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) May 31, 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.
At the annual meeting of shareholders of the Registrant held May 31, 1997,
James N. Burkhalter, Patrick J. Duncan and R. Thomas "Tom" Fetters, Jr. were
elected as directors of the Registrant to serve three year terms. Mr. Fetters
was nominated and elected after Robert. V. Timlin, a director of the Registrant
since 1981, decided to retire and declined to stand for re- election at the
meeting.
Mr. Fetters, 57, who also joined the Registrant as its Consulting Manager
of Gulf Coast Acquisition and Exploration, was most recently Senior Vice
President of Exploration for National Energy Group, Inc., a position he held
from September 1995 through early 1997. Mr. Fetters is a petroleum geologist and
currently serves as Chairman of Global Group, a closely-held international oil,
gas and mining company, which he founded in 1995. Mr. Fetters was President and
Chief Operating Officer of XCL Exploration and Production, Inc. and XCL-China
Ltd. (both wholly-owned subsidiaries of XCL Ltd., formerly The Exploration
Company of Louisiana, Inc.), from February 1990 until September 1995. From March
1989 to February 1990 Mr. Fetters held the position of Chairman of Independent
Energy Corporation which was acquired by The Exploration Company of Louisiana.
From May 1983 to March 1989, Mr. Fetters served as President and Chief Executive
Officer of CNG Producing Company in New Orleans and, from August 1966 to May
1983, held various positions, from Geologist to Exploration Manager, with
several divisions of Exxon, primarily in the Gulf Coast region and offshore Gulf
of Mexico of the U.S., and in Malaysia and Australia. At Exxon USA, Mr. Fetters
held the positions of Division Manager of Production Research and Exploration
Planning Manager. Mr. Fetters filed for personal bankruptcy in June 1993 due to
market conditions of real estate at such time and was discharged from his debts
in September 1993. Mr. Fetters holds B.S. and M.S. degrees in geology from the
University of Tennessee.
Also, shareholders approved an amendment to the Articles of Incorporation
of the Registrant, the effect of which is to increase the number of authorized
shares of Registrant's $0.10 par value common stock to 40 million from 25
million before the amendment.
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 2, 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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