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
Osborne, Homer C.
12900 Preston Rd., Suite 900
Dallas, TX 75230
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
September 1999
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>
<CAPTION>
___________________________________________________________________________________________________________________________________
Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
___________________________________________________________________________________________________________________________________|
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)| |
___________________________________________________________________________________________________________________________________|
<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 |976 |D | |
ock | | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
$0.10 Par Value Common St|09/24/|J* | |9,400* |A |N/A* |10,376 |D | |
ock |99 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
___________________________________________________________________________________________________________________________________|
<CAPTION>
___________________________________________________________________________________________________________________________________
Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
___________________________________________________________________________________________________________________________________|
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)| |
___________________________________________________________________________________________________________________________________|
<S> <C> <C> <C> <C><C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Options To Purchase St|$29.70 |N/A |N/A |N|N/A N/A |A,D|07/27|01/26|common stock|750 | | |D | |
ock | | | |/| | |/97 |/02 | | | | | | |
| | | |A| | | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Options To Purchase St|$18.10 |N/A |N/A |N|N/A N/A |A,D|02/10|08/09|common stock|1,733 | | |D | |
ock | | | |/| | |/97 |/01 | | | | | | |
| | | |A| | | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Options To Purchase St|$10.00 |N/A |N/A |N|N/A N/A |A,D|09/09|03/08|common stock|100 | | |D | |
ock | | | |/| | |/96 |/01 | | | | | | |
| | | |A| | | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Options To Purchase St|$8.30 |N/A |N/A |N|N/A N/A |A,D|11/16|05/15|common stock|1,698 | | |D | |
ock | | | |/| | |/95 |/00 | | | | | | |
| | | |A| | | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
| | | | | | | | | | | | | | |
___________________________________________________________________________________________________________________________________|
</TABLE>
Explanation of Responses:
* Represents issuance of $0.10 par value Common Stock to the Board of Directors
in lieu of cash for their services
rendered from 1/1/97 through
8/13/99.
SIGNATURE OF REPORTING PERSON
/s/ Patrick J. Duncan, Atty-In-Fact for Homer C. Osborne
DATE
November 9, 1999
