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)
                                 OCTOBER 9, 1997


                          BLACK WARRIOR WIRELINE CORP.
             (Exact name of registrant as specified in its charter)


DELAWARE                                 0-18754                      11-2904094
(State or other jurisdiction    (Commission File Number)           (IRS Employer
of incorporation)                                            Identification No.)


               3748 HIGHWAY 45 NORTH, COLUMBUS, MISSISSIPPI 39701
                    (Address of principal executive offices)


       Registrant's telephone number, including area code: (601) 329-1047


          (Former name or former address, if changed since last report)


<PAGE>



ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS

     Diamondback Acquisition.  On October 9, 1997, pursuant to an agreement (the
"Agreement") entered into on September 26, 1997, the Company acquired, effective
as of  September  1,  1997,  all of the  business  and  assets,  subject  to the
disclosed  liabilities,  of Diamondback  Directional,  Inc., a Texas corporation
("DDI").  DDI is  engaged  in  providing  oil and gas  well  drilling  services,
primarily in the Texas and Louisiana region, and specializes in short and medium
horizontal drilling as well as conventional  directional drilling.  The business
will be operated as the Diamondback Division of the Company.

     The purchase price for the business and assets  acquired was  approximately
$9,091,000,  of which $2,750,000 was paid in cash, $3,341,000 by issuance of the
Company's   promissory  notes  bearing  interest  at  6.5%  per  annum,  payable
quarterly,  and due on August 31, 1999,  and  $3,000,000  by issuance of 647,569
shares  of the  Company's  Common  Stock.  The  purchase  price  is  subject  to
adjustment, by reduction of the principal amount of the notes, to the extent the
gross receipts from the  Diamondback  Division  operations for the twelve months
ended  August 31, 1998 and August 31, 1999 fail to meet a specified  performance
standard.  The  Company  has  agreed  that in the event it files a  registration
statement  under the Securities Act of 1933 relating to an  underwritten  public
offering of its shares,  the holder of the shares issued in the transaction will
have certain rights to have the shares included in the registration statement.

     Pursuant  to the  Agreement,  at  the  closing  the  Company  entered  into
five-year  employment  agreements  with each of Alan Mann and Dale  Jowers,  the
principal  shareholders,  officers and  Directors of DDI,  providing  for annual
salaries of $225,000 and $175,000, respectively,  pursuant to which such persons
are to be employed by the Company in the  Diamondback  Division.  The employment
agreements contain confidentiality and non-competition  provisions.  The Company
agreed in the Agreement to reserve  250,000 shares of Common Stock for the grant
of options under the Company's  Omnibus Stock Option Plan to persons employed by
the  Diamondback  Division and also agreed to make the sum of  approximately  $4
million  available to the Diamondback  Division,  in the form of a loan or other
financial  undertaking,  for capital improvements which sum is anticipated to be
invested in 1998 and 1999.

                                       2

<PAGE>


     See Item 5. Other  Events,  below,  for a  description  of the terms of the
agreement  pursuant to which the Company  borrowed  $2.9  million from St. James
Capital  Partners,  L.P. the proceeds of which were used to pay the cash portion
of the purchase price for the assets acquired from DDI and other expenses of the
transaction.


ITEM 5. OTHER EVENTS

     On October 9, 1997, the Company  entered into an Agreement for Purchase and
Sale (the "Note Purchase Agreement") with St. James Capital Partners, L.P. ("St.
James"),  a Delaware  limited  partnership,  whereby St. James purchased and the
Company sold its $2.9 million  convertible  promissory note (the "Note") bearing
interest  at 7% per annum due on  October  9, 1999.  Payment  of  principal  and
interest on the Note is  collateralized  by substantially  all the assets of the
Company.  The Note is convertible into shares of the Company's Common Stock at a
conversion price of $4.6327 per share,  subject to anti-dilution  adjustment for
certain  issuances  of  securities  by the Company at prices per share of Common
Stock less than the  conversion  price then in effect.  St.  James has agreed to
subordinate its security  interests and rights to the  indebtedness and security
interests of the lenders  providing  up to $4.5 million  pursuant to a term loan
and $3.0  million  pursuant to a  revolving  credit  facility,  neither of which
financings have yet been arranged. St. James was also issued in consideration of
a payment of $36,250 a warrant  (the  "Warrant")  to  purchase an  aggregate  of
725,000  shares of Common  Stock  exercisable  at a price of $4.6327  per share,
subject to anti-dilution  adjustment for certain  issuances of securities by the
Company at prices per share of Common Stock less than the exercise price then in
effect.  The shares  issuable  on  conversion  of the Note and  exercise  of the
Warrant have demand and piggy-back  registration rights under the Securities Act
of 1933.  The Company  agreed that one person  designated  by St. James would be
nominated for election to the Company's Board of Directors. The Agreement grants
St.  James  certain  preferential  rights to provide  future  financings  to the
Company,  subject to certain  exceptions.  The Note contains various affirmative
and   negative   covenants,   including  a   prohibition   against  the  Company
consolidating,  merging or entering into a share  exchange with another  person,
with certain  exceptions,  without the consent of St.  James.  Events of default
under the Note  include,  among  other  events,  (i) a default in the payment of
principal  or  interest  on the Note;  (ii) a default  under the 9%  Convertible
Promissory Note in the principal amount of $2.0 million dated as of June 5, 1997
and on the 10%  Bridge  Loan  Promissory  Note in the  principal  amount of $3.0
million  dated as of June 5, 1997  issued to St.  James in June 1997 (the  "June
1997 St. James Transaction") and the failure to cure such default for five days;
(iii) a breach of the Company's covenants,  representations and


