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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of l934
(Amendment No. ________ )*
ARCH PETROLEUM INC.
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(Name of Issuer)
COMMON STOCK, $.01 par value
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(Title of Class of Securities)
03939B 10 5
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(CUSIP Number)
February 17, 1998
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(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
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* 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 the disclosures provided in a prior cover page.
The information required in 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).
Page 1 of 6 Pages
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CUSIP No. 03939B 10 5 13G
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1) Names of Reporting Persons.
I.R.S. Identification Nos. of Above Persons (entities only)
CIGNA Corporation
06-1059331
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2) Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [ ]
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3) SEC Use Only
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4) Citizenship or Place of Organization
Delaware
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(5) Sole Voting Power 0
Number of ------------------------------------------------------------
Shares
Beneficially (6) Shared Voting Power 3,636,360
Owned ------------------------------------------------------------
by Each
Reporting (7) Sole Dispositive Power 0
Person ------------------------------------------------------------
With
(8) Shared Dispositive Power 3,636,360
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9) Aggregate Amount Beneficially Owned by Each Reporting Person
3,636,360
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10) Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)
[ ]
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11) Percent of Class Represented by Amount in Row 9
17.4%
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12) Type of Reporting Person (See Instructions)
HC, CO
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Page 2 of 6 Pages
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13G
ITEM 1(A)
Name of Issuer: ARCH PETROLEUM INC.
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ITEM 1(B)
Address of Issuer's Principal Executive Offices:
777 Taylor Street, Suite II, Fort Worth, Texas 76102
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ITEM 2(A)
Name of Person Filing: CIGNA Corporation
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ITEM 2(B)
Address of Principal Business Office or, if none, Residence:
One Liberty Place, Philadelphia, Pennsylvania 19192
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ITEM 2(C)
Citizenship: Delaware
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ITEM 2(D)
Title of Class of Securities: Common Stock, $.01 par value
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ITEM 2(E)
CUSIP Number: 03939B 10 5
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ITEM 3
If this statement is filed pursuant to Sections 240.l3d-l(b) or 240.13d-2(b) or
(c), check whether the person filing is a:
(a) [ ] Broker or dealer registered under Section 15 of the Act (15 U.S.C.
78o);
(b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c) [ ] Insurance company as defined in section 3(a)(19) of the Act
(15 U.S.C. 78c);
(d) [ ] Investment company registered under section 8 of the Investment
Company Act of 1940 (15 U.S.C. 80a-8);
(e) [ ] An investment adviser in accordance with section 240.13d-1(b)(1)
(ii)(E);
(f) [ ] An employee benefit plan or endowment fund in accordance with
section 240.13d-1(b)(1)(ii)(F);
(g) [ ] A parent holding company or control person in accordance with
section 240.13d-1(b)(1)(ii)(G);
(h) [ ] A savings association as defined in Section 3(b) of the Federal
Deposit Insurance Act (12 U.S.C. 1813);
(i) [ ] A church plan that is excluded from the definition of an investment
company under section 3(c)(14) of the Investment Company Act of
1940 (15 U.S.C. 80a-3);
(j) [ ] Group, in accordance with section 240.13d-1(b)(1)(ii)(J).
If this statement is filed pursuant to section 240.13d-1(c), check this
box [X]
Page 3 of 6 Pages
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13G
ITEM 4
Ownership.
(a) Amount Beneficially Owned:
3,636,360 Shares of Common Stock*
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(b) Percent of Class:
17.4%
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(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote 0
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(ii) shared power to vote or to direct the vote 3,636,360*
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(iii) sole power to dispose or to direct the disposition of 0
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(iv) shared power to dispose or to direct the disposition of 3,636,360*
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*See attached Exhibit
ITEM 5
Ownership of Five Percent or Less of a Class.
If this statement is being filed to report the fact that as of the date
here of the reporting person has ceased to be the beneficial owner of more
than five percent of the class of securities, check the following [ ].
Not applicable.
ITEM 6
Ownership of More than Five Percent on Behalf of Another Person.
Direct owners of the securities, as described in the attached Exhibit,
have the right to receive or the power to direct the receipt of dividends from,
or the proceeds from the sale of, such securities.
ITEM 7
Identification and Classification of the Subsidiary Which Acquired the Security
Being Reported on By the Parent Holding Company.
See attached Exhibit.
ITEM 8
Identification and Classification of Members of the Group.
Not applicable.
ITEM 9
Notice of Dissolution of Group.
Not applicable.
Page 4 of 6 Pages
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13G
ITEM 10
Certification.
By signing below I certify that, to the best of my knowledge and belief,
the securities referred to above were not acquired and are not held for the
purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.
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.
April 6, 1998
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Date
/s/ Kathryn Pietrowiak
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Signature
Kathryn Pietrowiak, Assistant Corporate Secretary
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Name/Title
Page 5 of 6 Pages
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13G
EXHIBIT
None of the shares of the Issuer's Common Stock which are reported as
beneficially owned on this Schedule 13G are currently outstanding, but all such
shares may be acquired within 60 days by the exercise of conversion rights under
the Issuer's Exchangeable Convertible Preferred Stock (the "Convertible
Preferred Stock"), 9.75% Series A Convertible Subordinated Notes due 2004 (the
"Series A Notes") or Adjustable Rate Series B Subordinated Notes due 2004 (the
"Series B Notes"). Percentage ownership calculations are based on the
17,321,804 shares of Common Stock reported as outstanding in the Issuer's report
on Form 10-Q/A for the quarter ended September 30, 1997 increased by the
3,636,360 shares subject to acquisition reported in this Schedule.
CIGNA Corporation ("CIGNA") is filing this Schedule 13G as the ultimate parent
company of the following indirect wholly-owned subsidiaries. CIGNA may be deemed
to have shared voting power and shared dispositive power with respect to the
shares of Common Stock beneficially owned by such entities.
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Identity Nature of Beneficial Ownership
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Connecticut General Life Insurance Direct owner of Convertible Preferred
Company ("Connecticut General") Stock, Series A Notes and Series B
Notes convertible into an aggregate
of 497,834 shares of Common Stock.
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CIGNA Mezzanine Partners III, Inc. Indirect as General Partner of CIGNA
Mezzanine Partners III, L.P. ("CMP"),
the direct owner of Convertible
Preferred Stock, Series A Notes and
Series B Notes convertible into an
aggregate of 2,343,271 shares of
Common Stock.
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CIGNA Investment Advisory Company, Inc. Indirect through performance of
investment management activities for
Connecticut General.
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CIGNA Investments, Inc. Indirect through performance of
investment management activities for
CMP and for unaffiliated direct
owners of Series A Notes, Series B
Notes and Convertible Preferred
Stock convertible into less than 5%
of the Common Stock (795,255 shares).
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Page 6 of 6 Pages
