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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) November 7, 1997
(October 27, 1997)
HONDO OIL & GAS COMPANY
(Exact name of registrant as specified in its charter)
Delaware 1-8979 95-1998768
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
10375 Richmond Ave, Ste 900, Houston, Texas 77042
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (713) 954-4600
_____________________________________________________________________
(Former name or former address, if changed since last report)
There are no exhibits to this report.
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Item 5. Other Events
The Registrant issued the following press release on October 27, 1997:
Hondo Oil & Gas Company announced today the Opon No. 14 well began
drilling on October 23, 1997. The well is located on the Opon
Association Contract area in the Middle Magdalena Valley of Colombia.
It is approximately four kilometers south of the Opon No. 4 well that
was completed in 1995 and is intended to confirm the existence of the La
Paz gas and condensate reservoir in the southern portion of the Opon
Contract area.
As previously reported, the first production from the Opon field
will commence after improvements to Ecopetrol's gas processing plant at
El Centro are completed and tested. Construction is now substantially
complete and startup and commissioning have begun. The company expects
that it will begin delivering small quantities of natural gas and
condensate from the Opon field for the startup during the first part of
November. Full production of 100 million cubic feet per day into the
plant could occur by the end of the calendar year.
Earlier this year, the company reported that operations on the Opon
No. 6 well had been suspended because of mechanical problems in the
completion and testing of the well. The operations were suspended in
order to fully evaluate all data from the well and prepare a plan for
further operations. The company originally said that this process would
require about 90 days. However, the evaluation is continuing at this
time and its conclusions will not be available until approximately the
end of the calendar year.
Certain statements in this news release regarding future
expectations may be regarded as "forward-looking statements" within the
meaning of the U.S. Securities Litigation Reform Act. They are subject
to various risks and uncertainties which are discussed in detail in the
Company's Securities and Exchange Commission filings, including the
report on Form 10-Q for the quarter ended June 30, 1997. Actual results
may vary materially.
Hondo Oil & Gas Company is an independent oil and gas company
focusing on international oil and gas exploration and development.
Hondo Magdalena Oil & Gas Limited, a wholly-owned subsidiary, owns an
interest in the Opon Contract area in the Middle Magdalena Valley of
Colombia. Amoco Colombia Petroleum Company is the operator.
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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.
HONDO OIL & GAS COMPANY
Date: November 7, 1997 By: /s/ Stanton J. Urquhart
______________________________
Stanton J. Urquhart
Vice President
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