                                       3
<PAGE>

warranties under the Agreement,  or the Purchase and Sale Agreement entered into
in connection with the June 1997 St. James Transaction;  (iv) a breach under the
other  agreements  between  the  Company  and  St.  James,  subject  to  certain
exceptions;  (v) any  person or group of  persons  acquiring  40% or more of the
voting power of the Company's  outstanding  shares who was not the owner thereof
as of October  10,  1997,  a merger of the  Company  with  another  person,  its
dissolution or liquidation or a sale of all or substantially all its assets; and
(vi) certain events of bankruptcy. In the event of a default under the Note, St.
James could seek to foreclose  against the collateral for the Note. In addition,
such default  would be a default under the notes issued to St. James in the June
1997 St. James Transaction.  St. James received an origination fee of $36,250 in
connection with the transaction.

     In the Agreement,  St. James agreed to convert its $2.9 million convertible
note dated June 5, 1997 (the  "Original  Convertible  Note")  into shares of the
Company's  Common  Stock at such time as the  Company  has filed a  registration
statement  under the Securities  Act of 1933 relating to the shares  issuable on
conversion  of the  Original  Convertible  Note,  the Note,  on  exercise of the
warrants  issued in connection  with the sale by the Company of the notes in the
June  1997 St.  James  Transaction,  and on  exercise  of the  Warrant  and such
registration statement has been declared effective.

     Of the $2.9  million  proceeds  from the sale of the Note,  $2,750,000  was
applied  to the  purchase  of the  DDI  assets  and the  balance  was  used  for
transaction expenses.


ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.

(a)  Financial statements of business acquired.

     It is  impracticable  for the  Company to provide  the  required  financial
statements  for DDI at the time this Current  Report on Form 8-K is filed.  Such
financial statements will be filed as soon as practicable, but not later than 60
days after the date this Current Report on Form 8-K is required to be filed.

(b)  Pro forma financial information.


                                       4
<PAGE>

     It is  impracticable  for the  Company to provide  the  required  pro forma
financial  information  for DDI at the time this  Current  Report on Form 8-K is
filed. Such pro forma information will be filed as soon as practicable,  but not
later than 60 days after the date this Current Report on Form 8-K is required to
be filed.

(c)  Exhibits

     10.1 Asset Purchase  Agreement  dated as of September 1, 1997 between Black
Warrior Wireline Corp. and Diamondback Directional,  Inc., Alan Mann and Michael
Dale Jowers.

     10.2  Employment  Agreement  effective  as of September 1, 1997 between the
Company and Alan Mann.

     10.3  Employment  Agreement  effective  as of September 1, 1997 between the
Company and Michael Dale Jowers.

     10.4  Registration  Rights  Agreement  dated  October 10, 1997  between the
Company and DDI.

     10.5 $3.0 million  promissory note and $341,096  promissory note due August
31, 1999 issued to DDI.

     10.6  Agreement  for Purchase and Sale dated  October 9, 1997 between Black
Warrior Wireline Corp. and St. James Capital Partners, L.P.

     10.7 $2,900,000  Convertible  Promissory Note dated October 10, 1997 issued
to St. James Capital Partners, L.P.

     10.8 Warrant  dated October 10, 1997 to purchase  725,000  shares of Common
Stock issued to St. James Capital Partners, L.P.

     10.9 Amendment No. 1 to Registration Rights Agreement between Black Warrior
Wireline Corp. and St. James Capital Partners, L.P. dated October 10, 1997.



                                       5
<PAGE>


                                   SIGNATURES

     Pursuant to the  requirements  of the  Securities and Exchange Act of 1934,
the  Registrant  has duly  caused  this report to be signed on its behalf by the
undersigned hereunto duly authorized.


                                                    BLACK WARRIOR WIRELINE CORP.





