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)
                                 MARCH 16, 1998

                          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.  ACQUISITIONS OR DISPOSITIONS OF ASSETS

     Phoenix  Acquisition  - On  March  16,  1998,  the  Company  completed  the
acquisition from Phoenix Drilling Services, Inc. ("Phoenix") of the domestic oil
and gas well survey  business  and  domestic  directional  drilling  business of
Phoenix.  The  purchase  price for the assets  acquired was $19.0  million.  The
operations  of the business  are  conducted  throughout  the primary oil and gas
producing areas of the United States.

     Financing for the  transaction was obtained  through secured  borrowings of
$9.0 million from Fleet Capital Corporation,  described below (see Item 5. Other
Events),  and the sale of  convertible  notes and warrants to St. James  Capital
Partners,  L.P.  ("St.  James")  for $10.0  million.  For a  description  of the
securities  issued  and the  terms of the  borrowings  from St.  James,  see the
Company's Current Report on Form 8-K for January 23, 1998.

ITEM 5. OTHER EVENTS.

     On March 16, 1998, the Company  entered into a Loan and Security  Agreement
(the "Credit  Facility") with Fleet Capital  Corporation  ("Fleet")  pursuant to
which  the  Company  is able to  borrow,  subject  to  meeting  certain  lending
conditions,  a total of $19.0 million.  Of such amount, $9.0 is a term loan (the
"Term  Loan"),  substantially  all of which was borrowed to pay a portion of the
purchase price for the Phoenix  acquisition,  up to $2.0 million (the "Equipment
Line") is available to be borrowed to acquire  additional  equipment,  and up to
$8.0  million  (the  "Revolving  Line") is  available to be borrowed for general
operating capital purposes. The Equipment Line is available,  subject to certain
limitations,  in amounts up to 80% the purchase price or appraised  value of new
equipment and is repayable in equal monthly  installments  over five years.  The
Revolving  Line is  available  to be borrowed  from time to time,  subject to no
default  under  the  Credit  Facility,  in  amounts  up to 85% of the  Company's
eligible accounts receivable subject to the $8.0 million limitation. Interest on
the Credit  Facility  is equal to Fleet's  base rate plus 0.5% on the  Revolving
Line and Fleet's base rate plus 0.75% on the other  borrowings  under the Credit
Facility.  Amounts  repaid under the Term Loan and the Equipment  Line cannot be
reborrowed.  The Credit  Facility  terminates  and,  subject  to all  prepayment
obligations,  the outstanding  balance is due and payable on March 15, 2001. The
Credit  Facility can be terminated  by the Company  prior  thereto  subject to a
prepayment penalty,  under certain  circumstances,  declining from 3% during the
first year after March 16,  1998 to 1% during the last year the Credit  Facility
is


