U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
[X] Check this box if no longer subject to
Section 16. Form 4 or Form 5 obli-
gations may continue. See Instruc-
ion 1(b)
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935
or Section 30(f) of the Investment Company Act of 1940
(Print of Type Responses)
1. Name and Address of Reporting Person*
KA Investments LDC(1)
(Last) (First) (Middle)
c/o Deephaven Capital Management LLC
1712 Hopkins Crossroads
Minnetonka Minnesota 55305
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
Odyssey Petroleum Corporation (OILYF)
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
12/98
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person to Issuer (Check all applicable)
/ / Director /X/ 10% Owner
/ / Officer (give title below) / / Other (Specify below)
________________
7. Individual or Joint/Group Filing (Check applicable line)
/X/ Form Filed by one Reporting Person
/ / Form Filed by more than one Reporting Person
<PAGE>
<TABLE>
<CAPTION>
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
5. Amount of
Securi-
ties
3. Trans- 4. Securities Acquired (A) Bene- 6. Owner-
2. Trans- action or Disposed of (D) ficially ship
action Code (Instr. 3, 4 and 5) Owned at Form: 7. Nature of
Date (Instr. --------------------------- End of Direct(D) or Indirect
Month/ 9) (A) Month Indirect Beneficial
1. Title of Security Day/ ----- --- Amount or Price (Instr. (I) Ownership
(Instr.3) Year) Code V (D) 3 and 4) (Instr. 4) (Instr. 4)
- ----------------------------- --------- ---------- -------- --- -------- ------------ ------------- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one Reporting Person, see Instruction 4(b)(v).
(1) See Schedule A for a listing of control persons of the Reporting Person which may have been deemed to be indirect beneficial
owners of the securities reported herein.
Page 1 of 2
/TABLE
<PAGE>
<TABLE>
<CAPTION> Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
2. Conver- 5. Number of Deriv- 6. Date Exercisable
sion or 3. Trans- 4. Trans- ative Securities and Expiration Date
Exercise action action Acquired (A) or (Month/Day/Year)
Price of Date Code Disposed of (D) -----------------------
Deriv- (Month/ (Instr. 8) (Instr. 3, 4, and 5) Date
1. Title of Derivative Security ative Day/ ----- ---- ----------------------- Exercis- Expiration
(Instr. 3) Security Year) Code V A D able Date
- ---------------------------------- ----------- ---------- ------------ ----------- ----------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
8% Convertible Debenture due $0.074(2) 12/98 S 1 12/29/97 10/1/02
October 1, 2002
Warrant $3.60 12/98 S 1 9/30/97 9/30/02
<CAPTION>
9. Number of 10. Ownership
Derivative of Deriv-
Securities ative
7. Title and Amount of Underlying Benefi- Security:
Securities (Instr. 3 and 4) cially Direct 11. Nature of
--------------------------------- 8. Price of Owned (D) or Indirect
Amount or Derivative at End Indirect Beneficial
1. Title of Derivative Title Number of Security of Month (I) Ownership
Security (Instr. 3) Shares (Instr. 5) (Instr. 4) (Instr. 4) (Instr. 4)
- ---------------------- -------------------- --------- ------------- ------------- -------------- --------------
<S> <C> <C> <C> <C> <C> <C>
8% Convertible Common Stock 25,970,743(2) (3) O D
Debenture due
October 1, 2002
Warrant Common Stock 25,000 (3) O D
Explanation of Responses
(2) Calculated as of 12/30/98
(3) The Debentures and Warrant were sold for an aggregate of $1,500,000.
KA Investments LDC
/s/ Gary Sobczak 1/6/99
------------------------------- ------
**Signature of Reporting Person Date
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C.
78ff(a).
Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient, see Instruction 6 for procedure.
Page 2 of 2
/TABLE
<PAGE>
Schedule A
Control Persons of KA Investment LDC:
1. Deephaven Market Neutral Trading L.P. (an Illinois limited partnership)
Address: 1712 Hopkins Crossroads
Minnetonka, MN 55305.
2. Deephaven Market Neutral Fund Limited (a British Virgin Islands
corporation)
Registered Office: c/o International Fund Administration
48 Par-La-Ville Road, Suite 464
Hamilton, HM11 Bermuda.
Mailing Address: 1712 Hopkins Crossroads
Minnetonka, MN 55305.
