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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
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
[ ] Check this box if no longer subject of Section 16. Form 4 or Form 5
obligations may continue. See Instruction 1(b).
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1. Name and Address of Reporting Person*
Chaudhary Ilyas
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(Last) (First) (Middle)
3201 Airpark Drive, Suite 201
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(Street)
Santa Maria CA 93455
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(City) (State) (Zip)
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2. Issuer Name and Ticker or Trading Symbol
Saba Petroleum Company-SAB
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3. IRS or Social Security Number of Reporting Person (Voluntary)
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4. Statement for Month/Year
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5. If Amendment, Date of Original (Month/Year)
3/98
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6. Relationship of Reporting Person to Issuer
(Check all applicable)
[ X ] Director [ X ] 10% Owner
[ X ] Officer (give title below) [ ] Other (specify below)
Chief Executive Officer
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7. Individual or Joint/Group Filing (Check applicable line)
[ ] Form filed by one Reporting Person [ X] Form filed by more than one
Reporting Person
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Table I -- Non-Derivative Securities Acquired, Disposed of,
or Beneficially Owned
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<TABLE>
<CAPTION>
6.
4. 5. Owner-
Securities Acquired (A) or Amount of ship
3. Disposed of (D) Securities Form: 7.
Transaction (Instr. 3, 4 and 5) Beneficially Direct Nature of
2. Code ------------------------------- Owned at End (D) or Indirect
1. Transaction (Instr. 8) (A) of Month Indirect Beneficial
Title of Security Date ------------ Amount or Price (Instr. 3 (I) Ownership
(Instr. 3) (mm/dd/yy) Code V (D) and 4) (Instr.4) (Instr. 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
I (by Capco
Common Stock * J 1,768,030 D * 3,743,521 Acquisub, Inc.)
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Common Stock ** J 68,999 D ** 3,743,521 I (by Sedco, Inc.)
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</TABLE>
* Refer to transactions described in Schedule A attached as page 3 of 5
** Refer to transactions described in Schedule B attached as page 4 of 5
J-Involuntary transactions resulting in the sale of securities
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
Page 1 of 5
<PAGE>
FORM 4 (continued)
Table II -- Derivative Securities Acquired, Disposed of, or Beneficially
Owned (e.g., puts, calls, warrants, options, convertible securities)
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<TABLE>
<CAPTION>
9. 10.
Number Owner-
of ship
2. Deriv- of
Conver- 5. 7. ative Deriv- 11.
sion Number of Title and Amount Secur- ative Nature
of Derivative 6. of Underlying 8. ities Secur- of
Exer- 4. Securities Date Securities Price Bene- ity: In-
cise 3. Trans- Acquired (A) Exercisable and (Instr. 3 and 4) of ficially Direct direct
Price Trans- action or Disposed Expiration Date ---------------- Deriv- Owned (D) or Bene-
1. of action Code of(D) (Month/Day/Year) Amount ative at End In- ficial
Title of Deriv- Date (Instr. (Instr. 3, ---------------- or Secur- of direct Owner-
Derivative ative (Month/ 8) 4 and 5) Date Expira- Number ity Month (I) ship
Security Secur- Day/ ------ ------------ Exer- tion of (Instr. (Instr. (Instr. (Instr.
(Instr. 3) ity Year) Code V (A) (D) cisable Date Title Shares 5) 4) 4) 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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</TABLE>
Explanation of Responses:
/S/ ILYAS CHAUDHARY 4/17/98
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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 procedures.
Alternatively, this Form is permitted to be submitted to the Commission
in electronic format at the option of the reporting person pursuant to
ruke 101(b)(4) of Regulatiob S-T.
