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
Walker, Clemons F.
748 Rising Star
Henderson, NV 89104
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
June 1997
5. If Amendment, Date of Original (Month/Year)
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
<TABLE>
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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|6/11/9|C** |V|318 |A |N/A | |D | |
ock |7 | | | | | | | | |
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$0.10 Par Value Common St|6/27/9|S | |9,400 |D |$3.31 |132,980 |D | |
ock |7 | | | | | | | | |
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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 | N/A |N/A | | N/A N/A |A,D|0/7/2|01/26|common stock|7,500 | |7,500 |D | |
ommon Stock | | | | | | |7/97 |/01 | | | | | | |
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Warrant To Purchase |$0.83 |N/A |N/A | |N/A N/A |A,D|05/16|05/15|common stock|18,000 | |Warrants to |D | |
Common Stock | | | | | | |/95 |/00 | | | |purchase | | |
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Warrant To Purchase |$0.70 |N/A |N/A | |N/A N/A |A,D|06/23|08/13|common stock|40,000 | |138,566 shar|D | |
Common Stock | | | | | | |/95 |/98 | | | |es | | |
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Warrant To Purchase |$0.75 |N/A |N/A | |N/A N/A |A,D|03/09|03/08|common stock|40,000 | | |D | |
Common Stock | | | | | | |/96 |/01 | | | | | | |
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Warrant To Purchase |$0.75 |N/A |N/A | |N/A N/A |A,D|03/09|02/12|common stock|10,000 | | |D | |
Common Stock | | | | | | |/96 |/01 | | | | | | |
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Warrant To Purchase |$0.75 |N/A |N/A | |N/A N/A |A,D|03/09|02/12|common stock|30,248 | | |D | |
Common Stock | | | | | | |/96 |/01 | | | | | | |
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Warrant To Purchase |$6.00 |6/11/|C** |V|318 |A |Immed|8/13/|common stock|318 | | |D | |
Common Stock | |97 | | | | | |98 | | | | | | |
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Series A Cum. Conv. |N/A |6/11/|C** |V|100 |D |N/A |N/A | | | | |D | |
Preferred Stock | |97 | | | | | | | | | | | | |
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</TABLE>
Explanation of Responses:
** On June 11, 1997, all of the Company's outstanding $0.01 Series A Cumulative
Preferred Stock automatically
converted into $0.10 par value Common Stock and Common Stock Purchase Warrants
pursuant to the terms of the
Articles of Incorporation at a ratio of 3.1875 to 1. Accordingly, the
Reporting Person's 100 shares of preferred stock
automatically converted into 318 shares of common stock and 318 common stock
purchase warrants on June 11,
1997.
SIGNATURE OF REPORTING PERSON
/s/Patrick J. Duncan, Attorney-in-Fact for Clemons F. Walker
DATE
July 8, 1997
