SUPPLEMENT
TO
PEASE OIL AND GAS COMPANY
PROSPECTUS
DATED
FEBRUARY 10, 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
of the Company which may be issued upon exercise of presently exercisable stock
purchase warrants under this Prospectus:
<TABLE>
<CAPTION>
Shares Owned Shares Shares Owned
Prior to Being After
Name Offering Offered Offering
- ---- ------------ ------- ------------
<S> <C> <C> <C>
Pacific States Capital Corporation(1) .................. 359,438 359,438 - 0 -
Clemons F. Walker.(1) .................................. 278,810 90,873 - 0 -
Santa Fe Exploration(2) ................................ 6,667 6,667 - 0 -
Theron L. Froggatte(2) ................................. 6,000 6,000 - 0 -
William F. Herndon(2) .................................. 4,000 4,000 - 0 -
GBS Financial Corp.(3) ................................. 8,500 8,500 - 0 -
Mary Cannons(3) ........................................ 300 300 - 0 -
- -----------------
</TABLE>
(1) Mr. Walker transferred warrants to purchase up to 79,438 shares of Common
Stock to Pacific States Capital Corporation in a private transaction.
(2) Santa Fee Exploration transferred warrants to purchase up to 6,000 and
4,000 shares of Common Stock, respectively, to Mr. Froggatte and Mr.
Herndon, the sole owners of Santa Fe Exploration.
(3) GBS Financial Corp. assigned warrants to purchase up to 300 shares to Mary
Cannons in a private transaction.
The date of this Supplement is July 9, 1997
