SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 2)
Kelley Oil & Gas Corp.
(Name of Issuer)
$2.625 Conv. Preferred Stock
(Title of Class of Securities)
487906208
(CUSIP Number)
*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 the
disclosures provided in a prior cover page.
The information required in 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 (the "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 6 Pages
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CUSIP NO. 487906208 13G Page 2 of 6 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
OppenheimerFunds, Inc.
I.R.S. NO. 13-2527171
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
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A
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B X
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Colorado
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NUMBER OF SHARES5 SOLE VOTING POWER
BENEFICIALLY OWNED 0
BY EACH
REPORTING
PERSON
WITH
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6 SHARED VOTING POWER
0
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7 SOLE DISPOSITIVE POWER
0
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8 SHARED DISPOSITIVE POWER
0
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES*
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
0
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12 TYPE OF REPORTING PERSON*
IA
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*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
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CUSIP NO. 487906208 13G Page 3 of 6 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Oppenheimer Strategic Income Fund
I.R.S. No. 84-1120195
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
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A
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B X
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Massachusetts
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NUMBER OF 5 SOLE VOTING POWER
SHARES 0
BENEFICIALLY OWNED
BY EACH
REPORTING
PERSON
WITH
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6 SHARED VOTING POWER
0
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--- ---------------------------------------------------------
7 SOLE DISPOSITIVE POWER
0
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--- ---------------------------------------------------------
8 SHARED DISPOSITIVE POWER
0
- --------------- --- ---------------------------------------------------------
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES*
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
0
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12 TYPE OF REPORTING PERSON*
IV
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*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
Page 4 of 7 Pages
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Schedule 13G
Under the Securities Exchange Act of 1934
Item 1(a) Name of Issuer:
Kelley Oil & Gas Corp.
Item 1(b) Address of Issuer's Principal Executive Offices:
601 Jefferson St.
Suite 1100
Houston, TX 77002
Item 2(a) Name of Person Filing:
OppenheimerFunds, Inc.
Item 2(b) Address of Principal Business Office:
Two World Trade Center, Suite 3400
New York, New York 10048-0203
Item 2(c) Citizenship:
Inapplicable
Item 2(d) Title of Class of Securities:
$2.625 Conv. Preferred Stock
Item 2(e) CUSIP Number:
487906208
Item 3(e) X Investment Adviser registered under Section 203 of
---
the Investment Advisers Act of 1940
Item 4(a) Amount Beneficially Owned: 0 shares
Item 4(b) Percent of Class: 0%
Item 4(c)(i) Sole Power to vote or to direct the vote - 0
Item 4(c)(ii) Shared power to vote or to direct the vote - 0
Item 4(c)(iii) Sole power to dispose or to direct the disposition of - 0
Item 4(c)(iv) Shared power to dispose or to direct the disposition of
- 0 shares
<PAGE>
Item 5 Ownership to Five Percent or Less of a Class:
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If this statement is being filed to report the fact that as
of the date hereof, the reporting person has ceased to be
the beneficial owner of more than 5% of the class of
securities, check the following: X *
Item 6 Ownership of More than Five Percent on Behalf of Another
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Person:
Inapplicable
Item 7 Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on By the Parent
Holding Company:
Inapplicable
Item 8 Identification and Classification of Members of the Group:
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Inapplicable
Item 9 Notice of Dissolution of Group:
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Inapplicable
Item 10 Certification:
By signing below, I certify that, to the best of my
knowledge and belief, the securities referred to above were
acquired in the ordinary course of business and were not
acquired for the purpose of and do not have the effect of
changing or influencing the control of the issuer of such
securities and were not acquired in connection with or as a
participant in any transaction having such purpose or
effect.
SIGNATURE 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: September 20, 1999
Signature: /s/ Merryl Hoffman
Name/Title: Merryl Hoffman, Vice President
*OppenheimerFunds, Inc. has ceased to be the holder of
Kelley Oil & Gas Corp. Preferred Stock due to the conversion of such shares
into Contour Energy Co. Convertible Preferred Stock on 8/2/99.
<PAGE>
EXHIBIT A
The undersigned investment company hereby acknowledges and agrees that a
report on Schedule 13G being filed by OppenheimerFunds, Inc. on or about the
date hereof, relating to the preferred stock of Kelley Oil & Gas Corp., is filed
on behalf of the undersigned.
Dated: September 20, 1999
Oppenheimer Strategic Income Fund
By: /s/ Robert G. Zack
Robert G. Zack
Assistant Secretary
