<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D/A
Under the Securities Exchange Act of 1934
Queen Sand Resources, Inc.
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(Name of Issuer)
Common Stock, par value $.0015 per share
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(Title of Class of Securities)
747927 10 1
-------------------
(CUSIP Number)
Julia Heintz Murray, General Counsel - Finance
Enron North America Corp.
1400 Smith Street
Houston, Texas 77002
(713) 853-4794
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(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
September 29, 2000
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(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 [ ].
NOTE: Six copies of this statement, including all exhibits, should be filed with
the Commission. See Rule 13d-1(a) for other parties to whom copies are to be
sent.
*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 (however, see the
Notes).
<PAGE> 2
SCHEDULE 13D
----------------------
CUSIP NO.: 747927 10 1
----------------------
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1 NAME OF REPORTING PERSON
S.S. OR IRS IDENTIFICATION NO. OF ABOVE PERSON
Joint Energy Development Investments Limited Partnership
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
N/A (b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7 SOLE VOTING POWER
-0-
NUMBER OF --------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY 12,234,952
OWNED BY --------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING -0-
PERSON --------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
12,234,952
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
12,234,952
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13.6%*
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14 TYPE OF REPORTING PERSON
PN
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*Assumes 90,288,538 shares of voting capital stock, comprised of 80,688,538
shares of common stock and 9,600,000 shares of Series A preferred stock, and
2,173 shares of Series C preferred stock, are issued and outstanding.
<PAGE> 3
SCHEDULE 13D
----------------------
CUSIP NO.: 747927 10 1
----------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR IRS IDENTIFICATION NO. OF ABOVE PERSON
Enron Corp.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
N/A (b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Oregon
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7 SOLE VOTING POWER
-0-
NUMBER OF --------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY 12,234,952
OWNED BY --------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING -0-
PERSON --------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
12,234,952
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
12,234,952
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13.6%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
--------------------------------------------------------------------------------
*Assumes 90,288,538 shares of voting capital stock, comprised of 80,688,538
shares of common stock and 9,600,000 shares of Series A preferred stock, and
2,173 shares of Series C preferred stock, are issued and outstanding.
<PAGE> 4
Note: This Schedule 13D/A amendment is being filed by Joint Energy Development
Investments Limited Partnership ("JEDI") and Enron Corp. ("Enron"), which are
collectively referred to as the "Reporting Entities." All information with
respect to Queen Sand Resources, Inc., a Delaware corporation (the "Issuer"), is
presented to the best knowledge and belief of the Reporting Entities. The joint
Schedule 13D of Enron and JEDI filed May 19, 1997, as amended by a Schedule
13D/A filed October 7, 1998, is further amended by the following:
Item 2. Identity and Background.
The Schedules to this statement report current information regarding the
officers and directors of Enron Capital Corp., a Delaware corporation, and
Enron. Neither of the Reporting Entities nor, to their knowledge, any person
listed on the Schedules hereto, has been, during the last five years (i)
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors) or (ii) a party to a civil proceeding and as a result of such
proceeding was or is subject to a judgment, decree or final order enjoining
future violation of, or prohibiting or mandating activities subject to, U.S.
federal or state securities laws or finding any violation with respect to such
laws.
Item 4. Purpose of Transaction.
The purpose of the transaction is to partially hedge the economic risk
of beneficially owning the common stock, par value $0.0015 per share (the
"Common Stock") of the Issuer.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to
Securities of the Issuer.
On September 29, 2000, Enron's affiliate Harrier, LLC ("Harrier")
entered into two price return equity swaps with Talon I LLC ("Talon") whereby
Harrier effectively imposed on Talon part of the economic risk of owning Common
Stock. Neither of these transactions affect JEDI's or Enron's voting or
investment power with respect to the Common Stock it beneficially owns.
