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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)
Gladstone Resources, Inc.
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(Name of Issuer)
Common Stock, no par value
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(Title of Class of Securities)
376684-10-6
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(CUSIP Number)
William L. Boeing
Haynes and Boone, LLP
901 Main Street, Suite 3100
Dallas, Texas 75202
(214) 651-5553
(214) 651-5940 (fax)
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
January 22, 1999
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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 Sections 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check
the following box [ ].
Note: Schedules filed in paper format shall include a signed original and five
copies of the Schedule, including all exhibits. See Section 240.13d-7(b) 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).
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SCHEDULE 13D
<TABLE>
<S> <C>
Page 2 of 5 Pages
CUSIP No. 376684-10-6
- ---------------------------------------- --------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
NAMES OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only)
EXCO Resources, Inc. / 74-1492779
- ---------------------------------------------------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (see instructions) (a) [ ]
2 (b) [ ]
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SEC USE ONLY
3
- ---------------------------------------------------------------------------------------------------------------------------
SOURCE OF FUNDS (see instructions)
4
OO
- ---------------------------------------------------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
5
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CITIZENSHIP OR PLACE OF ORGANIZATION
6
Texas
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SOLE VOTING POWER
7
0(1)(2)
------------------------------------------------------------------------------------------
NUMBER OF SHARED VOTING POWER
SHARES 8
BENEFICIALLY 0
OWNED BY ------------------------------------------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
REPORTING 9
PERSON 0(1)(2)
WITH ------------------------------------------------------------------------------------------
SHARED DISPOSITIVE POWER
10
0
- ---------------------------------------------------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
0(1)(2)
- ---------------------------------------------------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
12 (see instructions)
- ---------------------------------------------------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
0%(1)(2)
- ---------------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (see instructions)
CO
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) The Reporting Person has terminated a Stock Option Agreement with Mr.
E.B. Brooks, Jr. which entitled the Reporting Person to acquire 1,910,000
shares of Common Stock of the Issuer.
(2) The Reporting Person has terminated Shareholder Agreements with the
holders of 1,053,000 shares of Common Stock of the Issuer, which would
have required such shareholder to vote such shares in favor of a merger
agreement between the Reporting Person and the Issuer.
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Item 1. Security and Issuer.
(a) Title of Class of
Equity Securities: Common Stock
(b) Name of Issuer: Gladstone Resources, Inc.
(c) Address of Issuer's
Principal Executive Offices: 5646 Milton, Suite 210
Dallas, Texas 75206
Item 2. Identity and Background.
(a) Name: EXCO Resources, Inc.
(b) State of
Organization: Texas
(c) Principal Business: Exploitation and development of oil
and natural gas
(d) Principal Business
and Office Address: 5735 Pineland Drive
Suite 235
Dallas, Texas 75231
(e) Criminal Convictions during the past five years: None.
(f) Whether, during the past five years, it was a party to a civil
proceeding of a judicial or administrative body of competent
jurisdiction and as a result of such proceeding was or is
subject of a judgment, decree or final order enjoining future
violations of, or prohibiting or mandating activities subject
to federal or state securities laws or finding any violation
with respect to such laws: None.
Item 3. Source and Amount of Funds or Other Consideration.
No funds were expended by the Reporting Person in terminating
the Stock Option Agreement or the Shareholder Agreements.
3
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Item 4. Purpose of the Transaction.
Because of the decrease in the value of the Issuer's assets,
the Merger Agreement between the Issuer and the Reporting
Person was never consummated. As a result, the Reporting
Person, the Issuer and the Shareholders mutually agreed to the
termination of the Stock Option Agreement and the Shareholder
Agreements.
Item 5. Interest in Securities of the Issuer.
(a) and (b): See Items 7 through 11 on the cover page of this Amendment No.
1 to Schedule 13D.
(c) Transactions effected during the past sixty days or since the
most recent filing on Schedule 13D: None.
(d) Rights of others known by the undersigned to receive or direct
the receipt of dividends from, or the proceeds from the sale
of, the securities: None.
(e) January 22, 1999
Item 6. Contracts, Arrangements, Understandings or Relationships
with Respect to Securities of the Issuer.
None.
Item 7. Material to be Filed as Exhibits.
None.
4
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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.
Dated: February 8, 1999
EXCO RESOURCES, INC.
By: /s/ J. DOUGLAS RAMSEY
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Name: J. Douglas Ramsey
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Title: Chief Financial Officer
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