UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
(X) 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
Fetters, R. Thomas, Jr.
101 Red Brick Circle
Lafayette, LA 70503
USA
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
December 1998
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
( ) Director ( ) 10% Owner ( ) Officer (give title below) (X) Other
(specify below)
Former Director (See Note)
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|N/A |N/A | |N/A |N/A|N/A |2,500* |D | |
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>
Options To Purchase |$34.40**|N/A |N/A | |N/A N/A |A,D|*** |05/30|Common Stock|5,000**| | |D | |
Common Stock | | | | | | | |/02 | | | | | | |
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Options To Purchase |$30.40**|N/A |N/A | |N/A N/A |A,D|03/29|05/30|Common Stock|5,000**| | |D | |
Common Stock | | | | | | |/98 |/02 | | | | | | |
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Explanation of Responses:
* On the close of business December 1, 1998, the Issuer effected a one-for-ten
reverse stock split of its common
stock, resulting in the Reporting Person's disposition of 22,500 shares of
common stock.
** Option price and amount of underlying shares have been adjusted tor reflect
the December 1, 1998 one-for-ten
reverse stock
split.
*** These options will vest and become exercisable after one of the following
conditions or events: a) the
Company's Board of Directors agrees to accelerate the vesting period; b) the
Company's net assets are increased by
an amount in excess of $20 million by reason of acquisition or exploration
activities initiated by Mr. Fetters; or c) the
Company's net oil and gas reserves are increased by an amount in excess of $20
million by reason of acquisition or
exploration activities initiated by Mr.
Fetters.
NOTE: Mr. Fetters resigned as a Director of the Company on November 2,
1998.
SIGNATURE OF REPORTING PERSON
/s/ Patrick J. Duncan, Atty-In-Fact for R.Thomas Fetters,Jr.
DATE
January 25, 1999
