<TABLE>
<CAPTION>
<S> <C>
-----------------------------
UNITED STATES OMB APPROVAL
SECURITIES AND EXCHANGE COMMISSION -----------------------------
Washington, D.C. 20549 OMB Number: 3235-0058
Expires:
Estimated average burden
FORM 12b-25 hours per response ..... 2.50
-----------------------------
-----------------------------
NOTIFICATION OF LATE FILING SEC FILE NUMBER
0-6580
(Check One): -----------------------------
-----------------------------
[X] Form 10-KSB [ ] Form 20-F [ ] Form 11-K [ ] Form 10-Q [ ] Form N-SAR CUSIP NUMBER
705019 40 4
For Period Ended: December 31, 1999 -----------------------------
[ ] Transition Report on Form 10-K
[ ] Transition Report on Form 20-F
[ ] Transition Report on Form 11-K
[ ] Transition Report on Form 10-Q
[ ] Transition Report on Form N-SAR
For the Transition Period Ended: _______________________________________________________________________
- ------------------------------------------------------------------------------------------------------------------------------------
Read Instruction (on back page) Before Preparing Form. Please Print or Type.
Nothing in this form shall be construed to imply that the Commission has verified any information contained herein.
- ------------------------------------------------------------------------------------------------------------------------------------
If the notification relates to a portion of the filing checked above, identify the Item(s) to which the notification relates:
- ------------------------------------------------------------------------------------------------------------------------------------
PART I -- REGISTRANT INFORMATION
Pease Oil and Gas Company
- ------------------------------------------------------------------------------------------------------------------------------------
Full Name of Registrant
N/A
- ------------------------------------------------------------------------------------------------------------------------------------
Former Name if Applicable
751 Horizon Court, Suite 203
- ------------------------------------------------------------------------------------------------------------------------------------
Address of Principal Executive Office (Street and Number)
Grand Junction, Colorado 81506-8758
- ------------------------------------------------------------------------------------------------------------------------------------
City, State and Zip Code
PART II -- RULES 12b-25(b) AND (c)
If the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule
12b-25(b), the following should be completed. (Check box if appropriate)
[x] | (a) The reasons described in reasonable detail in Part III of this form could not be eliminated without unreasonable
| effort or expense;
|
[x] | (b) The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, Form 11-K or Form N-SAR,
| or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the
| subject quarterly report of transition report on Form 10-Q, or portion thereof will be filed on or before the fifth
| calendar day following the prescribed due date; and
|
[x] | (c) The accountant's statement or other exhibit required by Rule 12b-25(c) has been attached if applicable.
PART III -- NARRATIVE
State below in reasonable detail the reasons why Forms 10-K, 20-F, 11-K, 10-Q, N-SAR, or the transition report or portion thereof,
could not be filed within the prescribed time period.
The Registrant has filed a registration statement with the Commission regarding a proposed
merger with another entity (File No. 333-95213). The Commission Staff comments regarding the
initial filing addressed the financial statements of the company to be merged into the
Registrant (no comments have been received regarding the Registrant's financial statements).
The attempt to satisfy these comments has delayed the completion of the Registrant's Form 10-
KSB and the related audit of the Registrant's financial statements since complete and proper
disclosure regarding the proposed transaction (pending since May 1999) and its effect on
Registrant will be included in Registrant's Form 10-KSB. Accordingly, the Registrant requires
additional time to file its December 31, 1999 10-KSB.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PART IV--OTHER INFORMATION
<C> <S>
(1) Name and telephone number of person to contact in regard to this notification
Patrick J. Duncan 970 245-5917
- ------------------------------------------------------------------------------------------------------------------------------------
(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of
1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months or for such
shorter period that the registrant was required to file such report(s) been filed? If answer is no,
identify report(s). [X] Yes [ ] No
--------------------------------------------------------------------------------------------------------------------------------
(3) Is it anticipated that any significant change in results of operations from the corresponding period
for the last fiscal year will be reflected by the earnings statements to be included in the subject
report or portion thereof? [X] Yes [ ] No
If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the
reasons why a reasonable estimate of the results cannot be made.
The Registrant expects to report total revenues of $2,146,959, a net loss of approximately
$465,274 and a net loss applicable to common stockholders of approximately $730,798 (or $0.43
per share) for the year ended December 31, 1999. This can be compared to the Registrant's
reported revenues of $2,916,982, a net loss of $10.6 million, and a net loss applicable to
common stockholders of $12.7 million (or $7.99 per share) for the same period in 1998. The
significant improvement in the 1999 results of operations can be attributed to: 1.) higher oil
prices in 1999 leading to increased margins; 2.) general and administrative expenses were
$988,610 lower in 1999 when compared to 1998; and 3.) an impairment charge of approximately
$7.6 million was recognized in 1998 principally associated with the "ceiling test" of the full
cost pool. No impairment was recognized in 1999.
====================================================================================================================================
PEASE OIL AND GAS COMPANY
------------------------------------------
(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned hereunto duly authorized.
Date: MARCH 30, 2000 By /s/ Patrick J. Duncan
----------------------------------------------------
Patrick J. Duncan, President/Chief Financial Officer
INSTRUCTION: The form may be signed by an executive officer of the registrant or by any other duly authorized representative. The
name and title of the person signing the form shall be typed or printed beneath the signature. If the statement is signed on behalf
of the registrant by an authorized representative (other than an executive officer), evidence of the representative's authority to
sign on behalf of the registrant shall be filed with the form.
- ----------------------------------------------------------- ATTENTION --------------------------------------------------------------
Intentional misstatements or omissions of fact constitute Federal Criminal Violations (See 18 U.S.C. 1001).
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
