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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
8/98
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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)
[ X ] Director [ X ] 10% Owner
[ X ] Officer (give title below) [ ] Other (specify below)
Chief Executive Officer and President
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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>
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Common Stock 7/1/98 (S) n/a 85,700 (D) $1.75 2,964,466 (I) By Capco
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Common Stock, Acquisub Inc
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underlying performance units 5/30/97 (A) n/a 100,000 (A) * 100,000 (D) n/a
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Common Stock, underlying
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deferred issuance
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for performance 5/30/97 (A) n/a 200,000 (A) ** 200,000 (D) n/a
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(S=Disposition made in satisfaction of obligation of Saba Petroleum Company, an obligation which Capco Acquisub, Inc. purchased.)
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*Issuable for no additional consideration if the Company meets earnings tests
during 1998. Stock is issuable ratably if the Company reports earnings for
1998 of between $1.01 and $1.25 per share.
** Issuable in increments of 100,000 shares for each year that Mr. Chaudhary
serves as Chief Executive Officer of the Company following the expiration
of his existing employment contract which expires January 1, 2000.
</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
Page 1 of 3
<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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Options $1.50 1/16/97 S n/a n/a 10,000 * 12/31/00 Common 10,000 n/a 180,000 D n/a
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Stock
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Options $1.50 3/6/97 S n/a n/a 10,000 * 12/31/00 Common 10,000 n/a 180,000 D n/a
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Stock
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Options, pursuant
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to 1996 Incentive
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Equity Plan $15.50 5/30/97 A n/a 200,000 n/a * 5/30/02 Common 200,000 n/a 200,000 D n/a
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Stock
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* Vests 20% per year
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</TABLE>
Explanation of Responses: Statement filed to reflect appointment of reporting
person, Ilyas Chaudhary, as Chief Executive Officer and President.
The foregoing does not include approximately 1,883 shares of Common Stock held
in the Issuer's 401(k) Savings Plan as of 10/31/97 by the Reporting Person.
/S/ ILYAS CHAUDHARY 9/9/98
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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 3
<PAGE>
Page 3 of 3
<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: August 1998
If Amendment, Date of Original: n/a
<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. 1,854,165
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 166,171
Privately held company /S/_________________________
By: Ilyas Chaudhary, as
Sedco Inc.'s President
TOTAL 2,964,466 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>
