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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934.
Date of Report November 30, 1995
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OCEANIC EXPLORATION COMPANY
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(Exact name of Registrant as specified in its charter)
Delaware 0-6540 84-0591071
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(State or other juris- (Commission (I.R.S. Employer
diction of Incorporation File Number) Identification No.)
5000 South Quebec Street, Suite 450, Denver, Colorado 80237
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(Address of principal executive offices)
(303) 220-8330
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(Registrant's telephone number)
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2
Item 5. Other Events
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On November 27, 1995, Oceanic Exploration Company ("Oceanic" or
the "Registrant") received $810,522 from Denison Mines Ltd.
(Denison) representing unpaid revenues on Oceanic's 15% net
profits interest in certain oil and gas producing areas offshore
Greece. These revenues cover the period from January 1, 1993
through October 31, 1995, and are calculated under the terms of
the license agreement as amended in 1993. Denison will also
resume monthly revenue payments to Oceanic for its 15% net
profits interest as calculated under the amended license
agreement.
The payment was in connection with an agreement by Denison to
withdraw its counterclaim against the Registrant. Denison was
seeking damages of approximately $4,800,000 plus interest and
costs alleging that the Registrant was overpaid for the period
from January 1, 1989 through December 31, 1993.
The Registrant will continue to pursue its litigation against
Denison challenging Denison's position that the calculation of
the 15% net profits interest should be based on the amended
agreement with the Greek government. The Registrant disagrees
with Denison's interpretation and is seeking a declaration by the
Court that amounts due the Registrant attributable to its 15% net
profits interest be calculated based on the terms of the license
agreement before the 1993 amendment.
Pursuant to the Registrant's agreement with NWO Resources, Inc.,
$200,000 of the revenues received will be used to fund the costs
of the litigation with Denison and other operations of the
Registrant and the remainder will be used to pay accrued interest
and reduce the debt due NWO Resources, Inc.
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SIGNATURE
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.
OCEANIC EXPLORATION COMPANY
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(Registrant)
Date: November 30, 1995 /s/ Charles N. Haas
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Charles N. Haas (Name)
President (Office)