Page 2 of 5
<PAGE>
Group Filing
Schedule A attached to Form 4
Designated Filer: Ilyas Chaudhary
Issuer Name and Trading Symbol: Saba Petroleum Company - SAB
Statement for
Month/Year:
If Amendment, Date of Original: March 1998
SAB - Shares Sold
03/04/98 (4,000) 6.4375 03/16/98 (20,000) 4.2563
(2,000) 6.3750 (5,600) 4.7500
(2,100) 6.5000 (25,000) 4.6875
(119,400) 4.5000
03/05/98 (2,500) 6.2500 (28,900) 4.0000
(51,600) 4.0900
03/06/98 (4,500) 6.2500
(2,565) 6.1875 03/17/98 (14,100) 4.1250
(2,500) 6.1250 (500) 4.0625
(145,000) 3.5000
03/09/98 (500) 5.6875 (9,000) 3.5625
(1,600) 6.3750 (55,000) 3.3750
(5,000) 3.6875
03/10/98 (1,100) 5.3120
(1,300) 5.3125 03/18/98 (4,000) 4.1250
(10,000) 5.3690 (10,500) 3.6875
(15,900) 3.8125
03/11/98 (10,000) 4.7500 (19,500) 3.7500
(3,765) 4.5625 (16,650) 3.8750
(7,600) 4.8125 (5,000) 3.9375
(23,000) 5.0980 (5,000) 4.0000
03/12/98 (2,000) 4.3750 03/19/98 (5,000) 4.1875
(2,000) 4.1875 (13,700) 4.0625
(5,000) 4.5625 (11,300) 4.0000
(251,000) 3.7318 (22,000) 4.0720
(40,000) 3.5420 (21,300) 4.2500
(30,000) 3.5040 (4,800) 4.1250
(21,300) 4.0000
(20,000) 3.8750 03/20/98 (5,000) 3.9375
(1,800) 5.6875 (4,000) 3.9400
(200,000) 3.5540 (15,000) 4.0000
(8,000) 3.5000 (10,450) 3.1825
(5,000) 3.5625 (18,000) 3.8050
(52,400) 3.7560
03/23/98 (31,000) 4.1250
03/13/98 (230,000) 3.8876 (11,200) 4.0625
(11,400) 4.0000 (4,000) 4.1875
(13,800) 3.6875 (10,000) 4.0000
(33,000) 3.7500 03/25/98 (4,700) 3.9375
(5,200) 3.8125 (2,000) 3.8750
(3,000) 3.8750
(5,000) 3.9375
Total shares SOLD through Capco Acquisub, Inc. (1,768,030)
for the month of March, 1998
Page 3 of 5
<PAGE>
Group Filing
Schedule B attached to Form 4
Designated Filer: Ilyas Chaudhary
Issuer Name and Trading Symbol: Saba Petroleum Company - SAB
Statement for
Month/Year:
If Amendment, Date of Original: March 1998
SAB - Shares Sold
03/03/98 (580) 6.4375
03/06/98 (1,440) 6.1875
03/09/98 (700) 6.3750
03/10/98 (226) 5.3125
03/11/98 (1,653) 4.5625
03/12/98 (900) 5.6250
03/16/98 (19,300) 4.0000
(13,200) 4.1875
(10,800) 4.2500
03/17/98 (700) 4.1250
03/19/98 (5,000) 4.0625
03/23/98 (2,500) 4.1250
(4,000) 4.1875
03/24/98 (2,200) 4.3125
(2,700) 4.2500
(500) 4.3125
03/25/98 (2,600) 4.0000
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Total shares SOLD through Sedco Inc. for the month of March, 1998 (68,999)
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Page 4 of 5
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<TABLE>
<CAPTION>
Group Filing
List of Beneficial Owners attached to Form 5
Designated Filer: Ilyas Chaudhary
Issuer Name and Trading Symbol: Saba Petroleum Company - SAB
Statement for Month/Year:
If Amendment, Date of Original: 3/98
<S> <C> <C> <C>
Number of Shares
of Common Stock
Beneficial Owner of Issuer
and Description Ownership of Beneficial Owner Directly Owned Signature of Beneficial Owner
Ilyas Chaudhary n/a 1,130 /S/__________________________
Ilyas Chaudhary, Individually
Saba Energy Inc. 50% by Ilyas Chaudhary 0 /S/_________________________
Privately held company 50% by Bushra Chaudhary By: Ilyas Chaudhary as
(wife of Ilyas Chaudhary) Saba Energy Inc.'s President
P.O. Box 20029, Bow Valley, Postal Outlet,
Calgary, Alberta T2P 4H3
/S/_________________________
By: Ilyas Chaudhary as Attorney
In Fact for Bushra Chaudhary
151 Toby Ln., Anaheim, CA 92807
Saba Energy Ltd. 90% by Saba Energy, Inc. 0 /S/_________________________
Privately held company 10% by Ilyas Chaudhary By: Ilyas Chaudhary as
Saba Energy Ltd.'s President
P.O. Box 20029, Bow Valley, Postal Outlet,
Calgary, Alberta T2P 4H3
Capco Resources Ltd. 1,582,126 shares owned by Saba Energy Ltd. 943,000 /S/_________________________
Public Canadian company 905,961 shares owned by Aamna Chaudhary By: Ilyas Chaudhary as
(daughter of Ilyas Chaudhary) Capco Resources Ltd.'s Chairman
905,961 shares owned by Faisal Chaudhary 2236 S. Broadway, Suite K,
(adult son of Ilyas Chaudhary)* Santa Maria, CA 93456
4,227,821 shares owned by Sedco Inc.
/S/_________________________
By: Ilyas Chaudhary as Attorney
In Fact for Aamna Chaudhary
151 Toby Ln., Anaheim, CA 92807
Capco Aquisub Inc. 100% by Capco Resources Ltd. 2,529,890
Privately held company /S/_________________________
>10% owner of Issuer By: Ilyas Chaudhary, as
Capco Aquisub Inc.'s President
2236 S. Broadway, Suite K,
Santa Maria, CA 93456
Sedco Inc. 100% by Ilyas Chaudhary 269,501
Privately held company /S/_________________________
By: Ilyas Chaudhary, as
Sedco Inc.'s President
TOTAL 3,743,521 2236 S. Broadway, Suite K,
Santa Maria, CA 93456
*Mr. and Mrs. Chaudhary each disclaim beneficial interest in the shares of Capco Resources Ltd. owned by each other and in the
shares held by Faisal Chadhary.
Page 5 of 5
</TABLE>
