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) May 18, 1995 _________________ XCL LTD. (Exact Name of Registrant as Specified in Its Charter) Delaware (State or other Jurisdiction of Incorporation) 1-10669 51-0305643 (Commission File Number) (I.R.S. Employer Identification Number) 110 Rue Jean Lafitte Lafayette, Louisiana 70508 (Address of Principal Executive Offices) 318-237-0325 (Registrant's Telephone Number, Including Area Code) Item 5. Other Events. On May 18, 1995, XCL Ltd. (the "Company") sold all of its undivided 7/9ths interest in and to 11,600 gross acres, comprising the Phoenix Lake Tract in southwestern Louisiana, for $2,337,104, less expenses of $37,011, with the Company retaining 75 percent of its mineral interest. The purchase price was comprised of net cash of $1,769,632 and a $530,461 reduction in obligations owed by the Company to the purchaser. 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. XCL LTD. May 25, 1995 /s/ David A. Melman ______________ By:_______________________________ Date David A. Melman Executive Vice President