Dated:  October 24, 1997                    By:    /s/ William L. Jenkins
                                                   -----------------------------
                                                   William L. Jenkins, President


                                       6
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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)
                                 OCTOBER 9, 1997

                          BLACK WARRIOR WIRELINE CORP.
             (Exact name of registrant as specified in its charter)

DELAWARE                                 0-18754                      11-2904094
(State or other jurisdiction    (Commission File Number)           (IRS Employer
of incorporation)                                            Identification No.)

               3748 HIGHWAY 45 NORTH, COLUMBUS, MISSISSIPPI 39701
                    (Address of principal executive offices)

       Registrant's telephone number, including area code: (601) 329-1047

          (Former name or former address, if changed since last report)
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS

     Diamondback Acquisition.  On October 9, 1997, pursuant to an agreement (the
"Agreement") entered into on September 26, 1997, the Company acquired, effective
as of  September  1,  1997,  all of the  business  and  assets,  subject  to the
disclosed  liabilities,  of Diamondback  Directional,  Inc., a Texas corporation
("DDI").  DDI is  engaged  in  providing  oil and gas  well  drilling  services,
primarily in the Texas and Louisiana region, and specializes in short and medium
horizontal drilling as well as conventional  directional drilling.  The business
will be operated as the Diamondback Division of the Company.

     The purchase price for the business and assets  acquired was  approximately
$9,091,000,  of which $2,750,000 was paid in cash, $3,341,000 by issuance of the
Company's   promissory  notes  bearing  interest  at  6.5%  per  annum,  payable
quarterly,  and due on August 31, 1999,  and  $3,000,000  by issuance of 647,569
shares  of the  Company's  Common  Stock.  The  purchase  price  is  subject  to
adjustment, by reduction of the principal amount of the notes, to the extent the
gross receipts from the  Diamondback  Division  operations for the twelve months
ended  August 31, 1998 and August 31, 1999 fail to meet a specified  performance
standard.  The  Company  has  agreed  that in the event it files a  registration
statement  under the Securities Act of 1933 relating to an  underwritten  public
offering of its shares,  the holder of the shares issued in the transaction will
have certain rights to have the shares included in the registration statement.

     Pursuant  to the  Agreement,  at  the  closing  the  Company  entered  into
five-year  employment  agreements  with each of Alan Mann and Dale  Jowers,  the
principal  shareholders,  officers and  Directors of DDI,  providing  for annual
salaries of $225,000 and $175,000, respectively,  pursuant to which such persons
are to be employed by the Company in the  Diamondback  Division.  The employment
agreements contain confidentiality and non-competition  provisions.  The Company
agreed in the Agreement to reserve  250,000 shares of Common Stock for the grant
of options under the Company's  Omnibus Stock Option Plan to persons employed by
the  Diamondback  Division and also agreed to make the sum of  approximately  $4
million  available to the Diamondback  Division,  in the form of a loan or other
financial  undertaking,  for capital improvements which sum is anticipated to be
invested in 1998 and 1999.

                                       2
See Item 5. Other  Events,  below,  for a  description  of the terms of the
agreement  pursuant to which the Company  borrowed  $2.9  million from St. James
Capital  Partners,  L.P. the proceeds of which were used to pay the cash portion
of the purchase price for the assets acquired from DDI and other expenses of the
transaction.

ITEM 5. OTHER EVENTS

     On October 9, 1997, the Company  entered into an Agreement for Purchase and
Sale (the "Note Purchase Agreement") with St. James Capital Partners, L.P. ("St.
James"),  a Delaware  limited  partnership,  whereby St. James purchased and the
Company sold its $2.9 million  convertible  promissory note (the "Note") bearing
interest  at 7% per annum due on  October  9, 1999.  Payment  of  principal  and
interest on the Note is  collateralized  by substantially  all the assets of the
Company.  The Note is convertible into shares of the Company's Common Stock at a
conversion price of $4.6327 per share,  subject to anti-dilution  adjustment for
certain  issuances  of  securities  by the Company at prices per share of Common
Stock less than the  conversion  price then in effect.  St.  James has agreed to
subordinate its security  interests and rights to the  indebtedness and security
interests of the lenders  providing  up to $4.5 million  pursuant to a term loan
and $3.0  million  pursuant to a  revolving  credit  facility,  neither of which
financings have yet been arranged. St. James was also issued in consideration of
a payment of $36,250 a warrant  (the  "Warrant")  to  purchase an  aggregate  of
725,000  shares of Common  Stock  exercisable  at a price of $4.6327  per share,
subject to anti-dilution  adjustment for certain  issuances of securities by the
Company at prices per share of Common Stock less than the exercise price then in
effect.  The shares  issuable  on  conversion  of the Note and  exercise  of the
Warrant have demand and piggy-back  registration rights under the Securities Act
of 1933.  The Company  agreed that one person  designated  by St. James would be
nominated for election to the Company's Board of Directors. The Agreement grants
St.  James  certain  preferential  rights to provide  future  financings  to the
Company,  subject to certain  exceptions.  The Note contains various affirmative
and   negative   covenants,   including  a   prohibition   against  the  Company
consolidating,  merging or entering into a share  exchange with another  person,
with certain  exceptions,  without the consent of St.  James.  Events of default
under the Note  include,  among  other  events,  (i) a default in the payment of
principal  or  interest  on the Note;  (ii) a default  under the 9%  Convertible
Promissory Note in the principal amount of $2.0 million dated as of June 5, 1997
and on the 10%  Bridge  Loan  Promissory  Note in the  principal  amount of $3.0
million  dated as of June 5, 1997  issued to St.  James in June 1997 (the  "June
1997 St. James Transaction") and the failure to cure such default for five days;
(iii) a breach of the Company's covenants,  representations and

