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OMB APPROVAL
SECURITIES AND EXCHANGE COMMISSION -----------------------------
Washington, D.C. 20549 OMB Number:
Expires:
Estimated average burden
FORM 12b-25 hours per response ..... 2.50
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NOTIFICATION OF LATE FILING COMMISSION FILE NUMBER
(Check One): |_| Form 10-K |_| Form 20-F |_| Form 11-K |X| Form 10-Q |_| Form N-SAR -----------------------------
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CUSIP NUMBER
For Period Ended: June 30, 1998 -----------------------------
[ ] Transition Report on Form 10-K [ ] Transition Report on Form 20-F [ ]
Transition Report on Form 11-K [ ] Transition Report on Form 10-Q [ ]
Transition Report on Form N-SAR
For the Transition Period Ended: ___________________________________________________________________________________________
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Read Instruction (on back page) Before Preparing Form. Please Print or Type.
Nothing in this form shall be construed to imply that the Commission
has verified any information contained herein.
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If the notification relates to a portion of the filing checked above, identify
the item(s) to which the notification relates:
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PART I -- REGISTRANT INFORMATION
Saba Petroleum Company
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Full Name of Registrant
Bordeaux Petroleum Company
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Former Name if Applicable
3201 Airpark Drive, Suite 201
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Address of Principal Executive Office (Street and Number)
Santa Maria, CA 93455
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City, State and Zip Code
PART II -- RULE 12b-25(b) AND (c)
If the subject report could not be filed without unreasonable effort or expense
and the registrant seeks relief pursuant to Rule 12b-25(b), the following should
be completed. (Check appropriate box.)
|X| | (a) The reasons described in reasonable detail in Part III of this form could not be eliminated without unreasonable
| effort or expense;
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|X| | (b) The subject annual report, semi-annual report, transition report
on Form 10-K, Form 20-F, Form 11-K, Form N-SAR, | or portion thereof,
will be filed on or before the fifteenth calendar day following the
prescribed due date; or the | subject quarterly report or transition
report on Form 10-Q, or portion thereof will be filed on or before the
fifth | calendar day following the prescribed due date; and |
|_| | (c) The accountant's statement or other exhibit required by Rule
12b-25(c) has been attached if applicable.
PART III -- NARRATIVE
State below in reasonable detail why the Form 10-K, 11-K, 20-F 10-Q, N-SAR, or
the transition report or portion thereof, could not be filed within the
prescribed time period. (Attach Extra Sheets if Needed.)
The Company's Form 10-Q has not been filed with the Commission within the the
prescribed time period (August 14, 1998) for the following reasons which were
outside the Company's control and which could not have been avoided without
unreasonable expense:
A significant portion of the Company's operations are reported by foreign
subsidiaries. Obtaining the necessary information from the properties' operators
and reporting entities which the Company needs in order to complete its
consolidated financial reporting has been delayed due to several factors,
including distance, language translation, and personnel turnover at the
operator's foreign offices.
In addition, a completed re-evaluation of the Company's proved oil and gas
reserves underlying its analysis of a required "ceiling test" adjustment is
still being prepared by independent engineers.
SEC 1344 (6/94)
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PART IV--OTHER INFORMATION
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(1) Name and telephone number of person to contact in regard to this notification
Imran Jattala (805) 347-8700
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(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under Section 13 or 15(d) of the
Securities Exchange Act of 1934 or Section 30 of the Investment Company Act
of 1940 during the preceding 12 months or for such shorter period that the
registrant was required to file such report(s) been filed? If the answer is
no, identify report(s). |X| Yes |_| No
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(3) Is it anticipated that any significant change in results of operations from
the corresponding period for the last fiscal year will be reflected by the
earnings statements to be included in the subject report or portion thereof?
|X| Yes |_| No
If so, attach an explanation of the anticipated change, both narratively and
quantitatively, and, if appropriate, state the reasons why a reasonable
estimate of the results cannot be made.
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Saba Petroleum Company
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(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned hereunto duly authorized.
/s/ Imran Jattala
August 14, 1998 Imran Jattala, Executive Vice President
Date _____________________________________ By_____________________________________________________
INSTRUCTION: The form may be signed by an executive officer of the registrant or
by any other duly authorized representative. The name and title of the person
signing the form shall be typed or printed beneath the signature. If the
statement is signed on behalf of the registrant by an authorized representative
(other than an executive officer), evidence of the representative's authority to
sign on behalf of the registrant shall be filed with the form.
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Intentional misstatements or omissions of fact constitute Federal Criminal Violations (See 18 U.S.C. 1001).
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GENERAL INSTRUCTIONS
1. This form is required by Rule 12b-25 of the General Rules and Regulations
under the Securities Exchange Act of 1934.
2. One signed original and four conformed copies of this form and amendments
thereto must be completed and filed with the Securities and Exchange
Commission, Washington, D.C. 20549, in accordance with Rule 0-3 of the
General Rules and Regulations under the Act. The information contained in or
filed with the form will be made a matter of public record in the Commission
files.
3. A manually signed copy of the form and amendments thereto shall be filed
with each national securities exchange on which any class of securities of
the registrant is registered.
4. Amendments to the notifications must also be filed on form 12b-25 but need
not restate information that has been correctly furnished. The form shall be
clearly identified as an amended notification.
5. ELECTRONIC FILERS. This form shall not be used by electronic filers unable
to timely file a report solely due to electronic difficulties. Filers unable
to submit a report within the time period prescribed due to difficulties in
electronic filing should comply with either Rule 201 or Rule 202 of
Regulation S-T or apply for an adjustment in filing date pursuant to Rule
13(b) of Regulation S-T.
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PART IV (3)- EXPLANATION OF ANTICIPATED CHANGE IN RESULTS OF OPERATIONS WHICH
WILL BE REFLECTED BY THE EARNINGS STATEMENT:
The Company anticipates that a significant change in results of operations
of approximately $8-$10 million from the corresponding period for the last
fiscal year will be reflected by the statement of operations to be included in
the Company's Form 10-Q filed for the period ended June 30, 1998, because of a
loss experienced in operations and the requirement of a "ceiling test"
adjustment, both resulting from a decline in product pricing. Finalization of
the ceiling test adjustment is dependent upon receipt of a third party
engineering report which is currently in progress.
(102196DTI)
