SEC Info - Third Point LLC, et al. - ‘SC 13D/A’ on 7/18/08 re: Baseline Oil & Gas Corp.

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Third Point LLC, et al. – ‘SC 13D/A’ on 7/18/08 re: Baseline Oil & Gas Corp.

On: Friday, 7/18/08, at 6:32pm ET · As of: 7/21/08 · Accession #: 899140-8-1475 · File #: 5-83196

  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 7/21/08  Third Point LLC                   SC 13D/A    7/18/08    1:30K  Baseline Oil & Gas Corp.          Willkie Fa… Gallagher/FA
          Daniel S. Loeb
          Third Point Offshore Fund, Ltd.
          Third Point Partners L.P.
          Third Point Partners Qualified L.P.
          Third Point Ultra Ltd.

Amendment to General Statement of Beneficial Ownership — Schedule 13D
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: SC 13D/A    First Amendment                                       14     50K

Document Table of Contents

Page	(sequential)	\|	(alphabetic)	Top
			Alternative Formats (Word, et al.) Interest in Securities of the Issuer Purpose of Transaction Schedule 13D Source and Amount of Funds or Other Consideration
1	1st Page - Filing Submission
"	Schedule 13D
8	Item 3. Source and Amount of Funds or Other Consideration
9	Item 4. Purpose of Transaction
10	Item 5. Interest in Securities of the Issuer

SC 13D/A 1st Page of 14 TOC ↑Top Previous Next ↓Bottom Just 1st
 
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D
 (Amendment No. 1)

Under the Securities Exchange Act of 1934*

Baseline Oil & Gas Corp.
--------------------------------------------------------------------------------
(Name of Issuer)

Common Stock, par value $0.001 per share
--------------------------------------------------------------------------------
(Title of Class of Securities)

 069827103
--------------------------------------------------------------------------------
 (CUSIP Number of Class of Securities)

Daniel S. Loeb
 Third Point LLC
 390 Park Avenue
New York, NY 10022
(212) 224-7400
--------------------------------------------------------------------------------
 (Name, Address and Telephone Number of Person
 Authorized to Receive Notices and Communications)

Copies to:

Josh Targoff             Michael A. Schwartz                J. Mark Metts 
Third Point LLC       Willkie Farr & Gallagher LLP             Jones Day    
390 Park Avenue            787 Seventh Avenue                  717 Texas    
18th Floor              New York, NY 10019                  Suite 3300
New York, NY 10022             (212) 728-8000                Houston, TX 77002  
(212) 224-7406                                               (832) 239-3939 

 July 17, 2008
--------------------------------------------------------------------------------
 (Date of Event which Requires
Filing of this Schedule)

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 ss.ss. 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the
following box: [ ]                                                              

NOTE: Schedules filed in paper format shall include a signed original and five  
copies of the schedule, including all exhibits. See Rule 240.13d-7 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).                                                                         

SC 13D/A 2nd Page of 14 TOC 1st Previous Next ↓Bottom Just 2nd
SCHEDULE 13D

--------------------------                          ----------------------------
CUSIP No. 069827103                                 Page 2 of 14 Pages          
--------------------------                          ----------------------------

----------- --------------------------------------------------------------------
1       NAME OF REPORTING PERSON                                        
   I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

Third Point LLC                                         
13-3922602                                              
----------- --------------------------------------------------------------------
2       CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP       (a) [ ]  
                                                             (b) [X]
----------- --------------------------------------------------------------------
3       SEC USE ONLY                                                    
----------- --------------------------------------------------------------------
4       SOURCE OF FUNDS*                                                

AF                                                      
----------- --------------------------------------------------------------------
   5       CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e)     [ ]                              
----------- --------------------------------------------------------------------
6       CITIZENSHIP OR PLACE OF ORGANIZATION                            

Delaware                                                
--------------------- --------- ------------------------------------------------
7      SOLE VOTING POWER      

