U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Petro Union, Inc.
(Name of Issuer)
Common Stock, No Par Value
(Title of Class of Securities)
716456306
(Cusip Number)
International Publishing Holding, S.A., 1 Place Darjeut,
1413 Luxembourg, Luxembourg
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
10/10/97
(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 [ ].
* 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.
CUSIP No. 716456306
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1. Name of Reporting Persons S.S. or I.R.S. Identification
Numbers of Above persons:
International Publishing Holding, S.A.
2. Check the appropriate box if a Member of a Group
(See Instructions)
a.
b.
3. SEC Use Only:
4. Source of Funds (See Instructions)
00
5. Check if Disclosure of Legal Proceedings is Required
Pursuant to Items 2(d) or 2(e):
6. Citizenship or Place of Organization:
Luxembourg
Number of Shares Beneficially Owned by Each Reporting Persons
With:
7. Sole Voting Power:
316,093
8. Shared Voting Power:
0
9. Sole Dispositive Power:
316,093
10. Shared Dispositive Power:
0
11. Aggregate Amount Beneficially Owned by each Reporting
Person:
316,093
12. Check if the Aggregate Amount in Row (11) Excludes Certain
Shares (See Instructions):
<PAGE>
13. Percent of Class Represented by Amount in Row (11):
31.6%
14. Type of Reporting Person (See Instructions):
CO
<PAGE>
Item 1. Security and Issuer
This statement relates to the common stock, no par value
of Petro Union, Inc. d/b/a Horizontal Ventures, Inc. ("Common
Stock"), the Issuer, whose address and principal offices are
located at 575 Madison Ave., Suite 1006, New York, NY 10022.
Item 2. Identity and Background
(a) Name: International Publishing Holdings, S.A.
(b) Business Address: 1 Place Darjeut, 1413 Luxembourg,
Luxembourg.
(c) Principal business: Investment and Holding.
(d) The filing person has not been convicted in any
criminal proceeding during the last five years.
(e) The filing person has not been a party in the last five
years to any civil proceeding, of a judicial or administrative
body of competent jurisdiction, which resulted in a judgment or
decree, or final order enjoining him, her or it from future
violations of, or prohibiting or mandating activities subject to
federal or state securities laws, or which found any violation
with respect to such laws.
(f) Citizenship: Luxembourg.
Item 3. Source and Amount of Funds or Other Consideration
Petro Union, Inc. (the "Company") filed a voluntary petition
for relief pursuant to Chapter 11 of the United States Bankruptcy
Code. Under its First Amended Plan of Reorganization confirmed
by the Bankruptcy Court of the Southern District of Indiana on
August 28, 1997, the Company's proposal to merge with its largest
competitor Horizontal Ventures, Inc. ("HVI") was approved. The
Company acquired HVI on September 9, 1997. The shares of the
Company received are in consideration for the exchange of the
filing person's stock in HVI. The filing person also received
40,000 shares upon conversion of its $200,000 post-petition loan.
The filing person was issued all such shares on October 15, 1997.
Item 4. Purpose of Transaction
Shares were acquired in merger described in Item 3.
Item 5. Interest in Securities of the Issuer
(a) 316,093
(b) 316,093
(c) N/A.
<PAGE>
(d) N/A.
(e) N/A.
Item 6. Contract, Arrangements, Understandings or Relationships
with Respect to Securities of the Issuer
Under a Post Petition Loan Agreement by and between
International Publishing Holdings, S.A. ("IPH") and Petro Union,
Inc. dated June 1997, IPH received a call option exercisable for
a period of 36 months to acquire ninety percent of the Company's
wholly-owned subsidiary, Calox Corporation, which holds as its
only asset a limestone quarry in Monroe County, Indiana. The
purchase price for such ninety percent interest will be the book
value of the interest at the time of exercise.
Item 7. Material to be Filed as Exhibits
A. Post Petition Loan Agreement by and between
International Publishing Holding, S.A. and Petro Union, Inc.
dated June 13,1997. Incorporated by reference to 8-K for event
that occurred August 28, 1997 as Exhibit 10.3.
SIGNATURES
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this
statement is true, complete and correct.
Date: October 16, 1997 By:
International Publishing
Holdings, S.A.
