<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
BELLWETHER EXPLORATION COMPANY
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COMMON STOCK, $.01 par value per share
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079895 20 7
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Carol A. McCoy, 2001 Third Avenue South, Birmingham, AL 35233 (205) 325-4243
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
September 30, 1996
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(Date of Event which Requires Filing
of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box ___
Check the following box if a fee is being paid with the statement . (A fee
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is not required only if the reporting person: (1) has a previous statement on
file reporting beneficial ownership of more than five percent of the class of
securities described in Item 1, and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
Note: Six copies of this statement, including all exhibits, should be filed
with the Commission. See Rule 13d-1(a) for other parties to whom copies are to
be sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
(Continued on following page(s))
Page 1 of 7 Pages
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<PAGE>
SCHEDULE 13D
CUSIP NO. 079895 20 7
____________________________________________________________________________
(1) Names of Reporting Persons. . . . . . . . . . . . Torchmark Corporation
S.S. or I.R.S. Identification
Numbers of Above Persons. . . . . . . . . . . . . 63-0780404
____________________________________________________________________________
(2) Check the Appropriate Box if
a Member of a Group
(a) . . . . . . . . . . . . . . . . . . . . . . .
(b) . . . . . . . . . . . . . . . . . . . . . . . X
___________________________________________________________________________
(3) SEC Use Only. . . . . . . . . . . . . . . . . . .
___________________________________________________________________________
(4) Source of Funds . . . . . . . . . . . . . . . . . 00
___________________________________________________________________________
(5) Check if Disclosure of Legal
Proceedings is Required
Pursuant to Items 2(d) or 2(e). . . . . . . . . .
___________________________________________________________________________
(6) Citizenship or Place of Organization. . . . . . . Delaware
___________________________________________________________________________
Number of (7) Sole Voting Power. . . . . . . . . 0
Shares Bene- ______________________________________
ficially (8) Shared Voting Power. . . . . . . . 750,196
Owned by ______________________________________
Each Report- (9) Sole Dispositive Power . . . . . . 0
ing Person ______________________________________
With (10) Shared Dispositive Power . . . . . 750,196
___________________________________________________________________________
(11) Aggregate Amount Beneficially Owned by
Each Reporting Person . . . . . . . . . . . . . . 750,196
____________________________________________________________________________
(12) Check if the Aggregate Amount in Row (11)
Excludes Certain Shares . . . . . . . . . . . . .
____________________________________________________________________________
(13) Percent of Class Represented by
Amount in Row (11). . . . . . . . . . . . . . . . 8.2%
___________________________________________________________________________
(14) Type of Reporting Person. . . . . . . . . . . . . CO,HC
____________________________________________________________________________
2
<PAGE>
SCHEDULE 13D
CUSIP NO. 079895 20 7
___________________________________________________________________________
(1) Names of Reporting Persons. . . . . . . . . . . . United Investors
Management Company
S.S. or I.R.S. Identification
Numbers of Above Persons. . . . . . . . . . . . . 51-0261715
____________________________________________________________________________
(2) Check the Appropriate Box
if a Member of a Group
(a) . . . . . . . . . . . . . . . . . . . . . . .
(b) . . . . . . . . . . . . . . . . . . . . . . . [x]
____________________________________________________________________________
(3) SEC Use Only. . . . . . . . . . . . . . . . . . .
_____________________________________________________________________________
(4) Source of Funds . . . . . . . . . . . . . . . . . OO
____________________________________________________________________________
(5) Check if Disclosure of Legal
Proceedings is Required
Pursuant to Items 2(d) or 2(e). . . . . . . . . .
____________________________________________________________________________
(6) Citizenship or Place of Organization. . . . . . . Delaware
____________________________________________________________________________
Number of (7) Sole Voting Power. . . . . . . . . . 0
Shares Bene- _________________________________________
ficially (8) Shared Voting Power. . . . . . . . . 750,196
Owned by _________________________________________
Each Report- (9) Sole Dispositive Power . . . . . . . 0
ing Person _________________________________________
With (10) Shared Dispositive Power . . . . . . 750,196
- ----------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by
Each Reporting Person . . . . . . . . . . . . . . 750,196
__________________________________________________________________________
(12) Check if the Aggregate Amount in Row (11)
Excludes Certain Shares . . . . . . . . . . . . .