                                       2

<PAGE>



outstanding.  The Credit  Facility is secured by a senior and prior lien against
substantially all the Company's real and personal property, including the assets
acquired in the Phoenix Acquisition,  subject to certain exceptions.  The Credit
Facility  includes a number of  affirmative  and  negative  covenants  including
requirements  as to  providing  Fleet with access to the  Company's  facilities,
financial and other  information,  a requirement that St. James convert not less
than $4.9 million of indebtedness  owed by the Company to St. James into capital
stock of the  Company  no later  than May 31,  1998,  restrictions  on  mergers,
consolidations, acquisitions, limitations on total indebtedness, restrictions on
liens,  subject to certain exceptions,  on its properties,  prohibitions against
the payments of dividends and other distributions to stockholders,  restrictions
on capital  expenditures,  dispositions of assets and sales of subsidiary stock,
among other  covenants.  Such  covenants  also  prohibit the Company from making
payments  on the  promissory  note owing to  Diamondback  Drilling,  Inc. in the
amount of $3.0 million except on terms approved by Fleet or (i) out of a minimum
borrowing  availability  of $2.0  million,  or (ii) a secondary  offering of the
Company's  capital stock.  The Credit Facility  contains a number of affirmative
covenants  requiring the Company to maintain  compliance with various  financial
ratios relating to fixed charges,  interest coverage ratios, tangible net worth,
total indebtedness to tangible net worth, among other things.  Events of default
under the Credit  Facility  include,  among  other  things,  the  failure to pay
principal and interest when due, making any  misrepresentations  to Fleet in any
of the loan documents,  breach of the covenants contained in the Credit Facility
or defaults under the security documents under the Credit Facility,  defaults on
other  indebtedness,  adverse  changes in the Company's  financial  condition or
prospects, insolvency and other bankruptcy proceedings, the failure of St. James
to own at 55% of the  Company's  issued  and  outstanding  capital  stock of the
Company  (on a  fully  diluted  basis)  prior  to a  secondary  offering  of the
Company's  securities,  or,  pursuant to a secondary  public offering of capital
stock of the  Company,  at least 30% of the  Company's  issued  and  outstanding
capital  stock,  on a fully diluted  basis.  In the event of a default under the
Credit  Facility,  at  the  option  of  Fleet,  all  amounts  thereunder  become
immediately  due and payable and Fleet would have the right as a secured  lender
to foreclose against substantially all of the Company's assets.

     Reference  is made to the Loan and Security  Agreement  filed as an Exhibit
hereto for a complete statement of its terms and conditions.


                                       3

<PAGE>



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  Phoenix 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.

          It is impracticable  for the Company to provide the required pro forma
financial information for Phoenix 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 Loan and Security  Agreement  dated March 16, 1998 between  Fleet
Capital Corporation, Black Warrior Wireline Corp. and Boone Wireline Co., Inc.

          10.2 Equipment Promissory Note in the principal amount of $2.0 million
dated March 16, 1998.

          10.3 Secured  Promissory Note in the principal  amount of $9.0 million
dated March 16, 1998.


                                       4

<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:  March 16, 1998                          By: /s/ William L. Jenkins
                                                   -----------------------------
                                                   William L. Jenkins, President





                                       5
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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)
                                 MARCH 16, 1998

                          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.  ACQUISITIONS OR DISPOSITIONS OF ASSETS

     Phoenix  Acquisition  - On  March  16,  1998,  the  Company  completed  the
acquisition from Phoenix Drilling Services, Inc. ("Phoenix") of the domestic oil
and gas well survey  business  and  domestic  directional  drilling  business of
Phoenix.  The  purchase  price for the assets  acquired was $19.0  million.  The
operations  of the business  are  conducted  throughout  the primary oil and gas
producing areas of the United States.

     Financing for the  transaction was obtained  through secured  borrowings of
$9.0 million from Fleet Capital Corporation,  described below (see Item 5. Other
Events),  and the sale of  convertible  notes and warrants to St. James  Capital
Partners,  L.P.  ("St.  James")  for $10.0  million.  For a  description  of the
securities  issued  and the  terms of the  borrowings  from St.  James,  see the
Company's Current Report on Form 8-K for January 23, 1998.

ITEM 5. OTHER EVENTS.

     On March 16, 1998, the Company  entered into a Loan and Security  Agreement
(the "Credit  Facility") with Fleet Capital  Corporation  ("Fleet")  pursuant to
which  the  Company  is able to  borrow,  subject  to  meeting  certain  lending
conditions,  a total of $19.0 million.  Of such amount, $9.0 is a term loan (the
"Term  Loan"),  substantially  all of which was borrowed to pay a portion of the
purchase price for the Phoenix  acquisition,  up to $2.0 million (the "Equipment
Line") is available to be borrowed to acquire  additional  equipment,  and up to
$8.0  million  (the  "Revolving  Line") is  available to be borrowed for general
operating capital purposes. The Equipment Line is available,  subject to certain
limitations,  in amounts up to 80% the purchase price or appraised  value of new
equipment and is repayable in equal monthly  installments  over five years.  The
Revolving  Line is  available  to be borrowed  from time to time,  subject to no
default  under  the  Credit  Facility,  in  amounts  up to 85% of the  Company's
eligible accounts receivable subject to the $8.0 million limitation. Interest on
the Credit  Facility  is equal to Fleet's  base rate plus 0.5% on the  Revolving
Line and Fleet's base rate plus 0.75% on the other  borrowings  under the Credit
Facility.  Amounts  repaid under the Term Loan and the Equipment  Line cannot be
reborrowed.  The Credit  Facility  terminates  and,  subject  to all  prepayment
obligations,  the outstanding  balance is due and payable on March 15, 2001. The
Credit  Facility can be terminated  by the Company  prior  thereto  subject to a
prepayment penalty,  under certain  circumstances,  declining from 3% during the
first year after March 16,  1998 to 1% during the last year the Credit  Facility
is

