<PAGE> 1
OMB APPROVAL
-------------------------
OMB Number: 3235-0287
-------------------------
Expires: October 31, 2001
-------------------------
Estimated average burden
hours per response...0.5
-------------------------
FORM 4
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
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
[_] Check this box if no longer subject to Section 16. Form 4 or Form 5
obligations may continue. See Instruction 1(b).
(Print or Type Responses)
________________________________________________________________________________
1. Name and Address of Reporting Person*
Coughlin Paul J
--------------------------------------------------------------------------------
(Last) (First) (Middle)
c/o CoMac Partners, L.P. 1, Greenwich Office Park
--------------------------------------------------------------------------------
(Street)
Greenwich CT 06831
--------------------------------------------------------------------------------
(City) (State) (Zip)
________________________________________________________________________________
2. Issuer Name and Ticker or Trading Symbol
Southern Mineral Corporation (SMOP.OB)
________________________________________________________________________________
3. IRS or Social Security Number of Reporting Person, if an entity (Voluntary)
________________________________________________________________________________
4. Statement for Month/Year
September, 2000
________________________________________________________________________________
5. If Amendment, Date of Original (Month/Year)
================================================================================
6. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
[x] Director [x] 10% Owner
[_] Officer (give title below) [_] Other (specify below)
________________________________________________________________________________
7. Individual or Joint/Group Filing (Check Applicable Line)
[_] Form filed by One Reporting Person
[X] Form filed by More than One Reporting Person
================================================================================
Table I -- Non-Derivative Securities Acquired, Disposed of,
or Beneficially Owned
================================================================================
<TABLE>
<CAPTION>
6.
4. 5. Owner-
Securities Acquired (A) or Amount of ship
3. Disposed of (D) Securities Form: 7.
Transaction (Instr. 3, 4 and 5) Beneficially Direct Nature of
2. Code ------------------------------- Owned at End (D) or Indirect
1. Transaction (Instr. 8) (A) of Month Indirect Beneficial
Title of Security Date ------------ Amount or Price (Instr. 3 (I) Ownership
(Instr. 3) (Month/Day/Year) Code V (D) and 4) (Instr.4) (Instr. 4)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Common Stock 9/13/00 (1) J(1) V 661,017 A N/A(8) 661,017 I (2)(3)
------------------------------------------------------------------------------------------------------------------------------------
Common Stock 9/13/00 (1) J(1) V 885,043 A N/A(8) 885,043 I (2)(4)
------------------------------------------------------------------------------------------------------------------------------------
Common Stock 9/13/00 (1) J(1) V 105,329 A N/A(8) 105,329 I (2)(5)
------------------------------------------------------------------------------------------------------------------------------------
Common Stock 9/13/00 (1) J(1) V 1,844 A N/A(8) 1,844 I (2)(6)
------------------------------------------------------------------------------------------------------------------------------------
Common Stock 9/13/00 (1) J(1) V 69,144 A N/A(8) 69,144 I (7)
====================================================================================================================================
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. (Over)
* If the form is filed by more than one reporting person, see Instruction 4(b)(v). SEC 1474 (7-96)
</TABLE>
<PAGE> 2
FORM 4 (continued)
Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
================================================================================
<TABLE>
<CAPTION>
10.
9. Owner-
Number ship
of Form
2. Deriv- of
Conver- 5. 7. ative Deriv- 11.
sion Number of Title and Amount Secur- ative Nature
or Derivative 6. of Underlying 8. ities Secur- of
Exer- 4. Securities Date Securities Price Bene- ity: In-
cise 3. Trans- Acquired (A) Exercisable and (Instr. 3 and 4) of ficially Direct direct
Price Trans- action or Disposed Expiration Date ---------------- Deriv- Owned (D) or Bene-
1. of action Code of(D) (Month/Day/Year) Amount ative at End In- ficial
Title of Deriv- Date (Instr. (Instr. 3, ---------------- or Secur- of direct Owner-
Derivative ative (Month/ 8) 4 and 5) Date Expira- Number ity Month (I) ship
Security Secur- Day/ ------ ------------ Exer- tion of (Instr. (Instr. (Instr. (Instr.
(Instr. 3) ity Year) Code V (A) (D) cisable Date Title Shares 5) 4) 4) 4)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
6.875% N/A(8) 9/13/00(1) J(1) V 2,868 (1) N/A N/A Common 661,017 0 I (2)(3)
Convertible Stock, par
Subordinated value $0.01
Debentures
------------------------------------------------------------------------------------------------------------------------------------
6.875% N/A (8) 9/13/00(1) J(1) V 3,840 (1) N/A N/A Common 885,043 0 I (2)(4)
Convertible Stock, par
Subordinated value $0.01
Debentures
------------------------------------------------------------------------------------------------------------------------------------
6.875% N/A (8) 9/13/00(1) J(1) V 457 (1) N/A N/A Common 105,329 0 I (2)(5)
Convertible Stock, par
Subordinated value $0.01
Debentures
------------------------------------------------------------------------------------------------------------------------------------
6.875% N/A (8) 9/13/00(1) J(1) V 8 (1) N/A N/A Common 1,844 0 I (2)(6)
Convertible Stock, par
Subordinated value $0.01
Debentures
------------------------------------------------------------------------------------------------------------------------------------
6.875% N/A (8) 9/13/00(1) J(1) V 300 (1) N/A N/A Common 69,144 0 I (7)
Convertible Stock, par
Subordinated Debentures value $0.01
====================================================================================================================================
Explanation of Responses:
See Attachment
</TABLE>
/s/ Paul J. Coughlin 10/10/00
--------------------------------------------- -----------------------
**Signature of Reporting Person Date
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).
