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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
COSTILLA ENERGY, INC.
- --------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, $.10 Par Value Per Share
- --------------------------------------------------------------------------------
(Title of Class of Securities)
22161G103
---------
(CUSIP Number)
October 23, 1998
----------------
(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)
*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 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).
Page 1 of 6 pages
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CUSIP No. 22161G103 13G Page 2 of 6 Pages
--------- ------ -------
- ----- --------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Cumberland Associates LLC
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [x ]
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3 SEC USE ONLY
- ----- --------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
- -------------------- ------ ----------------------------------------------------
5 SOLE VOTING POWER
0
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NUMBER OF 6 SHARED VOTING POWER
SHARES
BENEFICIALLY 0
OWNED BY
------ ----------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
WITH
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8 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
- ----- --------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
- ----- --------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0.0%
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12 TYPE OF REPORTING PERSON*
OO, IA
- ----- --------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
Page 2 of 6 pages
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Item 1(a) Name of Issuer:
--------------
Costilla Energy, Inc. (the "Issuer")
Item 1(b) Address of Issuer's Principal Executive Offices:
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400 West Illinois
Suite 1000
Midland, Texas 79701
Items 2(a) Name of Person Filing:
---------------------
Cumberland Associates LLC is a limited liability company
organized under the laws of the State of New York, and is
engaged in the business of managing, on a discretionary basis,
thirteen securities accounts (the "Accounts"), the principal one
of which is Cumberland Partners. K. Tucker Andersen, Gary Tynes,
Oscar S. Schafer, Bruce G. Wilcox, Glenn Krevlin, Andrew Wallach
and Eleanor Poppe are the members (the "Members") of Cumberland
Associates LLC.
Item 2(b) Address of Principal Business Office:
------------------------------------
The address of the principal business and office of Cumberland
Associates LLC and each of the Members is 1114 Avenue of the
Americas, New York, New York 10036.
Item 2(c) Citizenship:
-----------
Cumberland Associates LLC is a New York
limited liability company. Each of the
Members is a citizen of the United States.
Item 2(d) Title of Class of Securities:
----------------------------
Common Stock, par value $.10 per share (the "Shares")
Item 2(e) CUSIP Number:
------------
22161G103
Item 3 Not Applicable
Item 4 Ownership:
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Page 3 of 6 pages
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Item 4(a) Amount Beneficially Owned:
-------------------------
As of the date hereof, Cumberland Associates LLC may be deemed
the beneficial owner of no Shares.
Item 4(b) Percent of Class:
----------------
Not Applicable
Item 4(c) Number of shares as to which such person has:
--------------------------------------------
(i) Sole power to vote or to direct the vote: 0
(ii) Shared power to vote or to direct the vote: 0
(iii) Sole power to dispose or to direct the
disposition of: 0
(iv) Shared power to dispose or to direct the
disposition of: 0
Item 5 Ownership of Five Percent or Less of a Class:
--------------------------------------------
As of October 23, 1998, Cumberland Associates LLC is no longer
the beneficial owner of more than 5 percent of the Shares
outstanding. Accordingly, until such time as Cumberland
Associates LLC acquires, directly or indirectly, beneficial
ownership of additional Shares in excess of the 5 percent
threshold, Cumberland Associates LLC is no longer required to
report pursuant to Rule 13d-1 with respect to the Shares.
Item 6 Ownership of More than Five Percent on Behalf of
Another Person:
------------------------------------------------
The beneficial owners of the Accounts have the right to
participate in the receipt of dividends from, or proceeds from
the sale of, the Shares held for each Account in accordance with
their ownership interests in each such Account.
Item 7 Identification and Classification of the Subsidiary
Which Acquired the Security Being Reported on By the
Parent Holding Company:
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Not Applicable
Page 4 of 6 pages
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Item 8 Identification and Classification of Members of the Group:
---------------------------------------------------------
Not Applicable
Item 9 Notice of Dissolution of Group:
------------------------------
Not Applicable
Item 10 Certification:
-------------
By signing below the signatory certifies that, to the best of his 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.
Page 5 of 6 pages
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SIGNATURE
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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.
Dated: October 30, 1998
CUMBERLAND ASSOCIATES LLC
By:/s/ Bruce G. Wilcox
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Name: Bruce G. Wilcox
Title: Member
Page 6 of 6 pages
