UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 5
ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
[ ] Check box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instruction 1(b).
() Form 3 Holdings Reported
(x) Form 4 Transactions Reported
1. Name and Address of Reporting Person
Sartor, Richard A.
500 North Loop 1604 East, Suite 250
San Antonio,, TX 78232
2. Issuer Name and Ticker or Trading Symbol
THE EXPLORATION COMPANY OF DELAWARE, INC. TXCO
3. IRS Identification Number of Reporting Person, if an entity (voluntary)
###-##-####
4. Statement for Month/Year
12/31/99
5. If Amendment, Date of Original (Month/Day/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
( ) Director ( ) 10% Owner (x) Officer (give title below)
( ) Other (specify below)
Controller
7. Individual or Joint/Group Filing (Check applicable line)
(x) Form Filed by One Reporting Person
( ) Form Filed by More than One Reporting Person
<TABLE>
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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 |
|Date |Code| | Beneficially |(D)or | |
| | | | A/| | Owned at |Indir | |
| | | Amount | D | Price | End of Year |ect(I)| |
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
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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 |Date |Code| rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise Pr | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|ice 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 | | | Amount | |ble | | | |Year |(I)| |
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Incentive Stock Option |1.25 |9/4/9|A4 |25000 | |9/4/9|9/4/0|Common |25000 | |12500 |D | |
| |8 | | | |9 [1]|8 |Stock, $0.01| | | | | |
| | | | | | | |par value | | | | | |
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Incentive Stock Option |2.125 |9/23/|A4 |25000 | |9/23/|9/23/|Common |25000 | |0 |D | |
| |99 | | | |00 [2|09 |Stock, $0.01| | | | | |
| | | | | |] | |par value | | | | | |
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</TABLE>
Explanation of Responses:
1. Employee incentive stock purchase option vesting at 50% per each completed
year of service from date of award.
2. Employee incentive stock purchase option vesting at 50% per each completed
year of service from date of award.
RICHARD A. SARTOR
SIGNATURE OF REPORTING PERSON
/Signature/
BY: Roberto R. Thomae, per power of attorney
DATE
1/31/00