                                       3
warranties under the Agreement,  or the Purchase and Sale Agreement entered into
in connection with the June 1997 St. James Transaction;  (iv) a breach under the
other  agreements  between  the  Company  and  St.  James,  subject  to  certain
exceptions;  (v) any  person or group of  persons  acquiring  40% or more of the
voting power of the Company's  outstanding  shares who was not the owner thereof
as of October  10,  1997,  a merger of the  Company  with  another  person,  its
dissolution or liquidation or a sale of all or substantially all its assets; and
(vi) certain events of bankruptcy. In the event of a default under the Note, St.
James could seek to foreclose  against the collateral for the Note. In addition,
such default  would be a default under the notes issued to St. James in the June
1997 St. James Transaction.  St. James received an origination fee of $36,250 in
connection with the transaction.

     In the Agreement,  St. James agreed to convert its $2.9 million convertible
note dated June 5, 1997 (the  "Original  Convertible  Note")  into shares of the
Company's  Common  Stock at such time as the  Company  has filed a  registration
statement  under the Securities  Act of 1933 relating to the shares  issuable on
conversion  of the  Original  Convertible  Note,  the Note,  on  exercise of the
warrants  issued in connection  with the sale by the Company of the notes in the
June  1997 St.  James  Transaction,  and on  exercise  of the  Warrant  and such
registration statement has been declared effective.

     Of the $2.9  million  proceeds  from the sale of the Note,  $2,750,000  was
applied  to the  purchase  of the  DDI  assets  and the  balance  was  used  for
transaction expenses.

ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.

(a)  Financial statements of business acquired.

     It is  impracticable  for the  Company to provide  the  required  financial
statements  for DDI at the time this Current  Report on Form 8-K is filed.  Such
financial statements will be filed as soon as practicable, but not later than 60
days after the date this Current Report on Form 8-K is required to be filed.

(b)  Pro forma financial information.

                                       4
It is  impracticable  for the  Company to provide  the  required  pro forma
financial  information  for DDI at the time this  Current  Report on Form 8-K is
filed. Such pro forma information will be filed as soon as practicable,  but not
later than 60 days after the date this Current Report on Form 8-K is required to
be filed.

(c)  Exhibits

     10.1 Asset Purchase  Agreement  dated as of September 1, 1997 between Black
Warrior Wireline Corp. and Diamondback Directional,  Inc., Alan Mann and Michael
Dale Jowers.

     10.2  Employment  Agreement  effective  as of September 1, 1997 between the
Company and Alan Mann.

     10.3  Employment  Agreement  effective  as of September 1, 1997 between the
Company and Michael Dale Jowers.

     10.4  Registration  Rights  Agreement  dated  October 10, 1997  between the
Company and DDI.

     10.5 $3.0 million  promissory note and $341,096  promissory note due August
31, 1999 issued to DDI.

     10.6  Agreement  for Purchase and Sale dated  October 9, 1997 between Black
Warrior Wireline Corp. and St. James Capital Partners, L.P.

     10.7 $2,900,000  Convertible  Promissory Note dated October 10, 1997 issued
to St. James Capital Partners, L.P.

     10.8 Warrant  dated October 10, 1997 to purchase  725,000  shares of Common
Stock issued to St. James Capital Partners, L.P.

     10.9 Amendment No. 1 to Registration Rights Agreement between Black Warrior
Wireline Corp. and St. James Capital Partners, L.P. dated October 10, 1997.

                                       5
SIGNATURES

     Pursuant to the  requirements  of the  Securities and Exchange Act of 1934,
the  Registrant  has duly  caused  this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                                    BLACK WARRIOR WIRELINE CORP.

Dated:  October 24, 1997                    By:    /s/ William L. Jenkins
                                                   -----------------------------
                                                   William L. Jenkins, President

                                       6