Price of (Month/Day/ (Instr. 8) or Disposed of (D) Date
Derivative Year) (Instr. 3, 4, and 5) (Month/Day/
Security Year)
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Date
Exer- Expiration
Code V (A) (D) cisable Date
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
Unit Options J + V 107,218++
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<CAPTION>
7. Title and Amount of 8. Price of Derivative 9. Number of Derivative 10. Ownership Form 11. Nature of Indirect
Underlying Securities Security (Instr. 5) Securities Beneficially of Derivative Security: Beneficial Ownership
(Instr. 3 and 4) Owned at End of Month Direct (D) or (Instr. 4)
- ------------------------ (Instr. 4) Indirect (I) (Instr. 4)
Title Amount or
Number of
Shares
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<S> <C> <C> <C> <C> <C>
Common Units 107,218 None
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</TABLE>
EXPLANATION OF RESPONSES:
+ Cancellation without value received.
++ This number reflects the 93,233 Unit Options acquired as a result of the
initial public offering on November 19, 1997 and the 13,985 Unit Options
acquired as a result of the over-allotment option on December 12, 1997.
/s/ Edward J. Kobacker 2/17/98
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** Signature of Reporting Person Date
** 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 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.
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SEC 1474 (7-96)
