SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) June 27, 1997
PEASE OIL AND GAS COMPANY
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(Exact name of registrant as specified in its charter)
Nevada 0-6580 84-0285520
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(State or other jurisdiction (Commission File No.) (I.R.S. Employer
of incorporation) Identification No.)
751 Horizon Court, Suite 203, Grand Junction, Colorado 81506-8718
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(Address of principal executive offices) (Zip Code)
Registrant telephone number including area code: (970) 245-5917
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Item 5. OTHER EVENTS.
The Registrant announced on June 27, 1997 that a natural gas well in which
the Registrant holds a 20.3% working interest had been successfully tested and
completed and will begin production immediately. The well, designated as the
NEGX Winn #1 in the South Lake Arthur Field in southeast Louisiana, flowed at a
rate of 4.2 million cubic feet of gas, 48 barrels of condensate and 10 barrels
of water per day. The well was tested on a 10/64 inch choke with 8,315 psi
flowing tubing pressure. The well was completed in the Camerina, a new
productive zone in the area, at approximately 15,886 to 15,899 feet.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS.
The following exhibits are filed as a part of this report.
(a) Exhibits.
Exhibit 99 Press Release dated June 27, 1997.
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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.
Date: June 27, 1997
PEASE OIL AND GAS COMPANY
By /s/ Willard H. Pease, Jr.
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Willard H. Pease, Jr., President
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EXHIBIT INDEX
Exhibit Description Page No.
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99 Press Release dated June 27, 1997 5
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PEASE OIL & GAS COMPANY
SOUTH LAKE ARTHUR OFFERS IMPRESSIVE
INITIAL FLOW RATES
PEASE ANNOUNCES ITS 20.3% INTEREST IN THE 4.2
MILLION A DAY COMPLETION
FOR IMMEDIATE RELEASE - June 27, 1997
Grand Junction, Colorado - June 27, 1997 - Pease Oil and Gas Company (NASDAQ:
WPOG) announced today a new discovery in the prolific Lake Arthur Field. The
NEGX Winn #1 flowed 4.2 million cubic feet of gas, 48 barrels of condensate and
10 barrels of water per day. The well was tested on a 10/64 inch choke with
8,315 psi flowing tubing pressure.
The well was originally drilled to 17,800 as a Miogyp test. The Miogyp was
nonproductive but a new zone in the Camerina was discovered with perforations at
15,886 - 15,899. National Energy Group, Inc. (NASDAQ: NEGX) is the operator of
the well and has a 41.67% working interest.
Willard H. Pease, Sr., the Company's president and CEO stated, "We are pleased
to see these significant initial production rates especially since we were able
to increase our participation percentage from 6.25% to 20.3% prior to completing
this secondary objective. This connection is the third successful well in the
joint venture Pease has with National Energy Group, Inc."
Pease Oil and Gas Company is a 29 year old Company traded on NASDAQ with the
symbols WPOG (common). For more information please contact Pat Duncan, CFO at
(970) 245-5917 or Steve Antry at (714)752-5212.
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