UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 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): August 26, 2002
                                                  ---------------



                                  PANACO, INC.
                          ----------------------------
             (Exact name of Registrant as specified in its Charter)



         Delaware                   000-26662                43-1593374
      --------------             ---------------          ----------------
(State or other jurisdiction (Commission File Number)      (IRS Employer
     of Incorporation)                                   Identification No.)

                1100 Louisiana, Suite 5100, Houston, Texas 77002
            --------------------------------------------------------
               (Address of principal executive offices)(zip code)


       Registrant's telephone number, including area code: (713) 970-3100
                                                           --------------


















Item 6.   Resignation of Registrant's Directors

The Board of Directors of PANACO, Inc. (the "Company") received and accepted the
resignation of board member Felix Pardo on August 26, 2002.




                                   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: August 27, 2002

                                  PANACO, Inc.
                                  (Registrant)


                                  By: /s/ A. Theodore Stautberg, Jr.
                                     ----------------------------------------
                                     Mr. A. Theodore Stautberg, Jr.
                                     President and Chief Executive Officer