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
Duncan, Patrick J
751 Horizon Court, Suite 203
Grand Junction, CO 81506
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)
(X) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
President/Chief Financial Officer
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 |1,564* |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>
Option To Purchase C|$29.70**|N/A |N/A |N|N/A N/A |A,D|07/27|01/26|common stock|4,500**| | |D | |
ommon Stock | | | |/| | |/97 |/02 | | | | | | |
| | | |A| | | | | | | | | | |
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Option To Purchase C|$10.00**|N/A |N/A |N|N/a N/A |A,D|09/09|03/08| common stoc|2,900**| | |D | |
ommon Stock | | | |/| | |/96 |/01 |k | | | | | |
| | | |A| | | | | | | | | | |
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Option To Purchase C|$7.00** |N/A |N/A |N|N/A N/A |A,D|12/16|06/15|common stock|4,000**| | |D | |
ommon Stock | | | |/| | |/95 |/00 | | | | | | |
| | | |A| | | | | | | | | | |
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Option To Purchase C|$8.30** |N/A |N/A |N|N/A N/A |A,D|11/16|05/15|common stock|3,600**| | |D | |
ommon Stock | | | |/| | |/95 |/00 | | | | | | |
| | | |A| | | | | | | | | | |
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Option To Purchase C|$17.50**|N/A |N/A |N|N/A N/A |A,D|11/07|11/06|common stock|10,000*| | |D | |
ommon Stock | | | |/| | |/97 |/97 | |* | | | | |
| | | |A| | | | | | | | | | |
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Option To Purchase C|$5.00** |N/A |N/A |N|N/A N/A |A,D|11/07|11/06|common stock|10,000*| | |D | |
ommon Stock | | | |/| | |/97 |/97 | |* | | | | |
| | | |A| | | | | | | | | | |
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| | | | | | | | | | | | |D | |
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| | | | | | | | | | | | | | |
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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 14,071 shares of
common stock.
** Option price and amount of underlying shares have been adjusted to reflect
the December 1, 1998, one-for-ten
reverse stock
split.
SIGNATURE OF REPORTING PERSON
Patrick J. Duncan
DATE
January 20, 1999