0               
                      --------- ------------------------------------------------
8      SHARED VOTING POWER    
NUMBER OF SHARES                                                                
BENEFICIALLY OWNED              68,755,450                                      
BY EACH REPORTING     --------- ------------------------------------------------
PERSON WITH              9      SOLE DISPOSITIVE POWER                          

0               
                      --------- ------------------------------------------------
 10     SHARED DISPOSITIVE POWER

68,755,450      
----------- --------------------------------------------------------------------
11      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON              

68,755,450                                              
----------- --------------------------------------------------------------------
12      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN  
SHARES* [ ]                                             

----------- --------------------------------------------------------------------
13      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)              

66.9%                                                   
----------- --------------------------------------------------------------------
14      TYPE OF REPORTING PERSON*                                       

OO                                                      
----------- --------------------------------------------------------------------

SC 13D/A 3rd Page of 14 TOC 1st Previous Next ↓Bottom Just 3rd
SCHEDULE 13D

--------------------------                          ----------------------------
CUSIP No. 069827103                                 Page 3 of 14 Pages          
--------------------------                          ----------------------------

----------- --------------------------------------------------------------------
1       NAME OF REPORTING PERSON                                        
   I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

Daniel S. Loeb                                          
----------- --------------------------------------------------------------------
2       CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP       (a) [ ]  
                                                             (b) [X]
----------- --------------------------------------------------------------------
3       SEC USE ONLY                                                    
----------- --------------------------------------------------------------------
4       SOURCE OF FUNDS*                                                

AF                                                      
----------- --------------------------------------------------------------------
   5       CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e)     [ ]                              
----------- --------------------------------------------------------------------
6       CITIZENSHIP OR PLACE OF ORGANIZATION                            

United States                                           
--------------------- --------- ------------------------------------------------
7      SOLE VOTING POWER      

0               
                      --------- ------------------------------------------------
8      SHARED VOTING POWER    
NUMBER OF SHARES                                                                
BENEFICIALLY OWNED              68,755,450 (1)                                  
BY EACH REPORTING     --------- ------------------------------------------------
PERSON WITH              9      SOLE DISPOSITIVE POWER                          

0               
                      --------- ------------------------------------------------
 10     SHARED DISPOSITIVE POWER

68,755,450      
----------- --------------------------------------------------------------------
11      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON              

68,755,450                                              
----------- --------------------------------------------------------------------
12      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN  
SHARES* [ ]                                             

----------- --------------------------------------------------------------------
13      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)              

66.9%                                                   
----------- --------------------------------------------------------------------
14      TYPE OF REPORTING PERSON*                                       

IN                                                      
----------- --------------------------------------------------------------------

SC 13D/A 4th Page of 14 TOC 1st Previous Next ↓Bottom Just 4th
SCHEDULE 13D

--------------------------                          ----------------------------
CUSIP No. 069827103                                 Page 4 of 14 Pages          
--------------------------                          ----------------------------

----------- --------------------------------------------------------------------
1       NAME OF REPORTING PERSON                                        
   I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

Third Point Partners L.P.                               
22-3352246                                              
----------- --------------------------------------------------------------------
2       CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP       (a) [ ]  
                                                             (b) [X]
----------- --------------------------------------------------------------------
3       SEC USE ONLY                                                    
----------- --------------------------------------------------------------------
4       SOURCE OF FUNDS*                                                

AF                                                      
----------- --------------------------------------------------------------------
   5       CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e)     [ ]                              
----------- --------------------------------------------------------------------
6       CITIZENSHIP OR PLACE OF ORGANIZATION                            

Delaware                                                
--------------------- --------- ------------------------------------------------
7      SOLE VOTING POWER      

0               
                      --------- ------------------------------------------------
8      SHARED VOTING POWER    
NUMBER OF SHARES                                                                
BENEFICIALLY OWNED              27,588,904                                      
BY EACH REPORTING     --------- ------------------------------------------------
PERSON WITH              9      SOLE DISPOSITIVE POWER                          

