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 December 18, 1996
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OCEANIC EXPLORATION COMPANY
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(Exact name of Registrant as specified in its charter)
Delaware 0-6540 84-0591071
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(State or other juris- (Commission (I.R.S. Employer
diction of Incorporation File Number) Identification No.)
5000 South Quebec Street, Suite 450, Denver, Colorado 80237
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(Address of principal executive offices)
(303) 220-8330
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(Registrant's telephone number)
Item 5. OTHER EVENTS
In June 1994, Oceanic Exploration Company (the "Registrant") commenced legal
action in the Ontario Court of Justice (General Division) (the "Court") in
Toronto, Canada, against Denison Mines Ltd. ("Denison") of Canada seeking a
declaration by the Court that amounts due the Registrant attributable to its 15%
net earnings interest in certain oil and gas producing areas offshore Greece be
calculated based on the terms of the license agreement prior to a 1993 amendment
agreed to by the consortium and the Greek government.
On December 13, 1996, the Registrant received notification of a favorable
judgment on this legal action. The Court's decision obligates Denison to pay
the Registrant an amount of approximately US$6,000,000, plus interest, for the
years 1993 through 1996 inclusive.
Denison does have the right to appeal the Court's decision; however, it is
currently unknown if they intend to do so.
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SIGNATURE
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.
OCEANIC EXPLORATION COMPANY
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(Registrant)
Date: December 18, 1996 /s/ Charles N. Haas
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Charles N. Haas (Name)
President (Office)
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