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): June 30, 1999


                         GREKA Energy Corporation
            (Exact name of registrant as specified in its charter)

         Colorado                  0-20760                     84-1091986
(State or other jurisdiction     (Commission                 (IRS Employer
      of incorporation)          File Number)              Identification No.)


630 Fifth Avenue, Suite 1501
New York NY                                                       10111
(Address of principal executive offices)                        (Zip Code)

Registrant's telephone number, including area code: (212) 218-4680

Item 2.   Acquisition or Disposition of Assets.

         On June 30, 1999,  the Company  completed the sale of the assets of its
wholly owned subsidiary,  Sabacol,  Inc.  ("Sabacol").  Sabacol's assets, all of
which were located in the country of Colombia,  consisted of a 50% interest in a
118 mile long pipeline and varying  interests in oil producing  properties.  The
purchase  price  consisted of interests in oil and gas  producing  properties in
California  and  assumptions  and  releases  of debts  related  to the  Colombia
operations.  Additional  consideration includes a potential earnout based upon a
re-valuation of reserves, whereby the Company could receive on March 31, 2000 up
to an additional  $5,000,000 payable in cash or by the reassignment of Sabacol's
pipeline  interest and have an option to  repurchase  the  Colombian  assets for
$12,000,000  if exercised  prior to May 31, 2000. The contract was negotiated at
arms length over a period of not less than 60 days. The Purchaser, Omimex Group,
was the owner of the balance of the pipeline  and operated all of Sabacol's  oil
and gas properties in Colombia.

Item 7.   Financial Statements and Exhibits.

    (b)      Pro forma financial statements: To be filed by amendment.

    (c)   Exhibits:

          Exhibit 4.1 Asset  Purchase  Agreement.  Incorporated  by reference to
Exhibit 4.1 to 10-QSB for period March 31, 1999 SEC File #0-20760.

          Exhibit 4.2 Closing Agreement


                                        1
<PAGE>

                                   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.

Date: July 14, 1999                  GREKA ENERGY CORPORATION

                                        /s/ Randeep S. Grewal
                                     By: ___________________________________
                                         Randeep S. Grewal, Chairman and
                                          Chief Executive Office



                                        2
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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): June 30, 1999

                         GREKA Energy Corporation
            (Exact name of registrant as specified in its charter)

         Colorado                  0-20760                     84-1091986
(State or other jurisdiction     (Commission                 (IRS Employer
      of incorporation)          File Number)              Identification No.)

630 Fifth Avenue, Suite 1501
New York NY                                                       10111
(Address of principal executive offices)                        (Zip Code)

Registrant's telephone number, including area code: (212) 218-4680

Item 2.   Acquisition or Disposition of Assets.

         On June 30, 1999,  the Company  completed the sale of the assets of its
wholly owned subsidiary,  Sabacol,  Inc.  ("Sabacol").  Sabacol's assets, all of
which were located in the country of Colombia,  consisted of a 50% interest in a
118 mile long pipeline and varying  interests in oil producing  properties.  The
purchase  price  consisted of interests in oil and gas  producing  properties in
California  and  assumptions  and  releases  of debts  related  to the  Colombia
operations.  Additional  consideration includes a potential earnout based upon a
re-valuation of reserves, whereby the Company could receive on March 31, 2000 up
to an additional  $5,000,000 payable in cash or by the reassignment of Sabacol's
pipeline  interest and have an option to  repurchase  the  Colombian  assets for
$12,000,000  if exercised  prior to May 31, 2000. The contract was negotiated at
arms length over a period of not less than 60 days. The Purchaser, Omimex Group,
was the owner of the balance of the pipeline  and operated all of Sabacol's  oil
and gas properties in Colombia.

Item 7.   Financial Statements and Exhibits.

    (b)      Pro forma financial statements: To be filed by amendment.

    (c)   Exhibits:

          Exhibit 4.1 Asset  Purchase  Agreement.  Incorporated  by reference to
Exhibit 4.1 to 10-QSB for period March 31, 1999 SEC File #0-20760.

          Exhibit 4.2 Closing Agreement

                                        1
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.

Date: July 14, 1999                  GREKA ENERGY CORPORATION

                                        /s/ Randeep S. Grewal
                                     By: ___________________________________
                                         Randeep S. Grewal, Chairman and
                                          Chief Executive Office

                                        2