0               
                      --------- ------------------------------------------------
 10     SHARED DISPOSITIVE POWER

27,588,904      
----------- --------------------------------------------------------------------
11      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON              

27,588,904                                              
----------- --------------------------------------------------------------------
12      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN  
SHARES* [ ]                                             

----------- --------------------------------------------------------------------
13      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)              

44.5%                                                   
----------- --------------------------------------------------------------------
14      TYPE OF REPORTING PERSON*                                       

PN                                                      
----------- --------------------------------------------------------------------

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SCHEDULE 13D

--------------------------                          ----------------------------
CUSIP No. 069827103                                 Page 5 of 14 Pages          
--------------------------                          ----------------------------

----------- --------------------------------------------------------------------
1       NAME OF REPORTING PERSON                                        
   I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

Third Point Partners Qualified L.P.                     
74-3110449                                              
----------- --------------------------------------------------------------------
2       CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP       (a) [ ]  
                                                             (b) [X]
----------- --------------------------------------------------------------------
3       SEC USE ONLY                                                    
----------- --------------------------------------------------------------------
4       SOURCE OF FUNDS*                                                

AF                                                      
----------- --------------------------------------------------------------------
   5       CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e)     [ ]                              
----------- --------------------------------------------------------------------
6       CITIZENSHIP OR PLACE OF ORGANIZATION                            

Delaware                                                
--------------------- --------- ------------------------------------------------
7      SOLE VOTING POWER      

0               
                      --------- ------------------------------------------------
8      SHARED VOTING POWER    
NUMBER OF SHARES                                                                
BENEFICIALLY OWNED              40,770,546                                      
BY EACH REPORTING     --------- ------------------------------------------------
PERSON WITH              9      SOLE DISPOSITIVE POWER                          

0               
                      --------- ------------------------------------------------
 10     SHARED DISPOSITIVE POWER

40,770,546      
----------- --------------------------------------------------------------------
11      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON              

40,770,546                                              
----------- --------------------------------------------------------------------
12      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN  
SHARES* [ ]                                             

----------- --------------------------------------------------------------------
13      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)              

54.2%                                                   
----------- --------------------------------------------------------------------
14      TYPE OF REPORTING PERSON*                                       

PN                                                      
----------- --------------------------------------------------------------------

SC 13D/A 6th Page of 14 TOC 1st Previous Next ↓Bottom Just 6th
SCHEDULE 13D

--------------------------                          ----------------------------
CUSIP No. 069827103                                 Page 6 of 14 Pages          
--------------------------                          ----------------------------

----------- --------------------------------------------------------------------
1       NAME OF REPORTING PERSON                                        
   I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

Third Point Offshore Fund, Ltd.                         
04-3849825                                              
----------- --------------------------------------------------------------------
2       CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP       (a) [ ]  
                                                             (b) [X]
----------- --------------------------------------------------------------------
3       SEC USE ONLY                                                    
----------- --------------------------------------------------------------------
4       SOURCE OF FUNDS*                                                

WC                                                      
----------- --------------------------------------------------------------------
   5       CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e)     [ ]                              
----------- --------------------------------------------------------------------
6       CITIZENSHIP OR PLACE OF ORGANIZATION                            

Cayman Islands                                          
--------------------- --------- ------------------------------------------------
7      SOLE VOTING POWER      

0               
                      --------- ------------------------------------------------
8      SHARED VOTING POWER    
NUMBER OF SHARES                                                                
BENEFICIALLY OWNED              302,200                                         
BY EACH REPORTING     --------- ------------------------------------------------
PERSON WITH              9      SOLE DISPOSITIVE POWER                          

0               
                      --------- ------------------------------------------------
 10     SHARED DISPOSITIVE POWER

302,200         
----------- --------------------------------------------------------------------
11      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON              

302,200                                                 
----------- --------------------------------------------------------------------
12      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN  
SHARES* [ ]                                             

----------- --------------------------------------------------------------------
13      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)              

