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OMB APPROVAL
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OMB Number 3235-0287
Expires: April 30, 1997
Estimated average burden
hours per response ....... 0.5
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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
12/98
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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
____ Form filed by One Reporting Person
X
____ Form filed by More than One Reporting Person
<PAGE>
<TABLE>
<CAPTION>
Table I -- Non-Derivative Securities Acquired, Disposed of,
or Beneficially Owned
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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 12/18/98 (J) n/a 2,971,766 (D) (1) 0 (I) By Capco
Resources Ltd.
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Common Stock, underlying
performance units (2) 100,000 (D) n/a
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Common Stock, underlying deferred
issuance for performance (3) 200,000 (D) n/a
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</TABLE>
(1) Pursuant to a stock exchange agreement, on December 18, 1998, Saba
Acquisub, Inc. ("SAI") exchanged 2,971,766 shares of Saba Petroleum Company
for 1,340,000 shares of Horizontal Ventures, Inc. At the time of the
exchange, Capco Resources, Ltd. owned 100% of SAI. Ilyas Chaudhary
beneficially owns 83.31% of Capco Resources, Ltd.
(2) 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.
(3) 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.
(J) Involuntary transaction resulting in the sale of securities.
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
<PAGE>
<TABLE>
<CAPTION>
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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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 01/16/97 S n/a n/a 10,000 * 12/31/00 Common 10,000 n/a 180,000 D n/a
Stock
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Options $1.50 03/06/97 S n/a n/a 10,000 * 12/31/00 Common 10,000 n/a 180,000 D n/a
Stock
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Options, pursuant
to 1996 Incentive
Equity Plan $15.50 05/30/97 A n/a 200,000 n/a * 05/30/02 Common 200,000 n/a 200,000 D n/a
Stock
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* Vests 20% per year
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</TABLE>
Explanation of Responses:
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 01/10/99
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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.
<PAGE>
Group Filing
List of Beneficial Owners attached to Form 4
Designated Filer: Ilyas Chaudhary
Issuer Name and Trading Symbol: Saba Petroleum Company - SAB
Statement for Month/Year: September 1998
If Amendment, Date of Original: n/a
Number of Shares
of Common Stock
Beneficial Owner of Issuer
and Description Ownership of Beneficial Owner Directly Owned
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Ilyas Chaudhary n/a 1,130
Saba Energy Inc. 50% by Ilyas Chaudhary 0
Privately held company 50% by Sushre Chaudhary
(wife of Ilyas Chaudhary
Saba Energy Ltd. 50% by Saba Energy, Inc. 0
Privately held company 10% by Ilyas Chaudhary
Capco Resources Ltd. 1,582,126 shares owned by Saba Energy Ltd. 0
Public Canadian company 905,961 shares owned by Aamna Chaudhary
(daughter of Ilyas Chaudhary)
905,961 shares owned by Faisal Chaudhary
(adult son of Ilyas Chaudhary)*
4,227,821 shares owned by Sedco Inc.
Capco Aquisub Inc. 100% by Capco Resources, Ltd. 0
Privately held company
10% owner of Issuer
Sedco Inc. 100% by Ilyas Chaduhary 0
Privately held company
TOTAL 1,130
* 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
Chaudhary.