The material terms of the first transaction are as follows:
Notional Amount 1,580,971 shares of Common Stock
Termination Date The earlier of August 3, 2003 or any day
on which a notice is sent designating an
amount of shares that, when added to
previous amounts, equals 1,580,971
shares
Number of Shares The amount of shares designated in a
notice, not to exceed an aggregate of
1,580,971 shares
Initial Equity Notional Amount $142,287
Equity Notional Amount (number of shares) x (initial price)
Type of Return price return
Initial Price $0.09 for the first valuation date and
each subsequent valuation date
<PAGE> 5
Final Price The closing price per share quoted by
Nasdaq
Equity Amount (Equity notional amount) x (rate of
return), where the rate of return for
each valuation date equals the final
price minus the initial price, which
difference is divided by the initial
price
The material terms of the second transaction, which are also effective as of
August 3, 2000, are as follows:
Notional Amount 5,760,000 shares of Preferred Stock
Termination Date The earlier of August 3, 2003 or any day
on which a notice is sent designating an
amount of shares that, when added to
previous amounts, equals 5,760,000
shares
Number of Shares The amount of shares designated in a
notice, not to exceed an aggregate of
5,760,000 shares
Initial Equity Notional Amount $518,400
Equity Notional Amount (number of shares) x (initial price)
Type of Return price return
Initial Price $0.09 for the first valuation date and
each subsequent valuation date
Final Price The closing price per share quoted by
Nasdaq
Equity Amount (equity notional amount) x (rate of
return), where the rate of return for
each valuation date equals the final
price minus the initial price, which
difference is divided by the initial
price
The definitions and provisions of the 2000 ISDA Definitions and the 1996 ISDA
Equity Derivatives Definitions, as published by the International Swaps and
Derivatives Association, Inc., are incorporated into the transaction terms.
Harrier and Talon may change the notional amount of securities that are subject
to these hedges from time to time.
JEDI also entered into a Settlement Agreement described in greater detail in the
Issuer's Registration Statement on Form S-2 (No. 333-41992). It explains the
terms under which JEDI may participate in the recapitalization transaction
described therein.
Except as described herein, none of the Reporting Entities, nor, to their
knowledge, Enron Capital Management Limited Partnership, Enron Capital Corp., or
Enron North America Corp. has effected any transactions in any shares of Common
Stock during the past sixty days.
Item 7. Material to be Filed as Exhibits.
Exhibit 1 -- Confirmation Letter relating to Common Stock
<PAGE> 6
Exhibit 2 -- Confirmation Letter relating to Preferred Stock
Exhibit 3 -- Settlement Agreement dated as of July 17, 2000 between
the Issuer and the stockholders named therein, filed as
an Exhibit to the Issuer's Registration Statement on Form
S-2 (No. 333-41992).
<PAGE> 7
SIGNATURE
After reasonable inquiry and to the best knowledge and belief of the
undersigned, the undersigned certify that the information set forth in this
statement is true, complete and correct.
October 24, 2000 JOINT ENERGY DEVELOPMENT
INVESTMENTS LIMITED PARTNERSHIP
By: Enron Capital Management Limited
Partnership, its general partner
By: Enron Capital Corp., its general
partner
By: /s/ DAVID W. DELAINEY
-------------------------------------
Name: David W. Delainey
-----------------------------------
Title: President and Managing Director
----------------------------------
October 24, 2000 ENRON CORP.
By: /s/ ANGUS H. DAVIS
-------------------------------------
Name: Angus H. Davis
-----------------------------------
Title: Vice President and Deputy
Corporate Secretary
----------------------------------
<PAGE> 8
SCHEDULE I
DIRECTORS AND EXECUTIVE OFFICERS
ENRON CORP.
<TABLE>
<CAPTION>
Name and Business Address Citizenship Position and Occupation
------------------------- ----------- -----------------------
<S> <C> <C>
Robert A. Belfer U.S.A. Director; Chairman, President and Chief
Belco Oil and Gas Corp. Executive Officer, Belco Oil & Gas Corp.