0.9% (1)                                                
----------- --------------------------------------------------------------------
14      TYPE OF REPORTING PERSON*                                       

OO                                                      
----------- --------------------------------------------------------------------

SC 13D/A 7th Page of 14 TOC 1st Previous Next ↓Bottom Just 7th
SCHEDULE 13D

--------------------------                          ----------------------------
CUSIP No. 069827103                                 Page 7 of 14 Pages          
--------------------------                          ----------------------------

----------- --------------------------------------------------------------------
1       NAME OF REPORTING PERSON                                        
   I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

Third Point Ultra Ltd.                                  
04-3849290                                              
----------- --------------------------------------------------------------------
2       CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP       (a) [ ]  
                                                             (b) [X]
----------- --------------------------------------------------------------------
3       SEC USE ONLY                                                    
----------- --------------------------------------------------------------------
4       SOURCE OF FUNDS*                                                

WC                                                      
----------- --------------------------------------------------------------------
   5       CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e)     [ ]                              
----------- --------------------------------------------------------------------
6       CITIZENSHIP OR PLACE OF ORGANIZATION                            

British Virgin Islands                                  
--------------------- --------- ------------------------------------------------
7      SOLE VOTING POWER      

0               
                      --------- ------------------------------------------------
8      SHARED VOTING POWER    
NUMBER OF SHARES                                                                
BENEFICIALLY OWNED              70,200                                          
BY EACH REPORTING     --------- ------------------------------------------------
PERSON WITH              9      SOLE DISPOSITIVE POWER                          

0               
                      --------- ------------------------------------------------
 10     SHARED DISPOSITIVE POWER

70,200          
----------- --------------------------------------------------------------------
11      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON              

70,200                                                  
----------- --------------------------------------------------------------------
12      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN  
SHARES* [ ]                                             

----------- --------------------------------------------------------------------
13      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)              

0.2% (1)                                                
----------- --------------------------------------------------------------------
14      TYPE OF REPORTING PERSON*                                       

OO                                                      
----------- --------------------------------------------------------------------

SC 13D/A 8th Page of 14 TOC 1st Previous Next ↓Bottom Just 8th
  This Amendment No. 1 to Schedule 13D (this "Amendment No. 1") amends the
Schedule 13D filed on July 17, 2008 (as amended by this Amendment No. 1, the    
"Schedule 13D") and is being filed on behalf of Third Point LLC, a Delaware     
limited liability company (the "Management Company"), Third Point Partners L.P. 
("Partners"), Third Point Partners Qualified L.P. ("Partners Qualified"), Third 
Point Offshore Fund, Ltd. ("Offshore"), Third Point Ultra Ltd. ("Ultra") and    
Daniel S. Loeb, an individual ("Mr. Loeb" and, collectively with the Management 
Company, Partners, Partners Qualified, Offshore and Ultra, the "Reporting       
Persons"). The Schedule 13D relates to the Common Stock, par value $0.001 per   
share, of Baseline Oil & Gas Corp., a Nevada corporation (the "Company"). Unless
the context otherwise requires, references herein to the "Common Stock" are to  
such Common Stock of the Company.                                               

  The Management Company is the investment manager or adviser to Partners,
Partners Qualified, Offshore, Ultra and other various funds and managed accounts
(such funds and accounts, collectively, the "Funds"). The Funds directly own (a)
shares of Common Stock and (b) 14% Senior Subordinated Convertible Secured Notes
due 2013 (the "Convertible Notes") that are convertible into shares of Common   
Stock. The Schedule 13D relates to both the shares of Common Stock directly     
owned by the Funds and to the shares of Common Stock underlying the Convertible 
Notes. The Management Company and Mr. Loeb may be deemed to have beneficial     
ownership over such Common Stock by virtue of the authority granted to them by  
the Funds to vote and to dispose of the securities held by the Funds, including 
the Common Stock and the Convertible Notes.                                     

