SC 13D/A 1 h80991sc13da.txt ENRON CORP. FOR QUEEN SAND RESOURCES, INC. 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D/A Under the Securities Exchange Act of 1934 Queen Sand Resources, Inc. -------------------------------------------------------------------------------- (Name of Issuer) Common Stock, par value $.0015 per share -------------------------------------------------------------------------------- (Title of Class of Securities) 747927 10 1 ------------------- (CUSIP Number) Julia Heintz Murray, General Counsel - Finance Enron North America Corp. 1400 Smith Street Houston, Texas 77002 (713) 853-4794 -------------------------------------------------------------------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) September 29, 2000 -------------------------------------------------------------------------------- (Date of Event which Requires Filing of This Statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(b)(3) or (4), check the following box [ ]. NOTE: Six copies of this statement, including all exhibits, should be filed with the Commission. See Rule 13d-1(a) for other parties to whom copies are to be sent. *The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). 2 SCHEDULE 13D ---------------------- CUSIP NO.: 747927 10 1 ---------------------- -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR IRS IDENTIFICATION NO. OF ABOVE PERSON Joint Energy Development Investments Limited Partnership -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] N/A (b) [ ] -------------------------------------------------------------------------------- 3 SEC USE ONLY -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS WC -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [ ] -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware -------------------------------------------------------------------------------- 7 SOLE VOTING POWER -0- NUMBER OF -------------------------------------------------- SHARES 8 SHARED VOTING POWER BENEFICIALLY 12,234,952 OWNED BY -------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING -0- PERSON -------------------------------------------------- WITH 10 SHARED DISPOSITIVE POWER 12,234,952 -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 12,234,952 -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 13.6%* -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON PN -------------------------------------------------------------------------------- *Assumes 90,288,538 shares of voting capital stock, comprised of 80,688,538 shares of common stock and 9,600,000 shares of Series A preferred stock, and 2,173 shares of Series C preferred stock, are issued and outstanding. 3 SCHEDULE 13D ---------------------- CUSIP NO.: 747927 10 1 ---------------------- -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR IRS IDENTIFICATION NO. OF ABOVE PERSON Enron Corp. -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] N/A (b) [ ] -------------------------------------------------------------------------------- 3 SEC USE ONLY -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS WC -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [ ] -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Oregon -------------------------------------------------------------------------------- 7 SOLE VOTING POWER -0- NUMBER OF -------------------------------------------------- SHARES 8 SHARED VOTING POWER BENEFICIALLY 12,234,952 OWNED BY -------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING -0- PERSON -------------------------------------------------- WITH 10 SHARED DISPOSITIVE POWER 12,234,952 -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 12,234,952 -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 13.6% -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON CO -------------------------------------------------------------------------------- *Assumes 90,288,538 shares of voting capital stock, comprised of 80,688,538 shares of common stock and 9,600,000 shares of Series A preferred stock, and 2,173 shares of Series C preferred stock, are issued and outstanding. 4 Note: This Schedule 13D/A amendment is being filed by Joint Energy Development Investments Limited Partnership ("JEDI") and Enron Corp. ("Enron"), which are collectively referred to as the "Reporting Entities." All information with respect to Queen Sand Resources, Inc., a Delaware corporation (the "Issuer"), is presented to the best knowledge and belief of the Reporting Entities. The joint Schedule 13D of Enron and JEDI filed May 19, 1997, as amended by a Schedule 13D/A filed October 7, 1998, is further amended by the following: Item 2. Identity and Background. The Schedules to this statement report current information regarding the officers and directors of Enron Capital Corp., a Delaware corporation, and Enron. Neither of the Reporting Entities nor, to their knowledge, any person listed on the Schedules hereto, has been, during the last five years (i) convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (ii) a party to a civil proceeding and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violation of, or prohibiting or mandating activities subject to, U.S. federal or state securities laws or finding any violation with respect to such laws. Item 4. Purpose of Transaction. The purpose of the transaction is to partially hedge the economic risk of beneficially owning the common stock, par value $0.0015 per share (the "Common Stock") of the Issuer. Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer. On September 29, 2000, Enron's affiliate Harrier, LLC ("Harrier") entered into two price return equity swaps with Talon I LLC ("Talon") whereby Harrier effectively imposed on Talon part of the economic risk of owning Common Stock. Neither of these transactions affect JEDI's or Enron's voting or investment power with respect to the Common Stock it beneficially owns. The material terms of the first transaction are as follows: Notional Amount 1,580,971 shares of Common Stock Termination Date The earlier of August 3, 2003 or any day on which a notice is sent designating an amount of shares that, when added to previous amounts, equals 1,580,971 shares Number of Shares The amount of shares designated in a notice, not to exceed an aggregate of 1,580,971 shares Initial Equity Notional Amount $142,287 Equity Notional Amount (number of shares) x (initial price) Type of Return price return Initial Price $0.09 for the first valuation date and each subsequent valuation date 5 Final Price The closing price per share quoted by Nasdaq Equity Amount (Equity notional amount) x (rate of return), where the rate of return for each valuation date equals the final price minus the initial price, which difference is divided by the initial price The material terms of the second transaction, which are also effective as of August 3, 2000, are as follows: Notional Amount 5,760,000 shares of Preferred Stock Termination Date The earlier of August 3, 2003 or any day on which a notice is sent designating an amount of shares that, when added to previous amounts, equals 5,760,000 shares Number of Shares The amount of shares designated in a notice, not to exceed an aggregate of 5,760,000 shares Initial Equity Notional Amount $518,400 Equity Notional Amount (number of shares) x (initial price) Type of Return price return Initial Price $0.09 for the first valuation date and each subsequent valuation date Final Price The closing price per share quoted by Nasdaq Equity Amount (equity notional amount) x (rate of return), where the rate of return for each valuation date equals the final price minus the initial price, which difference is divided by the initial price The definitions and provisions of the 2000 ISDA Definitions and the 1996 ISDA Equity Derivatives Definitions, as published by the International Swaps and Derivatives Association, Inc., are incorporated into the transaction terms. Harrier and Talon may change the notional amount of securities that are subject to these hedges from time to time. JEDI also entered into a Settlement Agreement described in greater detail in the Issuer's Registration Statement on Form S-2 (No. 333-41992). It explains the terms under which JEDI may participate in the recapitalization transaction described therein. Except as described herein, none of the Reporting Entities, nor, to their knowledge, Enron Capital Management Limited Partnership, Enron Capital Corp., or Enron North America Corp. has effected any transactions in any shares of Common Stock during the past sixty days. Item 7. Material to be Filed as Exhibits. Exhibit 1 -- Confirmation Letter relating to Common Stock 6 Exhibit 2 -- Confirmation Letter relating to Preferred Stock Exhibit 3 -- Settlement Agreement dated as of July 17, 2000 between the Issuer and the stockholders named therein, filed as an Exhibit to the Issuer's Registration Statement on Form S-2 (No. 333-41992). 7 SIGNATURE After reasonable inquiry and to the best knowledge and belief of the undersigned, the undersigned certify that the information set forth in this statement is true, complete and correct. October 24, 2000 JOINT ENERGY DEVELOPMENT INVESTMENTS LIMITED PARTNERSHIP By: Enron Capital Management Limited Partnership, its general partner By: Enron Capital Corp., its general partner By: /s/ DAVID W. DELAINEY ------------------------------------- Name: David W. Delainey ----------------------------------- Title: President and Managing Director ---------------------------------- October 24, 2000 ENRON CORP. By: /s/ ANGUS H. DAVIS ------------------------------------- Name: Angus H. Davis ----------------------------------- Title: Vice President and Deputy Corporate Secretary ---------------------------------- 8 SCHEDULE I DIRECTORS AND EXECUTIVE OFFICERS ENRON CORP.

