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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) September 30, 1994
(September 29, 1994)
HONDO OIL & GAS COMPANY
(Exact name of registrant as specified in its charter)
Delaware 0-52 95-1998768
(State or other jurisdiction (Commission) (I.R.S. Employer
of incorporation) File Number Identification No.)
410 East College Boulevard, Roswell, New Mexico 88201
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (505) 625-8700
_____________________________________________________________________
(Former name or former address, if changed since last report)
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Item 5. Other Events
Amoco Colombia Petroleum Company ("Amoco Colombia") has advised
registrant's wholly-owned subsidiary, Hondo Magdalena Oil & Gas
Limited ("Hondo Magdalena"), that Amoco Colombia will proceed with the
sixth-year obligation well under the Opon Association Contract (the
"Opon Contract"). Preparation of the location for the well, Opon No.
4, is expected to commence as soon as permits are received. Drilling
of the well is a part of Amoco Colombia's obligations under the
Farmout Agreement dated August 9, 1993 between Amoco Colombia and
Hondo Magdalena. Amoco Colombia will pay Hondo Magdalena $5,000,000
on or before October 15, 1994 in lieu of returning to Hondo Magdalena
a 5% interest in the Opon Association Contract. Amoco Colombia's
interest in the Opon Contract will remain 60%, and Hondo Magdalena's
interest, 30%. Opon Development Company holds a 10% interest in the
Opon Contract. The costs of the sixth-year obligation well will be
borne by Amoco Colombia, except that Hondo Magdalena will contribute
$2,000,000 to the costs of the well.
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.
HONDO OIL & GAS COMPANY
Date: September 30, 1994 By: /s/ C.B. McDaniel
______________________________
C.B. McDaniel
Secretary & Counsel
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