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                SECURITIES AND EXCHANGE COMMISSION
                         WASHINGTON, D.C.

Litigation Release No. 14894 / April 26, 1996

Securities and Exchange Commission v. Cayman Resources
Corporation 
Case No. 96-CV-00968 (D.D.C.)  (filed April 26, 1996)

     On April 26, 1996, the Commission filed a complaint in the
United States District Court for the District of Columbia against
Cayman Resources Corporation ("Cayman Resources") of Tulsa,
Oklahoma.  The complaint alleges that Cayman Resources, a
publicly-owned oil and gas company, failed for more than two
years to make available to the investing public current and
accurate information about its financial condition and results of
operation through the filing of periodic reports with the
Commission as required by the Securities Exchange Act of 1934
("Exchange Act").  Specifically, the complaint alleges that
Cayman Resources has not filed two Annual Reports on Form 10-K,
three Quarterly Reports on Form 10-Q and five Notifications of
Late Filing with respect to its delinquent reports and failed to
file timely an Annual Report on Form 10-K and two Quarterly
Reports on Form 10-Q.  The Commission seeks to compel Cayman
Resources to file its delinquent periodic reports and to enjoin
Cayman Resources from further violations of Section 13(a) of the
Exchange Act and Rules 12b-25, 13a-1 and 13a-13, thereunder.