<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
KELLEY OIL & GAS CORP.
- --------------------------------------------------------------------------------
(Name of Issuer)
$2.625 CONVERTIBLE EXCHANGEABLE PREFERRED STOCK
- --------------------------------------------------------------------------------
(CUSIP Number)
Check the following box if a fee is being paid with this statement [X] (A fee
is not required only if the Filing person: (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7).
*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 ("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).
<PAGE>
- --------------------------------------------------------------------------------
CUSIP NO. 487906208 13G PAGE 2 OF 7 PAGES
- --------------------------------------------------------------------------------
================================================================================
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
FREEDOM SECURITIES CORPORATION, F/K/A/ JOHN HANCOCK FREEDOM
SECURITIES CORPORATION
I.R.S. NO. 13-3121913
================================================================================
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
NOT APPLICABLE (b) [_]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
COMMONWEALTH OF MASSACHUSETTS
================================================================================
5 SOLE VOTING POWER
NUMBER OF 0
SHARES -------------------------------------------------------------
6 SHARED VOTING POWER
BENEFICIALLY
0
OWNED BY
-------------------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING 0
PERSON -------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
WITH
0
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
NONE, EXCEPT THROUGH ITS INDIRECT, WHOLLY-OWNED SUBSIDIARY,
TUCKER ANTHONY INCORPORATED
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
NOT APPLICABLE
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
SEE LINE 9 ABOVE
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
HC
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
- ------------------------------------------------------------------------------
CUSIP No. 487906208 13G PAGE 3 OF 7 PAGES
- ------------------------------------------------------------------------------
==============================================================================
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
TUCKER ANTHONY HOLDING CORPORATION
I.R.S. NO. 13-3419808
==============================================================================
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
NOT APPLICABLE (b) [_]
- ------------------------------------------------------------------------------
3 SEC USE ONLY
- ------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
COMMONWEALTH OF MASSACHUSETTS
==============================================================================
5 SOLE VOTING POWER
NUMBER OF 0
SHARES -----------------------------------------------------------
6 SHARED VOTING POWER
BENEFICIALLY
0
OWNED BY
-----------------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING 0
PERSON -----------------------------------------------------------
8 SHARED DISPOSITIVE POWER
WITH
0
- ------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
NONE, EXCEPT THROUGH ITS INDIRECT, WHOLLY-OWNED SUBSIDIARY,
TUCKER ANTHONY INCORPORATED
- ------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
NOT APPLICABLE
- ------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
SEE LINE 9 ABOVE
- ------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
HC
==============================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
- ------------------------------------------------------------------------------
CUSIP No. 487906208 13G PAGE 4 OF 7 PAGES
- ------------------------------------------------------------------------------
===============================================================================
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
TUCKER ANTHONY INCORPORATED
I.R.S. NO. 04-2566229
===============================================================================
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
NOT APPLICABLE (b) [_]
- ------------------------------------------------------------------------------
3 SEC USE ONLY
===============================================================================
4 CITIZENSHIP OR PLACE OF ORGANIZATION
COMMONWEALTH OF MASSACHUSETTS
===============================================================================
5 SOLE VOTING POWER
NUMBER OF 8,000
SHARES -----------------------------------------------------------
6 SHARED VOTING POWER
BENEFICIALLY
0
OWNED BY
-----------------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING 0
PERSON -----------------------------------------------------------
8 SHARED DISPOSITIVE POWER
WITH
8,000
- ------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
NONE, EXCEPT THROUGH ITS INDIRECT, WHOLLY-OWNED SUBSIDIARY,
TUCKER ANTHONY INCORPORATED
- ------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
NOT APPLICABLE
- ------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
0.5%
- ------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
BD
===============================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
Page 5 of 7
Item 1(a) Name of Issuer:
--------------
Kelley Oil & Gas Corp.
