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                                                     UNITED STATES                                          OMB APPROVAL
                                           SECURITIES AND EXCHANGE COMMISSION                       -----------------------------
                                                Washington, D.C. 20549                              OMB Number:         3235-0058
                                                                                                    Expires:
                                                                                                    Estimated average burden
                                                      FORM 12b-25                                    hours per response ..... 2.50
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                                             NOTIFICATION OF LATE FILING                                    SEC FILE NUMBER
                                                                                                                 0-6580
(Check One):                                                                                        -----------------------------
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 [X] Form 10-KSB [ ] Form 20-F [ ] Form 11-K [ ] Form 10-Q  [ ] Form N-SAR                                   CUSIP NUMBER
                                                                                                              705019 40 4
     For Period  Ended: December 31, 2000                                                           -----------------------------
     [ ] Transition Report on Form 10-K
     [ ] Transition Report on Form 20-F
     [ ] Transition Report on Form 11-K
     [ ] Transition Report on Form 10-Q
     [ ] Transition Report on Form N-SAR
     For the Transition Period Ended: _______________________________________________________________________

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                            Read Instruction (on back page) Before Preparing Form. Please Print or Type.

         Nothing in this form shall be construed to imply that the Commission has verified any information contained herein.
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If the notification relates to a portion of the filing checked above, identify the Item(s) to which the notification relates:

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PART I -- REGISTRANT INFORMATION

Pease Oil and Gas Company
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Full Name of Registrant
N/A
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Former Name if Applicable

751 Horizon Court, Suite 203
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Address of Principal Executive Office (Street and Number)

Grand Junction, Colorado 81506-8758
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City, State and Zip Code

PART II -- RULES 12b-25(b) AND (c)

If the subject report could not be filed without  unreasonable  effort or expense and the registrant  seeks relief  pursuant to Rule
12b-25(b), the following should be completed. (Check box if appropriate)

  [x]   | (a) The reasons  described in  reasonable  detail in Part III of this form could not be  eliminated  without  unreasonable
        |     effort or expense;
        |
  [x]   | (b) The subject annual report,  semi-annual  report,  transition  report on Form 10-K, Form 20-F, Form 11-K or Form N-SAR,
        |     or portion thereof, will be filed on or before the fifteenth calendar day following the  prescribed  due date;  or the
        |     subject  quarterly report of transition report on Form 10-Q, or portion thereof will be filed on or before  the  fifth
        |     calendar day following the prescribed due date; and
        |
  [x]   | (c) The accountant's  statement or other exhibit required by Rule 12b-25(c) has been attached if applicable.

PART III -- NARRATIVE

State below in reasonable  detail the reasons why Forms 10-K, 20-F, 11-K, 10-Q,  N-SAR, or the transition report or portion thereof,
could not be filed within the prescribed time period.

        The audit of Registrant's financial statements is not complete and cannot be completed without
        unreasonable effort and expense.



PART IV--OTHER INFORMATION

(1) Name and telephone number of person to contact in regard to this notification

               Patrick J. Duncan                                970                                      245-5917
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                  (Name)                                    (Area Code)                             (Telephone Number)

(2) Have all other periodic reports required under Section  13 or 15(d) of  the Securities Exchange Act of
    1934 or Section 30  of the  Investment  Company Act of 1940 during the preceding 12 months or for such
    shorter  period that  the  registrant was required to file such report(s) been filed? If answer is no,
    identify report(s).                                                                                       [X] Yes  [ ] No

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(3) Is it anticipated that any significant change in results of operations from the corresponding period
    for the last fiscal year will be reflected by the earnings  statements to be included in the subject
    report or portion thereof?                                                                                [X] Yes  [ ] No

    If so, attach an explanation of the anticipated  change,  both narratively and  quantitatively,  and, if appropriate,  state the
    reasons why a reasonable estimate of the results cannot be made.

          The  Registrant  expects to report total revenue for 2000 of $3.6  million,  net income of
          approximately   $1.2  million  and  net  income  applicable  to  common   stockholders  of
          approximately  $1.2 million ($0.66 per share) for the year ended  December 31, 2000.  This
          can be  compared  to the  Registrant's  reported  revenues  of  $2,146,959,  a net loss of
          $465,274, and a net loss applicable to common stockholders of $730,798 (or a loss of $0.43
          per share) for the same period in 1999. The significant improvement in the 2000 results of
          operations  can be  attributed  to:  1.)  significantly  higher oil and gas prices in 2000
          leading to increased margins; 2.) general and administrative  expenses were $146,000 lower
          in 2000 when  compared  to 1999;  and 3.)  Registrant's  outstanding  preferred  stock was
          restructured, and no dividends were payable in 2000.



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                                               PEASE OIL AND GAS COMPANY
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                                      (Name of Registrant as Specified in Charter)

has caused this notification to be signed on its behalf by the undersigned hereunto duly authorized.


Date: April 3, 2001                                                        By /s/ Patrick J. Duncan
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                                                                                Patrick J. Duncan, President/Chief Financial Officer

INSTRUCTION:  The form may be signed by an executive officer of the registrant or by any other duly authorized  representative.  The
name and title of the person signing the form shall be typed or printed beneath the signature.  If the statement is signed on behalf
of the registrant by an authorized representative (other than an executive officer), evidence of the representative's  authority to
sign on behalf of the registrant shall be filed with the form.

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             Intentional misstatements or omissions of fact constitute Federal Criminal Violations (See 18 U.S.C. 1001).
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