___________________________________________________________________________
(13) Percent of Class Represented by
Amount in Row (11). . . . . . . . . . . . . . . . 8.2%
____________________________________________________________________________
(14) Type of Reporting Person. . . . . . . . . . . . . CO
___________________________________________________________________________
3
<PAGE>
Item 1. Security and Issuer.
This Statement on Schedule 13D, filed jointly by Torchmark Corporation
("Torchmark") and United Investors Management Company ("UIMCO") (together,
"Reporting Persons"), relates to the beneficial ownership of common stock and
warrants to purchase common stock of Bellwether Exploration Company
("Bellwether"), a corporation incorporated under the laws of the State of
Delaware. Bellwether maintains its principal executive offices at 1331 Lamar
Street, Suite 1455, Houston, Texas 77010-3039.
Item 2. Identity and Background.
Torchmark Corporation, a Delaware corporation
2001 Third Avenue South
Birmingham, AL 35233
United Investors Management Company, a Delaware corporation
400 Market Street
Wilmington, DE 198850-9336
Torchmark is an insurance and diversified financial services holding
company. UIMCO is an intermediate-level holding company and a wholly-owned
subsidiary of Torchmark. There have been no criminal proceedings in the last
five years involving either Torchmark or UIMCO.
Prior to UIMCO's sale of Torch Energy Advisors Incorporated ("Torch
Energy") to incumbent Torch Energy management on September 30, 1996, Torch
Energy distributed to UIMCO 562,696 shares of Bellwether common stock and
warrants to purchase an additional 187,500 Bellwether common shares as a
dividend.
Item 3. Source and Amount of Funds or Other Consideration.
UIMCO received the Bellwether common stock and warrants as an
intercompany dividend prior to the sale of Torch Energy. No consideration was
paid by UIMCO for the securities.
Item 4. Purpose of Transaction.
The Bellwether common stock and warrants were acquired by UIIMCO as an
intercompany dividend from Torch Energy prior to the sale of Torch Energy. The
Bellwether shares and warrants are held by UIMCO for investment purposes and not
with an intent to control Bellwether. The warrants to acquire 187,500
Bellwether common shares at a strike price of $6.40 per share expire December
31, 1998.
Other than as contained in the above description of the Bellwether
warrants, Torchmark and UIMCO have no plans or proposals which would result in
any of the actions enumerated in clauses (a) - (j) of Item 4 of Schedule 13D.
4
<PAGE>
Item 5. Interest in Securities of the Issuer.
(a)
<TABLE>
<CAPTION>
Total Common
Shares Beneficially
Common Warrants Owned and Purchasable
Name of Reporting Shares Beneficially in Connection with
Persons Beneficially Owned Owned Exercise of Warrants Percentage
<S> <C> <C> <C> <C>
Torchmark and UIMCO 562,696* 187,500* 750,196 8.2%
</TABLE>
* Shares and warrants owned by UIMCO, a subsidiary of Torchmark
(b) The reporting persons listed in response to Item (a) above have
the shared right to vote and dispose of the shares listed as owned in the
foregoing table.
(c) Receipt of 562,696 common shares and warrants to purchase an
additional 187,500 common shares transferred by dividend to UIMCO for no
consideration prior to the September 30, 1996 sale of Torch Energy.
(d) None.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships
with Respect to Securities of the Issuer.
None.
Item 7. Material to be Filed as Exhibits
(a) Joint Filing Agreement dated December 4, 1996 between Torchmark
Corporation and United Investors Management Company.
5
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Date: December 13, 1996 TORCHMARK CORPORATION
By: /s/ Michael J. Klyce
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Its Vice President and Treasurer
Date: December 13, 1996 UNITED INVESTORS MANAGEMENT COMPANY
By: /s/ Michael J. Klyce
-------------------------------------
Its Treasurer
6
<PAGE>
JOINT FILING AGREEMENT
The undersigned, Torchmark Corporation and United Investors Management
Company, hereby agree to file jointly the Schedule 13D and any amendments
thereto required under the Securities Exchange Act of 1934 for their ownership
of common stock and warrants to purchase additional common stock of Bellwether
Exploration Company. This Joint Filing Agreement shall be effective commencing
with its execution and shall continue until revoked in writing by the parties
hereto.
Done this 4th day of December, 1996.
Torchmark Corporation
Attest: /s/ Carol A. McCoy by /s/ Michael J. Klyce
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Secretary Its Vice President and Treasurer
United Investors Management Company
Attest: /s/ Carol A. McCoy by /s/ Michael J. Klyce
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Assistant Secretary Its Treasurer
7