** 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.
2 of 2
<PAGE> 3
Attachment to Form 4
Joint Filer Information
Name: Christopher M. Mackey
Address: 1 Greenwich Office Park
Greenwich, CT 06831
Designated Filer: Paul J. Coughlin
Issuer & Ticker Symbol: Southern Mineral Corporation (SMOP.OB)
Date of Statement: September, 2000
Signature:
By: /s/Christopher M. Mackey
-------------------------
Page 3 of 6
<PAGE> 4
Joint Filer Information
Name: CoMac Advisers, Inc.
Address: 1 Greenwich Office Park
3rd Floor
Greenwich, CT 06831
Designated Filer: Paul J. Coughlin
Issuer & Ticker Symbol: Southern Mineral Corporation (SMOP.OB)
Date of Statement: September, 2000
Signature:
COMAC ADVISERS, INC.
By: /s/Paul J. Coughlin
---------------------------
Name: Paul J. Coughlin
Title: Authorized Signatory
Page 4 of 6
<PAGE> 5
Footnotes
Designated Filer: Paul J. Coughlin
Issuer and Ticker Symbol: Southern Mineral Corporation (SMOP.OB)
Date of Statement: September, 2000
Footnotes
1. Transaction Code "J" indicates that the Securities were acquired pursuant
to an expemption to Section 16(b) of the Exchange Act of 1934, because,
they were acquired in good faith in connection with a debt previously
contracted (6.875% Convertible Subordinated Debentures). On August 1, 2000,
the Plan of Reorganization (the "Plan") of Southern Mineral Corporation
(the "Company") became effective (the "Effective Date"). Pursuant to the
Plan, Common Stock was issued to the holders of the Company's 6.875%
Convertible Subordinated Debentures on September 13, 2000. In connection
therewith, Common Shares ("Shares") of the Company were issued to Carol Ann
Coughlin (Mr. Coughlin's spouse) and CoMac Partners, L.P., a Delaware
limited partnership, CoMac Endowment Fund, L.P., a Delaware limited
partnership, CoMac International N.V., a Netherlands Antilles corporation
and CoMac Opportunities Fund, L.P., a Delaware limited partnership
(collectively, the "Funds") in respect of the 6.875% Convertible
Subordinated Debentures held by Ms. Coughlin and the Funds. See Notes (2)--
(8). Mr. Coughlin was also appointed to the Company's Board of Directors
pursuant to the Plan.
2. Shares held by the Funds. See Notes (3)-- (7). Messrs. Coughlin and Mackey
are executive officers, directors and shareholders of CoMac Advisers, Inc.,
a Delaware corporation ("Advisers Inc."), which is the sole general partner
of CoMac Associates, L.P., a Delaware limited partnership ("Advisers LP").
Advisers LP is the sole general partner of CoMac Partners, L.P. Advisers
Inc. is the sole general partner of CoMac Opportunities Fund, L.P. and
CoMac Endowment Fund, L.P. Messrs. Coughlin and Mackey are members of the
supervisor board of directors of CoMac International, N.V. and are
executive officers, directors and shareholders of CMS Advisers, Inc., a
Delaware corporation, the investment adviser to CoMac International N.V.
Pursuant to the Instructions to Form 4, the entire amount of the securities
held by the Funds are reported. Mr. Mackey, Mr. Coughlin and Advisers Inc.
each disclaim beneficial ownership of such securities, except to the extent
of their respective actual pecuniary interest in such securities.
3. Shares held directly by CoMac Partners, L.P. See Note 2 above.
4. Shares held directly by CoMac Endowment Fund, L.P. See Note 2 above.
5. Shares held directly by CoMac International N.V. See Note 2 above.
6. Shares held directly by CoMac Opportunities Fund, L.P. See Note 2 above.
Page 5 of 6
<PAGE> 6
Footnotes (continued)
Designated Filer: Paul J. Coughlin
Issuer and Ticker Symbol: Southern Mineral Corporation (SMOP.OB)
Date of Statement: September, 2000
Footnotes (continued)
7. Shares held directly by Mr. Coughlin's spouse. Mr. Mackey, Mr. Coughlin and
Advisers Inc. each disclaim beneficial ownership of such securities, except
to the extent of their respective actual pecuniary interest in such
securities.
8. Common shares acquired in good faith in connection with a debt previously
contracted.
Page 6 of 6