Item 1(b) Address of Issuer's Principal Executive Offices:
-----------------------------------------------
601 Jefferson, Suite 1100
Houston, Texas 77002
Item 2(a) Name of Company Filing:
----------------------
Freedom Securities Corporation, formally known as John Hancock
Freedom Securities Corporation, ("Freedom"), and Freedom's
wholly-owned subsidiaries, Tucker Anthony Holding Corporation
("TA Holding") and TA Holding's wholly-owned subsidiary,
Tucker Anthony Incorporated ("Tucker"). See Exhibit A
Item 2(b) Address of Principal Business Office or, if None, Residence:
-----------------------------------------------------------
The principal offices of Freedom, TA Holding and Tucker are
located at One Beacon Street, Boston, Massachusetts 02108
Item 2(c) Citizenship:
-----------
Freedom, TA Holding and Tucker are Massachusetts Corporations
Item 2(d) Title of Class of Securities:
----------------------------
$2.625 Convertible Exchangeable Preferred Stock
Item 2(e) Cusip Number:
------------
487906208
Item 3 If this Statement is filed pursuant to Rule 13d-1(b), or 13d-2(b),
check whether the person filing is a:
-------------------------------------
FREEDOM: (g) X Parent Holding Company in accordance with
----- (S) 240.13d-1(b)(ii)(G)
TA HOLDING: (g) X Parent Holding Company in accordance with
----- (S) 240.13d-1(b)(ii)(G)
TUCKER: (a) X Broker or Dealer registered under (S)15 of the Act
-----
Item 4 Ownership:
---------
Not applicable
Item 5 Ownership of Five Percent or Less of a Class:
--------------------------------------------
The reporting persons have ceased to be the beneficial owners
of more than five percent of the class of securities
Item 6 Ownership of More than Five Percent on Behalf of Another Person:
---------------------------------------------------------------
Not applicable
Item 7 Identification and Classification of the Subsidiary Which Acquired
the Security Being Reported on By the Parent Holding Company:
--------------------------------------------------------
Not applicable
<PAGE>
Page 6 of 7
Item 8 Identification and Classification of the Members of the Group:
-------------------------------------------------------------
Not applicable
Item 9 Notice of Dissolution of Group:
------------------------------
Not applicable
Item 10 Certification:
-------------
Not applicable
SIGNATURE
After reasonable inquiry and to the best of my knowledge, each of the
undersigned certifies that the information set forth in this statement is true,
complete and correct.
FREEDOM SECURITIES
CORPORATION
F/K/A JOHN HANCOCK FREEDOM
SECURITIES CORPORATION
By: /S/
------------------------
Name: Kevin J. McKay
------------------------
Dated: April 11, 1997 Title: Executive Vice President
------------------------
TUCKER ANTHONY HOLDING
CORPORATION
By: /S/
------------------------
Name: Kevin J. McKay
------------------------
Dated: April 11, 1997 Title: Vice President
------------------------
TUCKER ANTHONY INCORPORATED
By: /S/
------------------------
Name: Marc Menchel
------------------------
Dated: April 11, 1997 Title: Executive Vice President
------------------------
<PAGE>
Page 7 of 7
EXHIBIT A
JOINT FILING AGREEMENT
----------------------
Freedom Securities Corporation, Tucker Anthony Holding Corporation, and Tucker
Anthony Incorporated hereby agree that the amended Schedule 13G to which this
Agreement is attached relating to certain securities of Kelley Oil & Gas Corp.,
is filed on behalf of each of them.
FREEDOM SECURITIES
CORPORATION
F/K/A JOHN HANCOCK FREEDOM
SECURITIES CORPORATION
By: /S/
------------------------
Name: Kevin J. McKay
------------------------
Dated: April 11, 1997 Title: Executive Vice President
------------------------
TUCKER ANTHONY HOLDING
CORPORATION
By: /S/
------------------------
Name: Kevin J. McKay
------------------------
Dated: April 11, 1997 Title: Vice President
------------------------
TUCKER ANTHONY INCORPORATED
By: /S/
------------------------
Name: Marc Menchel
------------------------
Dated: April 11, 1997 Title: Executive Vice President
------------------------
