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
September 1996 AMENDED
5. If Amendment, Date of Original (Month/Year)
September 1996
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|8/26/9|P | |10,000 |A |1.96 |10,000 |I |Trust |
ock |6 | | | | | | | | |
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$0.10 Par Value Common St|8/26/9|P |N|5,000 |A |1.96 |5,000 |I |Wife |
ock |6 | |/| | | | | | |
| | |A| | | | | | |
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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|$1.81 |N/A |N/A |N|N/A N/A |A,D|02/10|08/09|common stock|10,000 | |10,000 |D | |
ommon Stock | | | |/| | |/97 |/01 | | | | | | |
| | | |A| | | | | | | | | | |
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Warrant To Purchase |$1.25 |N/A |N/A |N|N/A N/A |A,D|08/01|07/31|common stock|50,000 | |50,000 |I |Trust |
Common Stock | | | |/| | |/96 |/01 | | | | | | |
| | | |A| | | | | | | | | | |
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Warrant To Purchase |$1.25 |N/A |N/A |N|N/A N/A |A,D|08/01|07/31|common stock|50,000 | |50,000 |I |Trust |
Common Stock | | | |/| | |/96 |/01 | | | | | | |
| | | |A| | | | | | | | | | |
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Series A Cum. Conv. |$4.00 |N/A |N/A |N|N/A N/A |A,D|Immed|N/A |com.stk./war|6,000/6| |2,000* |D | |
Preferred Stock | | | |/| | | | |rants |,000 | | | | |
| | | |A| | | | | | | | | | |
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Series A Cum. Conv. |$4.00 |N/A |N/A |N|N/A N/A |A,D|Immed|N/A |com.stk./war|7,800/7| |2,600* |I |Trust |
Preferred Stock | | | |/| | | | |rants |,800 | | | | |
| | | |A| | | | | | | | | | |
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Series A Cum. Conv. |$4.00 |N/A |N/A |N|N/A N/A |A,D|Immed|N/A |com.stk./war|6,000/6| |2,000* |I |Wife |
Preferred Stock | | | |/| | | | |rants |,000 | | | | |
| | | |A| | | | | | | | | | |
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Series A Cum. Conv. |$4.00 |N/A |N/A |N|N/A N/A |A,D|Immed|N/A |com.stk./war|3,000/3| |1,000* |I |Trust |
Preferred Stock | | | |/| | | | |rants |,000 | | | | |
| | | |A| | | | | | | | | | |
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| | | | | | | | | | | | | | |
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Explanation of Responses:
* As of September 30, 1996, 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 to 1.
SIGNATURE OF REPORTING PERSON
/s/Patrick J. Duncan, Attorney-In-Fact for LeRoy W. Smith
DATE
April 9, 1997