767 Fifth Avenue, 46th Fl.
New York, NY 10153
Norman P. Blake, Jr. U.S.A. Director; Chief Executive Officer and Secretary
United States Olympic Committee General, United States Olympic Committee
One Olympic Plaza
Colorado Springs, Colorado 80909
Ronnie C. Chan U.S.A. Director; Chairman of Hang Lung Development
Hang Lung Development Group
Company Limited
28/F, Standard Chartered
Bank Building
4 Des Vouex Road Central
Hong Kong
John H. Duncan U.S.A. Director; Investments
5851 San Felipe, Suite 850
Houston, TX 77057
Paulo V. Ferraz Pereira Brazil Director; President and Chief Executive Officer
Meridional Financial Group of Meridional Financial Group
Av. Rio Branco, 138-15th andar
20057-900 Rio de Janeiro - RJ
Brazil
Wendy L. Gramm U.S.A. Director; Director, Regulatory Studies Program
P. O. Box 39134 of the Mercatus Center, George Mason
Washington, D.C. 20016 University
Ken L. Harrison U.S.A. Director; Chairman and Chief Executive Officer,
121 S. W. Salmon Street Portland General Electric Company
Portland, OR 97204
Robert K. Jaedicke U.S.A. Director; Professor (Emeritus), Graduate
Graduate School of Business School of Business, Stanford University
Stanford University
Stanford, CA 94305
Charles A. LeMaistre U.S.A. Director; President (Emeritus), University of
7 Bristol Green Texas M.D. Anderson Cancer Center
San Antonio, TX 78209
</TABLE>
<PAGE> 9
<TABLE>
<CAPTION>
Name and Business Address Citizenship Position and Occupation
------------------------- ----------- -----------------------
<S> <C> <C>
John Mendelsohn U.S.A. Director; President, University of Texas
University of Texas M.D. Anderson Cancer Center
M.D. Anderson Cancer Ctr.
1515 Holcombe
Houston, Texas 77030
Jerome J. Meyer U.S.A. Director; Chairman and Chief Executive Officer,
14200 SW Karl Braun Drive Tektronix, Inc.
Beaverton, Oregon 97077
Frank Savage U.S.A. Director; Chairman, Alliance Capital
1345 Avenue of the Americas Management International
39th Floor
New York, New York 10105
John A. Urquhart U.S.A. Director; Senior Advisor to the Chairman of
John A. Urquhart Assoc. Enron Corp.; President, John A. Urquhart
111 Beach Road Associates
Fairfield, CT 06430
John Wakeham U.K. Director; Former U.K. Secretary of State for
1 Salisbury Square Energy and Leader of the Houses of Commons
London EC4Y 8JB and Lords
United Kingdom
Herbert S. Winokur, Jr. U.S.A. Director; Chairman and CEO, Capricorn
Capricorn Holdings, Inc. Holdings, Inc.
30 East Elm Ct.
Greenwich, CT 06830
Kenneth L. Lay U.S.A. Director; Chairman and Chief Executive Officer
1400 Smith Street
Houston, TX 77002
J. Clifford Baxter U.S.A. Vice Chairman
1400 Smith Street
Houston, TX 77002
Richard B. Buy U.S.A. Executive Vice President and Chief Risk Officer
1400 Smith Street
Houston, TX 77002
Richard A. Causey U.S.A. Executive Vice President and Chief Accounting
1400 Smith Street Officer
Houston, TX 77002
Mark E. Koenig U.S.A. Executive Vice President, Investor Relations
1400 Smith Street
Houston, TX 77002
James V. Derrick, Jr. U.S.A. Executive Vice President and General Counsel
1400 Smith Street
Houston, TX 77002
</TABLE>
<PAGE> 10
<TABLE>
<CAPTION>
Name and Business Address Citizenship Position and Occupation
------------------------- ----------- -----------------------
<S> <C> <C>
Steven J. Kean U.S.A. Executive Vice President and Chief of Staff
1400 Smith Street
Houston, TX 77002
Andrew S. Fastow U.S.A. Executive Vice President and Chief Financial
1400 Smith Street Officer
Houston, TX 77002
Mark A. Frevert U.S.A. Chairman of the Board, Chief Executive Officer
1400 Smith Street and Managing Director, Enron North America
Houston, TX 77002 Corp.
