UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
Smith, Leroy W.
206 North Pine Street
Orange, CA 92866
2. Issuer Name and Ticker or Trading Symbol
Pease Oil and Gas Company
WPOG
3. IRS or Social Security Number of Reporting Person (Voluntary)
###-##-####
4. Statement for Month/Year
April 1997 AMENDED
5. If Amendment, Date of Original (Month/Year)
April 1997
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
(X) Director ( ) 10% Owner ( ) Officer (give title below) ( ) Other
(specify below)
7. Individual or Joint/Group Filing (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
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Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
| Transaction | or Disposed of (D) | Securities |ect | Beneficial Ownership |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Month |ect(I)| |
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<S> <C> <C> <C><C> <C> <C> <C> <C> <C>
$0.10 Par Value Common St|4/10/9|S | |10,000 |A |$2.53 |20,000 |I |By Trust |
ock |7 | | | | | | | | |
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$0.10 Par Value Common St|N/A |N/A | |N/A |N/A|N/A |5,000 |I |By Wife |
ock | | | | | | | | | |
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Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
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1.Title of Derivative |2.Con- |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction | rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price of| | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva- | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu- | | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity |Date |Code|V| Amount | |ble | | | |Month |(I)| |
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<S> <C> <C> <C> <C><C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Option To Purchase C|$2.97 |01/27|A | |7,500 |A |07/27|01/26|common stock|7,500 | |Options to P|D | |
ommon Stock | |/97 | | | | |/97 |/02 | | | |urchase | | |
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Option To Purchase C|$1.81 |N/A |N/A | |N/A N/A |A,D|02/10|08/09|common stock|10,000 | |17,500 Share|D | |
ommon Stock | | | | | | |/97 |/01 | | | |s | | |
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Warrant To Purchase |$1.25 |N/A |N/A | |N/A N/A |A,D|08/01|07/31|common stock|50,000 | |50,000 |I |By Trust |
Common Stock | | | | | | |/96 |/01 | | | | | | |
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Warrant To Purchase |$1.25 |N/A |N/A | |N/A N/A |A,D|08/01|07/31|common stock|50,000 | |50,000 |I |By Trust |
Common Stock | | | | | | |/96 |/01 | | | | | | |
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Series A Cum. Conv. |$6.00 |N/A |J |V|N/A N/A |A,D|Immed|N/A |com.stk./war|6,375/6| |2,000* |D | |
Preferred Stock | | | | | | | | |rants |,375 | | | | |
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Series A Cum. Conv. |$6.00 |N/A |J |V|N/A N/A |A,D|Immed|N/A |com.stk./war|8,287/8| |2,600* |I |By Trust |
Preferred Stock | | | | | | | | |rants |,287 | | | | |
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Series A Cum. Conv. |$6.00 |N/A |J |V|N/A N/A |A,D|Immed|N/A |com.stk./war|6,375/6| |2,000* |I |By Wife |
Preferred Stock | | | | | | | | |rants |,375 | | | | |
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Series A Cum. Conv. |$6.00 |N/A |J |V|N/A N/A |A,D|Immed|N/A |com.stk./war|3,187/3| |1,000* |I |By Trust |
Preferred Stock | | | | | | | | |rants |,187 | | | | |
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| | | | | | | | | | | | | | |
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Explanation of Responses:
* As of April 1, 1997, the Series A Cumulative Convertible Preferred Stock
was convertible into the Company's $0.10
par value common stock and common stock purchase warrants at a ratio of 3.1875
to 1. This report is being filed to
show the increase in the number of common shares and common stock purchase
warrants issuable upon
conversion of the preferred stock into common as a result of dividends in
arrears (column 7). The common stock
purchase warrants expire on August 13,
1998.
SIGNATURE OF REPORTING PERSON
/s/ Patrick J. Duncan, Attorney-In-Fact for LeRoy W. Smith
DATE
May 15, 1997
