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) November 30, 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 1, 1999, XCL Ltd. (the "Company") issued a press
release announcing that on November 30, 1999, the U.S. Bankruptcy
Court for the Western District of Louisiana, in Opelousas, denied
a Motion filed by its wholly owned subsidiary, XCL-China Ltd., to
dismiss the Petition for Involuntary Bankruptcy that had been
filed against XCL-China by Apache China LDC. The Court's
decision was limited to a determination that Apache had standing
to file that petition. The Court did not rule on the merits of
Apache's petition, which will be decided at a later date. In
addition, the Court ruled that Apache's filing of the Petition
for Involuntary Bankruptcy stayed the arbitration XCL-China had
filed against Apache China. The Court noted that it would
consider a motion to lift that stay at the appropriate time,
which, if granted, could allow that arbitration to move forward.
If the Court does not lift the stay, then XCL-China's claims
against Apache China will be tried and decided by the Bankruptcy
Court.
The disputes center on operations in the companies' Zhao
Dong Block in the People's Republic of China. Apache China has
asserted a $10 million claim against XCL-China for cash calls
relating to operations on the Block, and XCL-China has commenced
an arbitration proceeding challenging approximately $17 million
in charges by Apache.
XCL-China is reviewing the impact of the Court's ruling with
its counsel. XCL-China will continue to vigorously press its
claims against Apache.
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 1, 1999 /s/ Lisha C. Falk
_________________________ By:_______________________________
Date Name: Lisha C. Falk
Title: Corporate Secretary
