<PAGE> 1
--------------------------------
OMB APPROVAL
--------------------------------
OMB Number: 3235-0145
Expires: December 31, 1997
Estimated average burden
hours per response......14.90
--------------------------------
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
FORELAND CORPORATION
----------------------
(Name of Issuer)
COMMON STOCK, $.01 PAR VALUE
--------------------------------
(Title of Class of Securities)
345458301
--------------
(CUSIP Number)
Russell J. Bruemmer
Wilmer, Cutler & Pickering
2445 M Street, N.W.
Washington, D.C. 20037
(202) 663-6000
------------------
(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
January 6, 1998
---------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box [ ].
NOTE: Six copies of this statement, including all exhibits, should be filed
with the Commission. See Rule 13d-1(a) for other parties to whom copies are to
be sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
(Continued on following pages)
Page 1 of 10 Pages
<PAGE> 2
SCHEDULE 13D
- ------------------------------ -----------------------------
CUSIP NO. 345458301 PAGE 2 OF 10 PAGES
-----------
- ------------------------------ -----------------------------
<TABLE>
<S> <C>
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Energy Income Fund, L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF -------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY 1,000,000
OWNED BY
EACH --------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 0
WITH
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,000,000
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,000,000
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.3%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
</TABLE>
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE> 3
SCHEDULE 13D
- ------------------------------------ ----------------------------
CUSIP NO. 345458301 PAGE 3 OF 10 PAGES
------------------------
- ------------------------------------ ----------------------------
<TABLE>
<S> <C>
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
EIF General Partner, L.L.C.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF -------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY 1,000,000
OWNED BY
EACH -------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 0
WITH
-------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,000,000
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,000,000
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.3%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
- --------------------------------------------------------------------------------
</TABLE>
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE> 4
SCHEDULE 13D
- ------------------------------------ ----------------------------
CUSIP NO. 345458301 PAGE 4 OF 10 PAGES
------------------------
- ------------------------------------ ----------------------------
<TABLE>
<S> <C>
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Robert D. Gershen
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF --------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY 1,000,000
OWNED BY
EACH --------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 0
WITH
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,000,000
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,000,000
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.3%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
</TABLE>
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE> 5
SCHEDULE 13D
- ------------------------------------ ----------------------------
CUSIP NO. 345458301 PAGE 5 OF 10 PAGES
------------------------
- ------------------------------------ ----------------------------
<TABLE>
<S> <C>
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
George W. Siguler
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF ------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY 1,000,000
OWNED BY
EACH ------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 0
WITH
------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,000,000
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,000,000
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.3%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
</TABLE>
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE> 6
SCHEDULE 13D (CONTINUED) PAGE 6 OF 10 PAGES
This Schedule 13D is filed by and on behalf of Energy Income Fund,
L.P. ("EIF"), EIF General Partner, L.L.C. ("EIF General Partner"), Robert D.
Gershen ("Gershen"), and George W. Siguler ("Siguler") (collectively, the
"Reporting Persons"). As described more fully in Item 4 below, the Reporting
Persons are filing this Schedule 13D as a result of the acquisition of warrants
to purchase common stock, $.01 par value ("Common Stock"), of Foreland
Corporation (the "Issuer") equal to approximately 10.3% of the Common Stock of
the Issuer.
ITEM 1. SECURITY AND ISSUER.
This statement relates to the Common Stock of the Issuer whose
principal executive offices are located at 12596 West Bayaud Avenue, Suite 300,
Lakewood, Colorado 80228-2019.
ITEM 2. IDENTITY AND BACKGROUND.
The following table sets forth, as applicable, the name, address,
employment and citizenship or state of organization of each of the Reporting
Persons and persons for whom information is required by Instruction C:
<TABLE>
<CAPTION>
Citizenship or
State of
Name Address Employment Organization
- ---- ------- ---------- ------------
<S> <C> <C> <C>
Energy Income Fund, L.P. 136 Dwight Road Not applicable Delaware
("EIF") Longmeadow, Massachusetts 01106
EIF General Partner, 136 Dwight Road Not applicable Delaware
L.L.C. ("EIF General Longmeadow, Massachusetts 01106
Partner")
R. D. Gershen and 136 Dwight Road Not applicable Delaware
Company ("R. D. Longmeadow, Massachusetts 01106
Gershen")
Associated Energy 136 Dwight Road Not applicable Delaware
Managers, Inc. ("AEM") Longmeadow, Massachusetts 01106
Siguler Guff & Company, Rockefeller Center Not applicable Delaware
L.L.C. ("Siguler Guff") International Building
630 Fifth Avenue, 16th Floor
New York, New York 10111
Robert D. Gershen Energy Income Fund, L.P. A Managing United States
("Gershen") 136 Dwight Road Director of EIF
Longmeadow, Massachusetts 01106 General Partner and
President of AEM
George W. Siguler Siguler Guff & Company, L.L.C. A Managing United States
("Siguler") Rockefeller Center Director of EIF
International Building General Partner and
630 Fifth Avenue, 16th Floor a Managing Director of
New York, New York 10111 Siguler Guff
</TABLE>
EIF is an investment fund engaged exclusively in making reserve
backed energy loans and investing in related securities of small independent
oil and gas producers. EIF General Partner is the general partner of EIF and
its principal business is serving as the general partner of EIF. Siguler Guff
and R. D. Gershen are the members of EIF General Partner and have designated
Messrs. Siguler and Gershen, respectively, as managing directors of EIF
General Partner. The management of the business of EIF General Partner is
vested exclusively
<PAGE> 7
SCHEDULE 13D (CONTINUED) PAGE 7 OF 10 PAGES
with the managing directors. Siguler Guff is a diversified private equity
investment management firm. R. D. Gershen is in the principal business of
holding investments for the benefit of Mr. Gershen and his family. Pursuant to
a management agreement with EIF, AEM has responsibility for the origination and
servicing of investments for EIF. AEM is a registered investment advisor. Mr.
