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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No.___) *
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CANAAN ENERGY CORPORATION
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(Name of Issuer)
COMMON STOCK, PAR VALUE $0.01 PER SHARE
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(Title of Class of Securities)
134743103
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(CUSIP Number)
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LEO E. WOODARD, C/O CANAAN ENERGY CORPORATION, 119 N. ROBINSON, SUITE 600,
OKLAHOMA CITY, OK 73102, 405/232-3222
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(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of Section 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check
the following box. [ ]
NOTE: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 240.13d-7 for other
parties to whom copies are to be sent.
* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, an
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on 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 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
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CUSIP No. 134743103
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1) Names of Reporting Persons I.R.S. Identification Nos. of Above Persons
(entities only)
Leo E. Woodard SS# ###-##-####
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2) Check the Appropriate Box if a Member of a Group (See Instructions)
(a)
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(b)
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3) SEC Use Only
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4) Source of Funds (See Instructions) OO
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5) Check if Disclosure of Legal Proceedings is Required Pursuant to Items
2(d) or 2(e)
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6) Citizenship or Place of Organization United States
Number of (7) Sole Voting Power 491,847
Shares Beneficially
Owned by (8) Shared Voting Power 0
Each Report-
ing Person (9) Sole Dispositive Power 491,847
With
(10) Shared Dispositive Power 0
11) Aggregate Amount Beneficially Owned by Each Reporting Person 491,847
12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions)
13) Percent of Class Represented by Amount in Row (11) 10.0%
14) Type of Reporting Person (See Instructions) IN
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CUSIP NO. 134743103 Page No. 3 of 6
Item 1. Security and Issuer.
Common Stock, par value $.01 per share, of Canaan Energy Corporation (the
"Issuer"), the principal executive offices of which are located at 911 N.
Robinson, Suite 600, Oklahoma City, OK 73102.
Item 2. Identity and Background.
(a) Leo E. Woodard
(b) Mr. Woodard's business address is 119 N. Robinson, Suite 600,
Oklahoma City, OK 73102
(c) Mr. Woodard's principal occupation is as Chief Executive Officer
and Chairman of the Board of Directors of the Issuer, which has
its offices at the address specified in (b) above. The Issuer is
engaged primarily in the exploration and production of natural
gas and crude oil.
(d) Mr. Woodard has not, during the last five years, been convicted
in a criminal proceeding (excluding traffic violations or similar
misdemeanors).
(e) Mr. Woodard has not, during the last five years, been a party to
a civil proceeding of a judicial or administrative body of
competent jurisdiction which resulted in his being subject to a
judgment, decree or final order enjoining future violations of,
or to, federal or state securities laws or finding any violation
with respect to such laws.
(f) Mr. Woodard is a citizen of the United States.
Item 3. Source and Amount of Funds or Other Consideration.
On October 23, 2000, in a series of combination transactions described in
the Issuer's Registration Statement No. 333-30322 on Form S-4, the Issuer
acquired eight private limited partnerships sponsored by affiliated general
partners and also acquired Indian Oil Company and Canaan Securities, Inc.
Mr. Woodard was issued 491,847 shares in the combination transaction in
exchange for his preexisting ownership of the Issuer as well as his ownership of
the affiliated general partners, Coral Reserves, Inc. and Coral Reserves Energy
Corp. and his personal interest as an additional general partner.
Item 4. Purpose of Transaction.
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CUSIP NO. 134743103 Page No. 4 of 6
The securities of the Issuer beneficially owned by Mr. Woodard were
acquired for investment purposes as a part of the combination transactions. Mr.
Woodard does not have any present plans for any actions which relate to or would
result in:
(a) The acquisition by any person of additional securities of the
Issuer or the disposition of securities of the Issuer.
(b) An extraordinary corporate transaction involving the Issuer or
any of its subsidiaries;
(c) A sale or transfer of a material amount of assets of the Issuer
or any of its subsidiaries;
(d) 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.
(e) Any material change in the present capitalization or dividend
policy of the Issuer;
(f) Any other material change in the Issuer's business or corporate
structure;
(g) Changes in the Issuer's charter or bylaws or other actions which
may impede the acquisition of control of the Issuer by any
person;
(h) Causing a class of securities of the Issuer to cease to be
authorized to be quoted in an inter-dealer quotation system of a
registered national securities association;
(i) A class of equity securities of the Issuer becoming eligible for
termination of registration pursuant to Section 12(g)(4) of the
Securities Exchange Act of 1934; or
(j) Any action similar to any of those enumerated above.
However, in his capacity as a director and officer of the Issuer, he may
consider corporate actions from time to time, which would result in the
foregoing.
Item 5. Interest in Securities of the Issuer.
(a) Mr. Woodard beneficially owns 491,847 shares of the Issuer's
Common Stock, representing 10.0% of the class.
(b) Of the shares of Common Stock beneficially owned by Mr. Woodard,
Mr. Woodard has the sole power to vote, or to direct the vote of,
and to dispose, or to direct the disposition of 491,847 shares.
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CUSIP NO. 134743103 Page No. 5 of 6
(c) Except for shares of Common Stock issued as a result of the
exchange discussed in Item 3 above, Mr. Woodard has not effected
a transaction in the Common Stock of the Issuer during the past
sixty days.
(d) No other person or entity is known to have the right to receive
or the power to direct the receipt of dividends from, or the
proceeds from the sale of, 491,847 shares of Common Stock
beneficially owned by Mr. Woodard.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to
Securities of the Issuer.
Mr. Woodard is a party to a Shareholder Agreement ("Agreement") with the
Issuer, other members of senior management of the Issuer and certain former
shareholders of Indian Oil Company. The Agreement grants the Issuer a right of
first refusal on sales of any common stock by this shareholders to the extent
the sales by any shareholder would exceed 1% of the outstanding common stock in
any three month period. In addition, these shareholders have the pro rata right
to participate in any purchases of shares by any of the shareholders that exceed
1% of the outstanding common stock in any three-month period. The Agreement has
a term of five years. The persons who are parties to the Agreement owned
approximately 42.2% of the Issuer's outstanding common stock as of October 23,
2000.
Item 7. Material to be Filed as Exhibits.
No. Description.
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1. Shareholder Agreement dated October 23, 2000 (Incorporated by reference to
Exhibit 10.4 to Canaan Energy Corporation Registration Statement on
Form S-4, File No. 333-30322.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
Date: November 7, 2000
/s/ Leo E. Woodard
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Leo E. Woodard, Individually
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CUSIP NO. 134743103 Page No. 6 of 6
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
EXHIBIT
NUMBER DESCRIPTION
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<S> <C>
1. Shareholder Agreement dated October 23, 2000 (Incorporated by reference
to Exhibit 10.4 to Canaan Energy Corporation Registration Statement on
Form S-4, File No. 333-30322.
</TABLE>