                                       2
outstanding.  The Credit  Facility is secured by a senior and prior lien against
substantially all the Company's real and personal property, including the assets
acquired in the Phoenix Acquisition,  subject to certain exceptions.  The Credit
Facility  includes a number of  affirmative  and  negative  covenants  including
requirements  as to  providing  Fleet with access to the  Company's  facilities,
financial and other  information,  a requirement that St. James convert not less
than $4.9 million of indebtedness  owed by the Company to St. James into capital
stock of the  Company  no later  than May 31,  1998,  restrictions  on  mergers,
consolidations, acquisitions, limitations on total indebtedness, restrictions on
liens,  subject to certain exceptions,  on its properties,  prohibitions against
the payments of dividends and other distributions to stockholders,  restrictions
on capital  expenditures,  dispositions of assets and sales of subsidiary stock,
among other  covenants.  Such  covenants  also  prohibit the Company from making
payments  on the  promissory  note owing to  Diamondback  Drilling,  Inc. in the
amount of $3.0 million except on terms approved by Fleet or (i) out of a minimum
borrowing  availability  of $2.0  million,  or (ii) a secondary  offering of the
Company's  capital stock.  The Credit Facility  contains a number of affirmative
covenants  requiring the Company to maintain  compliance with various  financial
ratios relating to fixed charges,  interest coverage ratios, tangible net worth,
total indebtedness to tangible net worth, among other things.  Events of default
under the Credit  Facility  include,  among  other  things,  the  failure to pay
principal and interest when due, making any  misrepresentations  to Fleet in any
of the loan documents,  breach of the covenants contained in the Credit Facility
or defaults under the security documents under the Credit Facility,  defaults on
other  indebtedness,  adverse  changes in the Company's  financial  condition or
prospects, insolvency and other bankruptcy proceedings, the failure of St. James
to own at 55% of the  Company's  issued  and  outstanding  capital  stock of the
Company  (on a  fully  diluted  basis)  prior  to a  secondary  offering  of the
Company's  securities,  or,  pursuant to a secondary  public offering of capital
stock of the  Company,  at least 30% of the  Company's  issued  and  outstanding
capital  stock,  on a fully diluted  basis.  In the event of a default under the
Credit  Facility,  at  the  option  of  Fleet,  all  amounts  thereunder  become
immediately  due and payable and Fleet would have the right as a secured  lender
to foreclose against substantially all of the Company's assets.

     Reference  is made to the Loan and Security  Agreement  filed as an Exhibit
hereto for a complete statement of its terms and conditions.

                                       3
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  Phoenix 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.

          It is impracticable  for the Company to provide the required pro forma
financial information for Phoenix 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 Loan and Security  Agreement  dated March 16, 1998 between  Fleet
Capital Corporation, Black Warrior Wireline Corp. and Boone Wireline Co., Inc.

          10.2 Equipment Promissory Note in the principal amount of $2.0 million
dated March 16, 1998.

          10.3 Secured  Promissory Note in the principal  amount of $9.0 million
dated March 16, 1998.

                                       4
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:  March 16, 1998                          By: /s/ William L. Jenkins
                                                   -----------------------------
                                                   William L. Jenkins, President

                                       5