Item 3.     Source and Amount of Funds or Other Consideration                   

Item 3 of the Schedule 13D is hereby amended and restated as follows: 

   The Funds expended an aggregate of approximately $49,329,805 of their own
investment capital to acquire the Convertible Notes and shares of Common Stock  
held by them. Partners expended an aggregate of approximately $19,831,364 of    
its own investment capital to acquire the Convertible Notes and Common Stock its
holds. Partners Qualified expended an aggregate of approximately $29,306,540 of 
its own investment capital to acquire the Convertible Notes and shares of Common
Stock its holds. Offshore expended an aggregate of approximately $146,464 of its
own investment capital to acquire the shares of Common Stock its holds. Ultra   
expended an aggregate of approximately $33,997 of its own investment capital to 
acquire the shares of Common Stock its holds.                                   

   The Funds effected the purchases of Common Stock primarily through margin
accounts, which are maintained for them with Goldman, Sachs & Co., Citigroup    
Global Markets, Inc., UBS Securities LLC and Bear, Stearns Securities Corp. and 
which may extend margin credit to the Funds as and when required to open or     
carry positions in the margin accounts, subject to applicable Federal margin    
regulations, stock exchange rules and the firms' credit policies. In such       
instances, the positions held in the margin accounts are pledged as collateral  
security for the repayment of debit balances in the accounts.                   

- 8 - 

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Item 4.     Purpose of Transaction.                                             

Item 4 of the Schedule 13D is hereby amended by adding the following  
thereto:                                                                        

  The Reporting Persons have had conversations with the Chairman and Chief
Executive Officer of the Company, another member of the Board and counsel to the
Company regarding the Reporting Persons' desire to obtain majority              
representation on the Board. These conversations appear to be productive, and   
during the course of these discussions the Reporting Persons have proposed that 
Bradley L. Radoff, Todd Q. Swanson and John V. Lovoi be added to the Board as   
promptly as practicable. Biographical information for Messrs. Radoff, Swanson   
and Lovoi is provided below.                                                    

       Bradley L. Radoff is a Senior Portfolio Manager at Third Point LLC,
  which he rejoined in 2006. Before rejoining Third Point, Mr. Radoff, 34,
was the General Partner of Fondren Management from 2005 to 2006 and   
employed as an analyst at Lonestar Capital from 2003 to 2004 and the  
  Citadel Investment Group from 2000 to 2003. Mr. Radoff was a director of
  Pogo Producing Company in 2007, until the sale of that company to Plains
 Exploration & Production Company later that year. Mr. Radoff received a
B.S. degree in Economics from the University of Pennsylvania in 1995. 

     Todd Q. Swanson, 33, is an investment analyst at Third Point LLC.
 Prior to joining Third Point in 2005, Mr. Swanson attended the Graduate
School of Business at Stanford University from 2003 to 2005. From 2001
    through 2003 he worked for Thoma Cressey Equity Partners, a private equity
   firm based in Chicago. From 1998 through 2001, he worked for KPMG LLP, an
 international accounting firm, in accounting and merger and acquisition
   roles. Mr. Swanson graduated from Iowa State University with B.S. degrees
    in Accounting and Finance, as well as from the Graduate School of Business
at Stanford University with a Masters in Business Administration. Mr. 
   Swanson became a Certified Public Accountant (CPA) in 1998 and earned the
  Chartered Financial Analyst (CFA) designation in 2001. He is currently a
director of Biofuel Energy Corporation (NASDAQ: BIOF).                

        John V. Lovoi is the managing partner of JVL Partners LLC, a private
     oil and gas investment partnership. Mr. Lovoi is a Director of Helix Energy
    Solutions (NYSE: HLX), an oilfield services company engaged in exploration
  and production and offshore oil and gas field development and Dril-Quip,
  Inc. (NYSE: DRQ), a provider of subsea equipment. From 1988 to 2003, Mr.
Lovoi held a number of positions in the global oil and gas business,  
primarily in the areas of investment banking and equity research. From
December 2000 until August 2002, Mr. Lovoi served as Head of Morgan   
Stanley's Global Oil and Gas investment banking practice. Mr. Lovoi   
   graduated from Texas A&M University in 1984 with a B.S degree in Chemical
 Engineering and received his Masters in Business Administration with an
   emphasis on Finance and Accounting from the University of Texas at Austin
in 1988.                                                              

- 9 - 

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Item 5.     Interest in Securities of the Issuer.                               

