SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
Current Report Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported) December 22, 1999
__________________________________________
XCL LTD.
(Exact Name of Registrant as Specified in Its Charter)
Delaware
(State or other Jurisdiction of Incorporation)
1-10669 51-0305643
(Commission File Number) (I.R.S. Employer
Identification Number)
Petroleum Tower, Suite 400
3639 Ambassador Caffery Parkway
Lafayette, Louisiana 70503
(Address of Principal Executive Offices)
318-989-0449
(Registrant's Telephone Number, Including Area Code)
Item 5. Other Events.
On December 22, 1999, the Company issued a press release
announcing that its wholly owned subsidiary, XCL-Texas, Inc., has
sold its remaining interest in the Berry R. Cox Field in south
Texas. The sale was effective December 1, 1999. The purchase
price was for the sum of $750,000, adjusted for closing costs,
and included an assignment of an oil payment in the amount of
$600,000, payable out of 50 percent of the net revenue interest
held by the purchaser, and payable in full no later than December
31, 2000. The property sold is the subject of ongoing
litigation, and the purchaser has assumed the defense of
litigation and agreed to indemnify the Company from any liability
resultant from that litigation. The Company expects to record a
write-down of approximately $4.3 million on the property at
December 31, 1999.
The Company divested substantially all of its properties in
the south Texas field throughout 1996.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
XCL LTD.
December 22, 1999 /s/ Lisha C. Falk
_________________________ By:_______________________________
Date Name: Lisha C. Falk
Title: Corporate Secretary
