SEC FORM 4

SEC Form 4

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
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Shea Gregory B

(Last)

(First)

(Middle)

305 CALUMET WAY

(Street)

BOWLING GREEN

42104

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
BAYOU CITY EXPLORATION, INC. [ BYCX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

Director		10% Owner
Officer (give title below)	X	Other (specify below)
		Former Director

3. Date of Earliest Transaction (Month/Day/Year)
09/24/1999

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	09/24/1999		J⁽¹⁾		2,927,293	A	⁽²⁾	2,927,293	I	By Blue Ridge Group, Inc.⁽³⁾
Common Stock	12/29/2000		P		13,940	A	$2	2,941,233	I	By Blue Ridge Group, Inc.⁽³⁾
Common Stock	06/29/2001		P		1,000,000	A	$0.05	3,941,233	I	By Blue Ridge Group, Inc.⁽³⁾
Common Stock	06/21/2004		P		12,842	A	$2	3,954,075	I	By Blue Ridge Group, Inc.⁽³⁾
Common Stock	10/16/2006		S		315,704	D	$0.0849	3,638,371	I	By Blue Ridge Group, Inc.⁽³⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Employee Stock Option (right to buy)	$1.7	05/18/2009		H⁽⁴⁾			50,000	04/03/2001	04/03/2011	Common Stock	50,000	$0	0	D
Employee Stock Option (right to buy)	$0.4	05/18/2009		H⁽⁴⁾			187,500	04/17/2002	04/17/2012	Common Stock	187,500	$0	0	D
Employee Stock Option (right to buy)	$0.3	05/18/2009		H⁽⁴⁾			460,000	02/22/2005	02/22/2010	Common Stock	460,000	$0	0	D
Non Qualified Stock Option	$0.01	05/18/2009		A		700,000		05/18/2009	05/18/2019	Common Stock	700,000	⁽⁵⁾	700,000	D

Explanation of Responses:

1. At the time the Issuer began reporting under the Securities Exchange Act of 1934, Mr. Shea served as a Director of Blue Ridge Group, Inc. which owned 2,927,293 shares of the Issuer's Common Stock at the time. By virtue of his position as a director of Blue Ridge Group, Inc., Mr. Shea may be deemed to indirectly beneficially own such shares. Mr. Shea disclaims beneficial ownership of these shares.

2. The Issuer's Common Stock was purchased by Blue Ridge Group, Inc. for varying prices between February 29, 1996 and October 17, 2006.

3. By virtue of his position as a director of Blue Ridge Group, Inc., Mr. Shea may be deemed to indirectly beneficially own the shares of the Issuer's Common Stock owned by Blue Ridge Group, Inc. Mr. Shea disclaims beneficial ownership of these shares.

4. This option was cancelled in partial consideration for the issuance of a Non Qualified Stock Option on May 18, 2009.

5. This Non Qualified Stock Option was issued in exchange for cancellation of Employee Stock Options issued to Mr. Shea on April 3, 2001, April 17, 2002 and February 22, 2005.

	Gregory B. Shea	07/16/2010
	** 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).
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