         Item 5 of the Schedule 13D is hereby amended and restated as follows:

    (a) The Reporting Persons own a total of 64,296,760 shares of Common Stock
and $3.21 million in aggregate principal amount of the Convertible Notes. The   
conversion price for the Convertible Notes is $0.72 per share. As a result, each
$1,000 of the principal amount of the Convertible Notes is convertible into an  
aggregate of 1,389 shares of Common Stock. Therefore, the Convertible Notes into
Common Stock, held by the Reporting Persons are convertible into a total of     
4,458,690 shares of Common Stock, excluding any shares that may be issued, at   
the Company's election within 30 days after conversion, in satisfaction of a    
related conversion make-whole amount. Due to the immediate convertibility of the
Convertible Notes, the Reporting Persons are deemed to beneficially own the     
shares of the Common Stock into which such Convertible Notes are convertible,   
resulting in a total beneficial ownership of 68,755,450 shares of Common Stock. 
The Reporting Persons' beneficial ownership of the Common Stock represents      
approximately 66.9% of the Company's outstanding Common Stock on a fully diluted
basis.                                                                          

    The information provided in the cover pages with respect to the beneficial
ownership by each of the Reporting Persons is incorporated herein by reference. 
Based upon the Company's proxy statement filed by the Company with the          
Securities and Exchange Commission in connection with the Annual Meeting of     
Stockholders held on July 9, 2008, there were 34,462,282 issued and outstanding 
shares of Common Stock as of April 28, 2008. Any calculations of percentage     
ownership contained in this Schedule 13D assume that the number of issued and   
outstanding shares has not changed since such date (before giving effect to the 
conversion of the Convertible Notes described above) and, in each case, shares  
of Common Stock issuable upon conversion of the Convertible Notes are deemed to 
be outstanding for purposes of such calculations.                               

    (b) The Management Company and Mr. Loeb share voting and dispositive power
over the 68,755,450 shares of Common Stock beneficially owned by the Funds. The 
Management Company, Mr. Loeb and Offshore share voting power and dispositive    
power over the 302,200 shares of Common Stock directly beneficially owned by    
Offshore. The Management Company, Mr. Loeb and Partners share voting power and  
dispositive power over the 27,588,904 shares of Common Stock directly           
beneficially owned by Partners. The Management Company, Mr. Loeb and Partners   
Qualified share voting power and dispositive power over the 40,770,546 shares of
Common Stock directly beneficially owned by Partners Qualified. The Management  
Company, Mr. Loeb and Ultra share voting power and dispositive power over the   
70,200 shares of Common Stock directly beneficially owned by Ultra.             

        (c) Schedule A hereto sets forth certain information with respect to
transactions by and between Offshore, Partners, Partners Qualified and
Ultra, at the direction of the Management Company and Mr. Loeb, in the
   Convertible Notes on July 17, 2008. Except as set forth on Schedule A and
     except for the exercise of conversion rights described in Item 4, since the
most recent filing on Schedule 13D there were no transactions in the  
Convertible Notes or Common                                           

- 10 -

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Stock effected by the Reporting Persons, nor, to the best of their knowledge,   
any of their directors, executive officers, general partners or members.        

(d) Other than the Funds that directly hold the Convertible Notes and 
Direct Shares, and except as set forth in this Item 5, no person is known to    
have the right to receive or the power to direct the receipt of dividends from, 
or the proceeds from the sale of, the Convertible Notes or Direct Shares.       

   (e) On July 17, 2008, Offshore and Ultra each ceased to be the beneficial
owner of more than five percent of the Common Stock.                            