Name and Business Address Citizenship Position and Occupation ------------------------- ----------- ----------------------- Robert A. Belfer U.S.A. Director; Chairman, President and Chief Belco Oil and Gas Corp. Executive Officer, Belco Oil & Gas Corp. 767 Fifth Avenue, 46th Fl. New York, NY 10153 Norman P. Blake, Jr. U.S.A. Director; Chief Executive Officer and Secretary United States Olympic Committee General, United States Olympic Committee One Olympic Plaza Colorado Springs, Colorado 80909 Ronnie C. Chan U.S.A. Director; Chairman of Hang Lung Development Hang Lung Development Group Company Limited 28/F, Standard Chartered Bank Building 4 Des Vouex Road Central Hong Kong John H. Duncan U.S.A. Director; Investments 5851 San Felipe, Suite 850 Houston, TX 77057 Paulo V. Ferraz Pereira Brazil Director; President and Chief Executive Officer Meridional Financial Group of Meridional Financial Group Av. Rio Branco, 138-15th andar 20057-900 Rio de Janeiro - RJ Brazil Wendy L. Gramm U.S.A. Director; Director, Regulatory Studies Program P. O. Box 39134 of the Mercatus Center, George Mason Washington, D.C. 20016 University Ken L. Harrison U.S.A. Director; Chairman and Chief Executive Officer, 121 S. W. Salmon Street Portland General Electric Company Portland, OR 97204 Robert K. Jaedicke U.S.A. Director; Professor (Emeritus), Graduate Graduate School of Business School of Business, Stanford University Stanford University Stanford, CA 94305 Charles A. LeMaistre U.S.A. Director; President (Emeritus), University of 7 Bristol Green Texas M.D. Anderson Cancer Center San Antonio, TX 78209

