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 (Date of earliest event reported) December 29, 1995
TEXOIL, INC.
____________________________________
(Exact name of Registrant as specified in its charter)
Nevada 0-12633 8-0177083
(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification
incorporation) Number)
1600 Smith Street
Suite 4000
Houston, Texas 77002
_______________________________________
(Address of principal executive offices)
Registrant's Telephone Number, including Area Code: (713) 652-5741
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Item 4. Changes in Registrant's Certifying Accountant
(a) Previous independent accountants
The Company dismissed Price Waterhouse LLP as its independent
accountants on December 29, 1995.
The reports of Price Waterhouse LLP on the financial statements for
the past two fiscal years contained no adverse opinion or disclaimer
of opinion and was not qualified or modified as to uncertainty,
audit scope or accounting principle except that it was modified as
to uncertainty as follows:
"because the Company has suffered recurring operating losses as
well as cash flow deficits and must extend or otherwise refinance
notes payable due on or before December 31, 1995, there is
substantial doubt about its ability to meet the future
expenditure obligations necessary to fully evaluate and develop
its oil and gas properties and to continue as a going concern."
The decision to change accountants was approved by the Company's
Board of Directors.
In connection with its audits for the two most recent fiscal years
and through December 29, 1995, there have been no disagreements with
Price Waterhouse LLP on any matter of accounting principles or
practices, financial statement disclosure, or auditing scope or
procedure, which disagreements if not resolved to the satisfaction
of Price Waterhouse LLP would have caused them to make reference
thereto in their report on the financial statements for such years.
The Registrant has requested Price Waterhouse LLP to furnish it with
a letter addressed to the SEC stating whether or not it agrees with
the above statements. A copy of such letter, dated January 2, 1996,
is filed as Exhibit 16.1 to this Form 8-K.
(b) New independent accountants
The Company has engaged BDO Seidman, LLP as its independent
accountants as of December 29, 1995. The Company did not consult
BDO Seidman, LLP on any accounting, auditing or financial reporting
issue during its two most recent fiscal years or through December
29, 1995.
Item 7. Financial Statements and Exhibits
(a) Financial Statements of Businesses Acquired. Not applicable.
(b) Pro Forma Financial Information: Not applicable.
(c) Exhibits.
16.1 Letter dated January 2, 1996 from Price Waterhouse LLP to the
Securities and Exchange Commission (filed herewith).
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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.
TEXOIL, INC.
Date: January 3, 1996 By: /s/ WALTER L. WILLIAMS
Walter L. Williams
Chairman
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EXHIBIT 16.1
1201 Louisiana, Suite 2900 Telephone 713 654-4100
Houston, TX 77002-5678 Facsimile 713 750-4717
PRICE WATERHOUSE LLP [LOGO]
January 2, 1996
Securities and Exchange Commission
450 Fifth Street, NW
Washington, DC 20549
Ladies and Gentlemen:
TEXOIL, INC.
We have read Item 4 of Texoil, Inc.'s Form 8-K dated December 29, 1995 and are
in agreement with the statements contained in paragraph 4(a) therein.
Yours very truly,
PRICE WATERHOUSE LLP