Gershen is the President and controlling shareholder of AEM and R. D. Gershen.
Mr. Siguler is a managing director of Siguler Guff.
During the last five years none of the Reporting Persons or the
persons for whom information is required by Instruction C (i) has been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors), or (ii) has been a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction and as a result of such
proceeding was or is subject to a judgment, decree or final order enjoining
future violations of, or prohibiting or mandating activity subject to, federal
or state securities laws or finding any violation with respect to such laws.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
EIF acquired warrants for the purchase of Common Stock of the Issuer
as additional consideration in connection with debt financing provided to the
Issuer. The source of funds for such debt financing was capital contributed by
EIF's investors.
ITEM 4. PURPOSE OF TRANSACTION.
The Reporting Persons are filing this Schedule 13D as the result of
the acquisition by EIF of warrants to purchase 1,000,000 shares of Common Stock
of the Issuer pursuant to a loan agreement entered into on January 6, 1998 (the
"1998 Transaction"). EIF acquired these equity securities as a result of debt
financing provided to Issuer by EIF. EIF has acquired such securities solely
for investment purposes. As the result of the 1998 Transaction, EIF is deemed
to beneficially own 10.3% of the Common Stock of Issuer.
Pursuant to the terms of the 1998 Transaction, Mr. Gershen was
appointed to the Board of Directors of Issuer, effective January 9, 1998. Mr.
Gershen is a Managing Director of EIF General Partner and is the president and
controlling shareholder of AEM and R. D. Gershen.
The Reporting Persons have no plans or proposals relating to the
Issuer. EIF has registration rights regarding the shares of the Common Stock
issuable pursuant to its warrants. The Reporting Persons may sell some or all
of the shares of Common Stock issuable pursuant to the warrants in privately
negotiated transactions, on the market or otherwise. The Reporting Persons do
not have any current plans to acquire additional shares of Common Stock.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) EIF directly holds warrants for the right to acquire 1,000,000
shares of Common Stock. The Reporting Persons are deemed to beneficially own an
aggregate of 1,000,000 shares of Common Stock, constituting 10.3% of the shares
outstanding.
(b) The Reporting Persons share dispositive power over the warrants
for the purchase of 1,000,000 shares of Common Stock. As and when the warrants
are exercised for Common Stock, the Reporting Persons will share voting and
dispositive power of the shares of Common Stock acquired upon exercise.
(c) There have been no transactions of shares of Common Stock
effected during the past sixty days.
(d) Not applicable.
(e) Not applicable.
<PAGE> 8
SCHEDULE 13D (CONTINUED) PAGE 8 OF 10 PAGES
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER.
None.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
Exhibit A is a written agreement relating to the filing of joint
statement as required by Rule 13d-1(f)(1) of the Securities Exchange Act of
1934, as amended.
SIGNATURES
After reasonable inquiry and to the best of our knowledge and
belief, the undersigned certify that the information set forth in this
statement is true, complete and correct.
Dated: January 15, 1998
ENERGY INCOME FUND, L.P.
By: EIF General Partner, L.L.C.
By: /s/ Robert D. Gershen
-----------------------------
Robert D. Gershen
Managing Director
EIF GENERAL PARTNER, L.L.C.
By: /s/ Robert D. Gershen
-----------------------------
Robert D. Gershen
Managing Director
/s/ Robert D. Gershen
--------------------------------
Robert D. Gershen
/s/ George W. Siguler
--------------------------------
George W. Siguler
<PAGE> 9
SCHEDULE 13D (CONTINUED) PAGE 9 OF 10 PAGES
<TABLE>
<CAPTION>
EXHIBIT INDEX
-------------
<S> <C>
Exhibit A Joint Filing Agreement, dated as of January 15,
1998, by and among EIF, EIF General Partner,
Gershen and Siguler
</TABLE>
<PAGE> 1
SCHEDULE 13D (CONTINUED) PAGE 10 OF 10 PAGES
Exhibit A
Agreement of Joint Filing
The undersigned acknowledge and agree that the foregoing statements
on Schedule 13D are filed on behalf of each of the undersigned and that they
are filing jointly, pursuant to Rule 13d-1(f)(1) of the Securities Exchange Act
of 1934, the information required by Schedule 13D for the Common Stock of
Foreland Corporation, beneficially owned by Energy Income Fund, L.P., EIF
General Partner, L.L.C., Robert D. Gershen and George W. Siguler.
ENERGY INCOME FUND, L.P.
By: EIF General Partner, L.L.C.
By: /s/ Robert D. Gershen
----------------------------
Robert D. Gershen
Managing Director
EIF GENERAL PARTNER, L.L.C.
By: /s/ Robert D. Gershen
------------------------------
Robert D. Gershen
Managing Director
/s/ Robert D. Gershen
---------------------------------
Robert D. Gershen
/s/ George W. Siguler
---------------------------------
George W. Siguler
