8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported) April 9, 2001

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

Nevada
(State of other jurisdiction of incorporation)

0-6580
(Commission File Number)

87-0285520
(I.R.S. Employer Identification No.)

751 Horizon Court, Suite 203,
Grand Junction, Colorado 81506-8718
(Address of principal executive
offices including zip code)

(970) 245-5917
     (Registrant's telephone number,
including area code)

Item 5. OTHER EVENTS.

        The Registrant has announced its results of operations for the fourth quarter and year ended December 31, 2000 in its news release identified below and attached as Exhibit 99.1.

Item 7. FINANCIAL STATEMENTS AND EXHIBITS.

        (c)    Exhibits.

Exhibit 99.1 News Release dated April 8, 2001.

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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.

                                                                             PEASE OIL AND GAS COMPANY
                                                                                   

Dated         April 9, 2001                           By: /s/ Patrick J. Duncan     
                                                                                    Patrick J. Duncan, President

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EX-99.1

PEASE OIL AND GAS COMPANY

PEASE ANNOUNCES NET INCOME IN 2000 OF
$ .66 PER SHARE

FOR IMMEDIATE RELEASE -April 9, 2001

Grand Junction, Colorado - - April 9, 2001 - Pease Oil and Gas Company (OTC BB: WPOG) is pleased to report its results of operations for the fourth quarter and year ended December 31, 2000, as follows:

                                                          For the Three Months             For the Year
                                                           Ended December 31,            Ended December 31,
                                                          -------------------           -------------------
                                                          2000           1999           2000           1999
                                                          ----           ----           ----           ----

Statement of Operations Summary:
     Revenues ....................................   $   951,833    $   639,992    $ 3,585,245    $ 2,144,057
     Net Income ..................................   $   423,214    $    70,417    $ 1,188,517    $  (465,274)
     Net Income Available to Common Stockholders .   $   621,637    $   (17,290)   $ 1,188,517    $  (730,798)
     Earnings Per Common Share:
          Basic ..................................   $       .34    $      (.01)   $       .68    $      (.43)
          Diluted ................................   $       .30    $      (.01)   $       .66    $      (.43)
     Weighted Average Number of Common Shares
        Outstanding During the Periods Presented
          Basic ..................................     1,823,648      1,731,398      1,754,587      1,684,259
          Diluted ................................     2,057,335      1,731,398      1,813,009      1,684,259
Statement of Cash Flows Summary:
     Cash flows provided from operating activities   $   529,551    $   309,217    $ 2,284,269    $   739,290
     Cash flows used in investing activities .....   $  (513,090)   $  (294,102)   $(1,383,899)   $  (762,699)
     Cash flows used in financing activities .....   $  (212,472)   $   (68,596)   $  (216,955)   $  (301,819)
Production Data:
     Oil (bbls) ..................................        12,793         20,127         79,937         73,947
     Gas (Mcf) ...................................        90,174         55,256        273,940        336,761
     Mcfe (1:6) ..................................       166,932        176,018        753,562        780,443
Average Sales Prices:
     Oil (per bbl) ...............................   $     31.30    $     23.83    $     29.12    $     17.80
     Gas (per Mcf) ...............................   $      6.11    $      2.90    $      4.59    $      2.46

Patrick J. Duncan, the Company’s President, stated: “Obviously, we are pleased with the results of operations. The results reflect the restructuring of the convertible death spiral preferred stock, the success with our drilling program that offset declining production, and the higher commodity prices enjoyed in 2000. The Company is now in a position to continue its growth in 2001 by continuing to exploit its prospect inventory and search out other accretive opportunities.”

Pease Oil and Gas Company is an independent energy company engaged in exploration, acquisition and the development of oil and gas properties using 3-D seismic technology. For more information

regarding this press release or other information regarding the Company, please contact Patrick J. Duncan, Pr\esident and CFO, at (970) 245-5917.