SUPPLEMENT
TO
PEASE OIL AND GAS COMPANY
PROSPECTUS
DATED
AUGUST 22, 1997
On December 1, 1998 Pease Oil and Gas Company completed a reverse stock
split. As a result of the reverse stock split, the total number of authorized
shares of common stock which we may issue was reduced from 40,000,000 shares to
4,000,000 shares. Correspondingly, each 10 shares of outstanding common stock
were automatically reduced to one share. Following the reverse stock split there
were approximately 1,600,705 shares of common stock outstanding.
As a result of the reverse stock split, this Prospectus now relates to
resale of up to 1,389,075 shares by the persons who own the shares or who may
acquire them from the Company. Of the shares registered for resale, 695,557
shares are issued and outstanding, 556,685 shares would be issued upon exercise
of outstanding warrants and 136,833 shares would be issuable upon conversion of
outstanding convertible debentures.
All information included in our Prospectus dated August 22, 1997 is hereby
modified as necessary to reflect the reverse stock split described above.
The date of this Prospectus is December 1, 1998
