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 21, 2000

                            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



                                        1


<PAGE>



Item 5.   Other Events.

         On June 21, 2000,  Greka AM, Inc., a  wholly-owned  subsidiary of Greka
Energy  Corporation  (Greka) and Greka as  guarantor,  entered into a credit and
guarantee  agreement  with  Canadian  Imperial  Bank of Commerce  and CIBC World
Markets Corp.

         The  agreement  provides  that Greka AM may borrow up to $47.5  million
from Canadian  Imperial Bank upon the  satisfaction by Greka AM of the terms and
conditions of the agreement.  The financing is secured by Greka AM's interest in
North American oil and gas properties.

         The press release  announcing this transaction is filed as Exhibit 99.1
hereto.

Item 7.   Financial Statements and Exhibits.

         (c)   The following exhibits are furnished as part of this report:

         Exhibit 99.1     Press release of Greka Energy  Corporation  dated
                          June 21, 2000.

                                        2


<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 5, 2000                   GREKA ENERGY CORPORATION


                                     By: /s/ Randeep S. Grewal
                                         -----------------------
                                         Randeep S. Grewal, Chairman, Chief
                                         Executive Officer and President





















                                       3
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{"company-data": {"conformed-name": "GREKA ENERGY CORP", "cik": "0000840402", "assigned-sic": "1311", "irs-number": "841091986", "state-of-incorporation": "CO", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-20760", "film-number": "668580"}, "business-address": {"street1": "630 FIFTH AVENUE, SUITE 1501", "street2": "STE 1006", "city": "NEW YORK", "state": "NY", "zip": "10111", "phone": "2122184680"}, "mail-address": {"street1": "630 FIFTH AVENUE SUITE 1501", "street2": "STE 1006", "city": "NEW YORK", "state": "NY", "zip": "10111"}, "former-company": [{"former-conformed-name": "HORIZONTAL VENTURES INC", "date-changed": "19980824"}, {"former-conformed-name": "KIWI III LTD", "date-changed": "19920703"}]}
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 21, 2000

                            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

                                        1
Item 5.   Other Events.

         On June 21, 2000,  Greka AM, Inc., a  wholly-owned  subsidiary of Greka
Energy  Corporation  (Greka) and Greka as  guarantor,  entered into a credit and
guarantee  agreement  with  Canadian  Imperial  Bank of Commerce  and CIBC World
Markets Corp.

         The  agreement  provides  that Greka AM may borrow up to $47.5  million
from Canadian  Imperial Bank upon the  satisfaction by Greka AM of the terms and
conditions of the agreement.  The financing is secured by Greka AM's interest in
North American oil and gas properties.

         The press release  announcing this transaction is filed as Exhibit 99.1
hereto.

Item 7.   Financial Statements and Exhibits.

         (c)   The following exhibits are furnished as part of this report:

         Exhibit 99.1     Press release of Greka Energy  Corporation  dated
                          June 21, 2000.

                                        2
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 5, 2000                   GREKA ENERGY CORPORATION

                                     By: /s/ Randeep S. Grewal
                                         -----------------------
                                         Randeep S. Grewal, Chairman, Chief
                                         Executive Officer and President

                                       3