SUPPLEMENT
TO
PEASE OIL AND GAS COMPANY
PROSPECTUS
DATED
AUGUST 22, 1997
The list of Selling Securityholders identified in the Prospectus is
modified to provide, in part, that the following may sell shares of Common
Stock:
<TABLE>
<CAPTION>
Shares Shares
Owned Shares Owned
Prior to Being After the
Name Offering Offered Offering
<S> <C> <C> <C> <C> <C> <C>
Hagerty, William Kelly IRA, Delaware
Charter Guarantee & Trust Co., TTEE FBO (19). . . . . . . 8,333 8,333 -0-
Modglin, Donald L. & Grace M. Trust (19) . . . . . . . . . 20,833 20,833 -0-
Atocha Exploration, Inc (35) . . . . . . . . . . . . . . . -0- -0- -0-
Willig, W. David . . . . . . . . . . . . . . . . . . . . 128,750 128,750 -0-
Potosky Oil and Gas, Inc. . . . . . . . . . . . . . . . . -0- -0- -0-
Potosky, Robert A. (36) . . . . . . . . . . . . . . . . . 37,250 37,250 -0-
Sentra Securities Corporation (37) . . . . . . . . . . . . -0- -0- -0-
Woltman, Richard and Kaye (14) . . . . . . . . . . . . . . . .1,400 1,400 -0-
- -----------------------
</TABLE>
(35) The 128,750 shares previously listed have been assigned to David Willig.
(36) The 37,250 shares previously listed have been assigned to Robert Potosky.
(37) The 1,400 shares underlying presently exercisable warrants previously
listed have been assigned to Richard and Kaye Woltman.
The date of this Supplement is October 10, 1997
<PAGE>
PEASE OIL AND GAS COMPANY 751
Horizon Court, Suite 203 Grand
Junction, CO 81506-8758
(970) 245-5917
October 10, 1997
United States Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: Pease Oil and Gas Company
Registration Statement No. 333-31921
Gentlemen:
Enclosed for filing on behalf of Pease Oil and Gas Company ("Company") pursuant
to Rules 424(b) and (c) adopted under the Securities Act of 1933, as amended, is
a Supplement dated October 9, 1997, to the Company's Prospectus dated August 22,
1997.
Should you have any questions regarding this letter or other matters, please
contact me at (970) 245- 5917.
Best regards,
Patrick J. Duncan
Chief Financial Officer
PJD:vrc
Encl.
xc: Alan W. Peryam, Esq.
