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): November 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



                                        1


<PAGE>



Item 5.   Other Events.

         On November 30, 1999,  Greka  Integrated,  Inc., Saba Realty,  Inc. and
Santa Maria  Refining  Company,  each of which is a  wholly-owned  subsidiary of
Greka Energy,  entered into a loan and security  agreement with GMAC  Commercial
Credit LLC. That  agreement  amends the loan and security  agreement the parties
entered into on April 30, 1999.

         The  November  30,  1999  agreement  increases  from $11 million to $35
million the amount which the foregoing  subsidiaries  of Greka Energy may borrow
from GMAC upon the  satisfaction by the subsidiaries of the terms and conditions
of the  agreement.  The  financing  consists of a term loan of $25 million and a
revolving  credit  facility of $10  million.  The annual  interest  rate for the
financing  is equal to one  percent  plus the  higher of (a) the  prime  rate in
effect on the date  interest is  calculated  and (b) the  federal  funds rate in
effect on such date plus  one-half of one percent.  The  financing is secured by
Greka Energy's  interests in certain  California oil and gas properties and real
estate.

         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 10.1     First Amended and Restated Loan and Security Agreement
                          dated November 30, 1999 by and among GMAC Commercial
                          Credit LLC, Greka Integrated, Inc., Saba Realty, Inc.
                          and Santa Maria Refining Company.

         Exhibit 10.2     Letter Agreement dated December 13, 1999 by and among
                          GMAC Commercial Credit LLC, Greka Integrated, Inc.,
                          Saba Realty, Inc. and Santa Maria Refining Company.

         Exhibit 99.1     Press release of Greka Energy  Corporation  dated
                          December 1, 1999.

                                        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: February 16, 2000                  GREKA ENERGY CORPORATION


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





















                                       3
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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): November 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

                                        1
Item 5.   Other Events.

         On November 30, 1999,  Greka  Integrated,  Inc., Saba Realty,  Inc. and
Santa Maria  Refining  Company,  each of which is a  wholly-owned  subsidiary of
Greka Energy,  entered into a loan and security  agreement with GMAC  Commercial
Credit LLC. That  agreement  amends the loan and security  agreement the parties
entered into on April 30, 1999.

         The  November  30,  1999  agreement  increases  from $11 million to $35
million the amount which the foregoing  subsidiaries  of Greka Energy may borrow
from GMAC upon the  satisfaction by the subsidiaries of the terms and conditions
of the  agreement.  The  financing  consists of a term loan of $25 million and a
revolving  credit  facility of $10  million.  The annual  interest  rate for the
financing  is equal to one  percent  plus the  higher of (a) the  prime  rate in
effect on the date  interest is  calculated  and (b) the  federal  funds rate in
effect on such date plus  one-half of one percent.  The  financing is secured by
Greka Energy's  interests in certain  California oil and gas properties and real
estate.

         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 10.1     First Amended and Restated Loan and Security Agreement
                          dated November 30, 1999 by and among GMAC Commercial
                          Credit LLC, Greka Integrated, Inc., Saba Realty, Inc.
                          and Santa Maria Refining Company.

         Exhibit 10.2     Letter Agreement dated December 13, 1999 by and among
                          GMAC Commercial Credit LLC, Greka Integrated, Inc.,
                          Saba Realty, Inc. and Santa Maria Refining Company.

         Exhibit 99.1     Press release of Greka Energy  Corporation  dated
                          December 1, 1999.

                                        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: February 16, 2000                  GREKA ENERGY CORPORATION

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

                                       3