U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
[ ] Check box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
Gose, Jr., Stephen M.
HCR Box 1010 - HWY 212 MM86
Roberts, MT USA 59070
2. Issuer Name and Ticker or Trading Symbol
THE EXPLORATION COMPANY TXCO
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
12/31/97
If Amendment, Date of Original (Month/Year)
Relationship of Reporting Person to Issuer (Check all applicable)
(x) Director ( ) 10% Owner ( ) Officer (give title below)
( ) Other (specify below)
<TABLE>
<CAPTION>
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Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
| Transaction | or Disposed of (D) | Securities |ect | Beneficial Ownership |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Year |ect(I)| |
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<S> <C> <C> <C><C> <C> <C> <C> <C> <C>
Common Stock, $0.01 par |12/31/|G |J|8375 |A |GIFTED |8375 |I |BY RETAMCO PROPERTIES |
value |97 | | | | | | | | |
| | |[| | | | | | |
| | |1| | | | | | |
| | |]| | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Common Stock, $0.01 par |12/31/|G |J|5000 |A |GIFTED |5000 |I |BY SPECTRUM HOLDINGS |
value |97 | | | | | | | | |
| | |[| | | | | | |
| | |2| | | | | | |
| | |]| | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Common Stock, $0.01 par |12/31/|G |J|297407 |A |GIFTED |297407 |I |BY RETAMCO OPERATING |
value |97 | | | | | | | | |
| | |[| | | | | | |
| | |3| | | | | | |
| | |]| | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Common Stock, $0.01 par |12/31/|G |J|232518 |A |GIFTED |232518 |I |BY SPECTRUM RESOURCES |
value |97 | | | | | | | | |
| | |[| | | | | | |
| | |4| | | | | | |
| | |]| | | | | | |
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TOTAL SECURITIES HELD | | | | | |TOTAL |543300 | | |
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<CAPTION>
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Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
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1.Title of Derivative |2.Con- |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction | rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price of| | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva- | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu- | | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity |Date |Code|V| Amount | |ble | | | |Year |(I)| |
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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:
1. Mr. Stephen M. Gose, Jr. previously owned 0% of outstanding stock of Retamco
Properties, Inc. This corporation owned 33,500 shares of TXCO common stock
prior to the gift on December 31, 1997, of 25% of Retamco Properties, Inc.
stock by Mr. Thomas H. Gose to Mr. Stephen M. Gose, Jr. An additional 25% of
Retamco Properties, Inc. stock was gifted to Margaret Ann Gose, the spouse of
Mr. Stephen M. Gose, Jr., and is reported on a separate Form 4.
2. Mr. Stephen M. Gose, Jr. previously owned 0% of outstanding stock of Spectrum
Holdings, Inc. This corporation owned 20,000 shares of TXCO common stock prior
to the gift on December 31, 1997, of 25% of Spectrum Holdings, Inc. stock by
Mr. Thomas H. Gose to Mr. Stephen M. Gose, Jr. An additional 25% of Spectrum
Holdings, Inc. stock was gifted to Margaret Ann Gose, the spouse of Mr. Stephen
M. Gose, Jr. and is reported on a separate Form 4.
3. Mr. Stephen M. Gose, Jr. previously owned 0% of outstanding stock of Retamco
Operating, Inc. This corporation owned 1,189,630 shares of TXCO common stock
prior to the gift on December 31, 1997, of 25% of Retamco Operating, Inc. stock
by Mr. Thomas H. Gose to Mr. Stephen M. Gose, Jr. An additional 25% of
Retamco Operating, Inc. stock was gifted to Margaret Ann Gose, the spouse of Mr.
Stephen M. Gose, Jr. and is reported on a separate Form 4.
4. Mr. Stephen M. Gose, Jr. previously owned 0% of outstanding stock of
Spectrum Resources, Inc. This corporation owned 930,070 shares of TXCO common
stock prior to the gift on December 31, 1997, of 25% of Spectrum Resources,
Inc. stock by Mr. Thomas H. Gose to Mr. Stephen M. Gose, Jr. An additional
25% of Spectrum Resources, Inc. stock was gifted to Margaret Ann Gose, the
spouse of Mr. Stephen M. Gose, Jr. and is reported on a Separate Form 4.
Mr. Stephen M. Gose, Jr
SIGNATURE OF REPORTING PERSON
DATE
1/23/98
