UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: 6-30-99
Check here if Amendment: ___; Amendment Number: ___
This Amendment (Check only one.) ___ is a restatement.
___ adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: Westcliff Capital Management, LLC
Address: 200 Seventh Avenue, Suite 105
Santa Cruz, CA 95062
Form 13F File Number: 28-__________
The institutional investment manager filing this report and the person by
whom it is signed hereby represent that all information contained herein is
true, correct and complete, and that it is understood that all required
items, statements, schedules, lists and tables, are considered integral
parts of this Form.
Person Signing this Report on Behalf of Reporting Manager:
Name: Richard S. Spencer III
Title: Manager
Phone: 831-479-0422
Signature, Place and Date of Signing:
Richard S. Spencer III Santa Cruz, CA 7-27-99
[Signature] [City, State] [Date]
Report Type (Check only one.):
XXX 13F HOLDINGS REPORT. (Check here if all holdings of this reporting
manager are reported in this report.)
___ 13F NOTICE. (Check here if no holdings reported are in this report,
and all holdings are reported by other reporting manager(s).)
___ 13F COMBINATION REPORT. (Check here if a portion of the holdings for
this reporting manager are reported in this report and a portion are
reported by other reporting manager(s).)
<PAGE>
Form 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: -0-
Form 13F Information Table Entry Total: 54
Form 13F Information Table Value Total: 53,632
List of Other Included Managers:
NONE
<PAGE>
<TABLE>
Name of Issuer TITLE OF CUSIP Value Shares INV. OTHER AUTH
CLASS x1000 DISC MGR SOLE
<C> <C>
3Dfx Interactive Inc. COM 88553x103 863 55245SH Sole 55245
Abraxas Petroleum COM 003830106 242 204000SH Sole 204000
Artisan Components COM 042923102 432 37200SH Sole 37200
Artisoft Inc. COM 04314l106 423 83600SH Sole 83600
Ashanti Goldfields Co. Ltd.COM 043743202 696 100302SH Sole 100302
Barret Resources COM 068480201 2812 73270SH Sole 73270
Bellwether Exploration Co. COM 079895207 528 96000SH Sole 96000
Coachman Industries COM 189873102 737 31690SH Sole 31690
Coflexip COM 192384105 1451 33350SH Sole 33350
Cooper & Cameron COM 216640102 933 25180SH Sole 25180
Dal Tile International COM 23426R108 118 10370SH Sole 10370
Devon Energy COM 251799102 541 15120SH Sole 15120
Dril Quip Inc COM 262037104 826 36010SH Sole 36010
EVI Weatherford Inc. COM 268939105 975 26620SH Sole 26620
Ensco International COM 26874Q100 1128 56570SH Sole 56570
Enzon Inc. COM 293904108 603 29129SH Sole 29129
Esenjay Exporation COM 296426109 798 354710SH Sole 354710
Evergreen Res Inc COM 299900308 1509 59920SH Sole 59920
Fisher Imaging COM 337719108 240 137300SH Sole 137300
Frontier Oil Corp f/n/a WaiCOM 35914P105 920 135100SH Sole 135100
Greenstone Resources COM 39573W104 70 446640SH Sole 446640
Grey Wolf Inc. COM 397888108 1082 432820SH Sole 432820
Grupo Industrial Durango COM 40048e109 425 39740SH Sole 39740
Gulfmark Offshore COM 402629109 1551 81630SH Sole 81630
HS Resources Inc. COM 404297103 331 22410SH Sole 22410
Huntway Refining COM 447309105 747 497736SH Sole 497736
Interlink Electronics COM 458751104 1021 102700SH Sole 102700
Key Energy COM 492914106 787 221010SH Sole 221010
Key Tronic Corp COM 493144109 246 43700SH Sole 43700
Labor Ready Inc. COM 505401208 231 7120SH Sole 7120
Meridian Resource Corp COM 58977q109 524 135210SH Sole 135210
Nabors Industries COM 629568106 1630 66880SH Sole 66880
Pan American Silver COM 697900108 2693 448850SH Sole 448850
Paradigm Geophysical Ltd COM 69900j104 1059 155500SH Sole 155500
Pennaco Energy Inc. COM 708046107 4261 362660SH Sole 362660
Pope & Talbot COM 732827100 1211 100420SH Sole 100420
Pride International Inc. COM 741932107 1432 135620SH Sole 135620
Prima Energy Corp COM 741901201 277 12250SH Sole 12250
Prosoft 1 Net Solutions COM 743477101 483 193180SH Sole 193180
R & B Falcon Drilling COM 74912E101 1008 107550SH Sole 107550
Remmington Oil and Gas CorpCOM 759594302 671 137550SH Sole 137550
Rowan Companies COM 779382100 979 53630SH Sole 53630
Santa Fe Int'l COM G7805c108 1108 48170SH Sole 48170
Stolt Comex Seaway COM l8873e103 1490 136990SH Sole 136990
Storm Energy Inc. COM 861918100 54 31940SH Sole 31940
TVX Gold Inc. COM 873081401 184 183550SH Sole 183550
UTI Energy COM 903387108 1209 72980SH Sole 72980
Ultra Petroleum Corp COM 903914109 55 67100SH Sole 67100
Universal Electronics Inc. COM 913483103 4597 163815SH Sole 163815
Veritas DGC COM 92343p107 673 36770SH Sole 36770
West Pharmaceutical ServiceCOM 953348109 854 21750SH Sole 21750
Western Gas Resources Inc. COM 958259103 2664 166480SH Sole 166480
Winnebago Ind. COM 974637100 879 39060SH Sole 39060
Zoll Medical Corp COM 989922109 371 30900SH Sole 30900
</TABLE>