Stanley C. Horton U.S.A. Chairman and Chief Executive Officer, Enron
1400 Smith Street Transportation Services Company
Houston, TX 77002
J. Mark Metts U.S.A. Executive Vice President, Corporate
1400 Smith Street Development
Houston, TX 77002
Cindy K. Olson U.S.A. Executive Vice President, Human Resources
1400 Smith Street and Community Relations
Houston, TX 77002
Michael S. McConnell U.S.A. Executive Vice President, Technology
1400 Smith Street
Houston, TX 77002
Lou L. Pai U.S.A. Chairman, President and Chief Executive
1400 Smith Street Officer, Enron Energy Services, Inc.
Houston, TX 77002
Kenneth D. Rice U.S.A. Chief Executive Officer and President,
1400 Smith Street Enron Broadband Services, Inc.
Houston, TX 77002
Jeffrey K. Skilling U.S.A. Director; President and Chief Operating Officer,
1400 Smith Street Enron Corp.
Houston, TX 77002
Joseph W. Sutton U.S.A. Vice Chairman, Enron Corp.
1400 Smith Street
Houston, TX 77002
</TABLE>
<PAGE> 11
SCHEDULE II
DIRECTORS AND EXECUTIVE OFFICERS
ENRON CAPITAL CORP.
<TABLE>
<CAPTION>
Name and Business Address Citizenship Position and Occupation
------------------------- ----------- -----------------------
<S> <C> <C>
James V. Derrick, Jr. USA Director
1400 Smith Street
Houston, TX 77002
Mark A. Frevert USA Director; Chairman, Chief Executive Officer and
1400 Smith Street Managing Director
Houston, TX 77002
David W. Delainey USA President and Managing Director
1400 Smith Street
Houston, TX 77002
Mark E. Haedicke USA Director; Managing Director and General
1400 Smith Street Counsel
Houston, TX 77002
Julia Heintz Murray USA Managing Director, General Counsel, Finance
1400 Smith Street and Secretary
Houston, TX 77002
Raymond M. Bowen, Jr. USA Managing Director
1400 Smith Street
Houston, TX 77002
Richard B. Buy USA Managing Director
1400 Smith Street
Houston, TX 77002
Andrew S. Fastow USA Managing Director
1400 Smith Street
Houston, TX 77002
Robert J. Hermann USA Managing Director and General Tax Counsel
1400 Smith Street
Houston, TX 77002
Kelly H. Boots USA Vice President
1400 Smith Street
Houston, TX 77002
</TABLE>
<PAGE> 12
<TABLE>
<CAPTION>
Name and Business Address Citizenship Position and Occupation
------------------------- ----------- -----------------------
<S> <C> <C>
Ben F. Glisan, Jr. USA Vice President, Finance and Treasurer
1400 Smith Street
Houston, TX 77002
Jordan H. Mintz USA Vice President, Tax and Tax Counsel
1400 Smith Street
Houston, TX 77002
Barry J. Schnapper USA Vice President
1400 Smith Street
Houston, TX 77002
Scott M. Sefton USA Vice President and Assistant Secretary
1400 Smith Street
Houston, TX 77002
</TABLE>
<PAGE> 13
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
EXHIBIT
NUMBER DESCRIPTION
------- -----------
<S> <C>
1 Confirmation Letter relating to Common Stock
2 Confirmation Letter relating to Preferred Stock
3 Settlement Agreement dated as of July 17, 2000 between
the Issuer and the stockholders named therein, filed as
an Exhibit to the Issuer's Registration Statement on Form
S-2 (No. 333-41992).
</TABLE>
