8-K

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    FORM 8-K

                     Pursuant to Section 13 or 15(d) of the
                        Securities Exchange Act of 1934


        Date of Report (Date of earliest event reported) March 13, 1997

                            PEASE OIL AND GAS COMPANY
              ----------------------------------------------------
             (Exact name of registrant as specified in its charter)


          Nevada                       0-6580             84-0285520
 ---------------------------     -------------------    ------------------
(State or other jurisdiction    (Commission File No.)  (I.R.S. Employer
 of incorporation)                                      Identification No.)



751 Horizon Court, Suite 203, Grand Junction, Colorado           81506-8718
- ------------------------------------------------------           ----------
     (Address of principal executive offices)                    (Zip Code)


Registrant telephone number including area code:  (970) 245-5917



Item 5.   OTHER EVENTS.

     The Registrant announced on June 19, 1997 that an oil and gas well in which
the  Registrant  holds a 10% working  interest and an  additional  7.1825% after
prospect payout working interest had been successfully  tested and completed and
will begin production  immediately.  The well, designated as the Schwing #2, was
completed  in two  productive  zones which had not been tested in the Schwing #1
well,  completed earlier this year. The new well tested at a rate of 912 barrels
of oil and 1.0  million  cubic feet of natural gas per day from one zone and 575
barrels of oil and 1.2 million  cubic feet of natural gas from the second  zone.
The  completion of the Schwing #2 well in the two  productive  zones extends the
proved area of production in the field.

Item 7.   FINANCIAL STATEMENTS AND EXHIBITS.

     The following exhibits are filed as a part of this report.


         (a)      Exhibits.

                  Exhibit 99 Press Release dated June 19, 1997.

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                                   SIGNATURES

     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.

Date: June 20, 1997

                                        PEASE OIL AND GAS COMPANY

                                        By /s/ Willard H. Pease, Jr.
                                           ------------------------------------
                                               Willard H. Pease, Jr., President

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                                  EXHIBIT INDEX


Exhibit         Description                                             Page No.
- -------         -----------                                             ------- 
99              Press Release dated June 19, 1997                         5


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EX-1

                            PEASE OIL AND GAS COMPANY
                   PEASE OIL AND GAS COMPANY ANNOUNCES RESULTS
                     OF SUCCESSFUL WELL AT EAST BAYOU SORREL

                 Schwing #2 well tested at rate of 1437 Barrels
                      of Oil and 2.2 Million Cubic Feet of
                               Natural Gas per Day

FOR IMMEDIATE RELEASE - June 19,1997

Grand  Junction,  Colorado - June 19, 1997 - Pease Oil and Gas Company  (NASDAQ:
WPOG)announced  today that the  Schwing #2 was  successfully  drilled and dually
completed at its East Bayou Sorrel Field in Therville Parish, Louisiana.

The Schwing #2 has approximately 74 feet of net pay in 9 potentially  productive
zones m the 13,480 foot well bore.  Completions were made in the Cib hazz 2 sand
and Marg. howeii 1, 2 and 3 sands. Individually,  the Cib hazz 2 completion flow
tested at a rate of 912 barrels of oil and 1.0 million cubic feet of natural gas
per day on 8/64 choke at 6800 psi flowing  pressure  and the three Marg.  howeii
sands  tested at the rate of 575  barrels of oil and 1.2  million  cubic feet of
natural gas per day on a 9/64 choke at 6900 psi flowing  pressure.  This well is
being  immediately  connected  to the  recently  constructed  East Bayou  Sorrel
production  facilities  and will be added to the  1,400  barrels  of oil and 1.4
million  cubic feet of natural  gas per day being  produced  from the Schwing #1
discovery  well. It is expected that the Schwing #2 will be produced at rates in
excess of the above test rates.

The dual completion involves  perforations in 28 feet of net pay in the Cib hazz
2 and 27 feet of net pay in the Marg.  howeii sections.  These sections were not
previously  booked as proved reserves.  Each of these sands are also present and
appear  productive in the Schwing #1 discovery  well which was put on production
at the beginning of the year. The Schwing #2 is  structurally  down dip from the
Schwing  #1 and the  successful  completion  of the Cib  hazz 2 and  Marg(pound)
howeii zones are new field  discoveries  and  increases  the proved area of both
these reservoirs.

National Energy Group,  Inc. of Dallas,  Texas is the operator of the East Bayou
Sorrel Field.  Pease Oil and Gas Company owns 10% of the working interest and an
additional 7.1825% after prospect payout working interest in this field. Fortune
Petroleum Corporation of Houston, Texas is also a working interest owner in this
field.

Pease Oil and Gas  Company is a 29 year old  Company  traded on NASDAQ  with the
symbols WPOG (common) and WPOGW (warrants).  For more information please contact
Pat Duncan, CFO at (970) 245-5917 or Steve Antry at (714)752-5212.

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