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Name and Business Address Citizenship Position and Occupation ------------------------- ----------- ----------------------- John Mendelsohn U.S.A. Director; President, University of Texas University of Texas M.D. Anderson Cancer Center M.D. Anderson Cancer Ctr. 1515 Holcombe Houston, Texas 77030 Jerome J. Meyer U.S.A. Director; Chairman and Chief Executive Officer, 14200 SW Karl Braun Drive Tektronix, Inc. Beaverton, Oregon 97077 Frank Savage U.S.A. Director; Chairman, Alliance Capital 1345 Avenue of the Americas Management International 39th Floor New York, New York 10105 John A. Urquhart U.S.A. Director; Senior Advisor to the Chairman of John A. Urquhart Assoc. Enron Corp.; President, John A. Urquhart 111 Beach Road Associates Fairfield, CT 06430 John Wakeham U.K. Director; Former U.K. Secretary of State for 1 Salisbury Square Energy and Leader of the Houses of Commons London EC4Y 8JB and Lords United Kingdom Herbert S. Winokur, Jr. U.S.A. Director; Chairman and CEO, Capricorn Capricorn Holdings, Inc. Holdings, Inc. 30 East Elm Ct. Greenwich, CT 06830 Kenneth L. Lay U.S.A. Director; Chairman and Chief Executive Officer 1400 Smith Street Houston, TX 77002 J. Clifford Baxter U.S.A. Vice Chairman 1400 Smith Street Houston, TX 77002 Richard B. Buy U.S.A. Executive Vice President and Chief Risk Officer 1400 Smith Street Houston, TX 77002 Richard A. Causey U.S.A. Executive Vice President and Chief Accounting 1400 Smith Street Officer Houston, TX 77002 Mark E. Koenig U.S.A. Executive Vice President, Investor Relations 1400 Smith Street Houston, TX 77002 James V. Derrick, Jr. U.S.A. Executive Vice President and General Counsel 1400 Smith Street Houston, TX 77002

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Name and Business Address Citizenship Position and Occupation ------------------------- ----------- ----------------------- Steven J. Kean U.S.A. Executive Vice President and Chief of Staff 1400 Smith Street Houston, TX 77002 Andrew S. Fastow U.S.A. Executive Vice President and Chief Financial 1400 Smith Street Officer Houston, TX 77002 Mark A. Frevert U.S.A. Chairman of the Board, Chief Executive Officer 1400 Smith Street and Managing Director, Enron North America Houston, TX 77002 Corp. Stanley C. Horton U.S.A. Chairman and Chief Executive Officer, Enron 1400 Smith Street Transportation Services Company Houston, TX 77002 J. Mark Metts U.S.A. Executive Vice President, Corporate 1400 Smith Street Development Houston, TX 77002 Cindy K. Olson U.S.A. Executive Vice President, Human Resources 1400 Smith Street and Community Relations Houston, TX 77002 Michael S. McConnell U.S.A. Executive Vice President, Technology 1400 Smith Street Houston, TX 77002 Lou L. Pai U.S.A. Chairman, President and Chief Executive 1400 Smith Street Officer, Enron Energy Services, Inc. Houston, TX 77002 Kenneth D. Rice U.S.A. Chief Executive Officer and President, 1400 Smith Street Enron Broadband Services, Inc. Houston, TX 77002 Jeffrey K. Skilling U.S.A. Director; President and Chief Operating Officer, 1400 Smith Street Enron Corp. Houston, TX 77002 Joseph W. Sutton U.S.A. Vice Chairman, Enron Corp. 1400 Smith Street Houston, TX 77002

11 SCHEDULE II DIRECTORS AND EXECUTIVE OFFICERS ENRON CAPITAL CORP.

Name and Business Address Citizenship Position and Occupation ------------------------- ----------- ----------------------- James V. Derrick, Jr. USA Director 1400 Smith Street Houston, TX 77002 Mark A. Frevert USA Director; Chairman, Chief Executive Officer and 1400 Smith Street Managing Director Houston, TX 77002 David W. Delainey USA President and Managing Director 1400 Smith Street Houston, TX 77002 Mark E. Haedicke USA Director; Managing Director and General 1400 Smith Street Counsel Houston, TX 77002 Julia Heintz Murray USA Managing Director, General Counsel, Finance 1400 Smith Street and Secretary Houston, TX 77002 Raymond M. Bowen, Jr. USA Managing Director 1400 Smith Street Houston, TX 77002 Richard B. Buy USA Managing Director 1400 Smith Street Houston, TX 77002 Andrew S. Fastow USA Managing Director 1400 Smith Street Houston, TX 77002 Robert J. Hermann USA Managing Director and General Tax Counsel 1400 Smith Street Houston, TX 77002 Kelly H. Boots USA Vice President 1400 Smith Street Houston, TX 77002

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Name and Business Address Citizenship Position and Occupation ------------------------- ----------- ----------------------- Ben F. Glisan, Jr. USA Vice President, Finance and Treasurer 1400 Smith Street Houston, TX 77002 Jordan H. Mintz USA Vice President, Tax and Tax Counsel 1400 Smith Street Houston, TX 77002 Barry J. Schnapper USA Vice President 1400 Smith Street Houston, TX 77002 Scott M. Sefton USA Vice President and Assistant Secretary 1400 Smith Street Houston, TX 77002

13 INDEX TO EXHIBITS

EXHIBIT NUMBER DESCRIPTION ------- ----------- 1 Confirmation Letter relating to Common Stock 2 Confirmation Letter relating to Preferred Stock 3 Settlement Agreement dated as of July 17, 2000 between the Issuer and the stockholders named therein, filed as an Exhibit to the Issuer's Registration Statement on Form S-2 (No. 333-41992).