[Signature pages follow]

- 11 -

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SIGNATURES

         After reasonable inquiry and to the best of our knowledge and belief,
the undersigned certify that the information set forth in this statement is     
true, complete and correct.                                                     

Dated:  July 18, 2008                                                           
THIRD POINT LLC       

                      By:  Daniel S. Loeb, Chief Executive Officer

    By:  /s/ Joshua L. Targoff
                                  ----------------------------------------------
     Joshua L. Targoff
    Attorney-in-Fact

DANIEL S. LOEB        

    By:  /s/ Joshua L. Targoff
                                  ----------------------------------------------
     Joshua L. Targoff
    Attorney-in-Fact

   THIRD POINT PARTNERS L.P.

                            By:  Third Point Advisors LLC, its General Partner
              By:  Daniel S. Loeb, Managing Member

    By:  /s/ Joshua L. Targoff
                                  ----------------------------------------------
     Joshua L. Targoff
    Attorney-in-Fact

             THIRD POINT PARTNERS QUALIFIED L.P.

                            By:  Third Point Advisors LLC, its General Partner
              By:  Daniel S. Loeb, Managing Member

    By:  /s/ Joshua L. Targoff
                                  ----------------------------------------------
     Joshua L. Targoff
    Attorney-in-Fact

[SIGNATURE PAGE TO SCHEDULE 13D WITH RESPECT TO 
 BASELINE OIL & GAS CORP.]

SC 13D/A 13th Page of 14 TOC 1st Previous Next ↓Bottom Just 13th
         THIRD POINT OFFSHORE FUND, LTD.

       By:  Daniel S. Loeb, Director

    By:  /s/ Joshua L. Targoff
                                  ----------------------------------------------
     Joshua L. Targoff
    Attorney-in-Fact

 THIRD POINT ULTRA, LTD.

                      By:  Third Point LLC, its Investment Manager
                      By:  Daniel S. Loeb, Chief Executive Officer

      By:  /s/ Joshua L. Targoff
                                  ----------------------------------------------
     Joshua L. Targoff
    Attorney-in-Fact

[SIGNATURE PAGE TO SCHEDULE 13D WITH RESPECT TO   
 BASELINE OIL & GAS CORP.]

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                                                        [Enlarge/Download Table]


                                                              SCHEDULE A                                              

                        (Transactions by Offshore, Partners, Partners Qualified and Ultra in Convertible Notes)       

Third Point Offshore Fund, Ltd.                                                                                       

             DATE                       TRANSACTION               PRINCIPAL AMOUNT                   PRICE            
------------------------------- ---------------------------- ---------------------------- ----------------------------
                                                                                                                      
          7/17/2008                        SELL                              $32,041,000                          100 

Third Point Partners L.P.                                                                                             

             DATE                       TRANSACTION               PRINCIPAL AMOUNT                   PRICE            
------------------------------- ---------------------------- ---------------------------- ----------------------------
          7/17/2008                         BUY                               $1,057,000                          100 
          7/17/2008                         BUY                              $14,886,000                          100 

Third Point Partners Qualified L.P.                                                                                   

             DATE                       TRANSACTION               PRINCIPAL AMOUNT                   PRICE            
------------------------------- ---------------------------- ---------------------------- ----------------------------
          7/17/2008                         BUY                               $1,568,000                          100 
          7/17/2008                         BUY                              $22,084,000                          100 

Third Point Ultra Ltd.                                                                                                

             DATE                       TRANSACTION               PRINCIPAL AMOUNT                   PRICE            
------------------------------- ---------------------------- ---------------------------- ----------------------------
          7/17/2008                        SELL                               $7,554,000                          100

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Dates Referenced Herein and Documents Incorporated by Reference

		Referenced-On Page
This ‘SC 13D/A’ Filing	Date	First	Last	Other Filings

Filed as of:	7/21/08			SC 13D/A
Filed on:	7/18/08	12		3, SC 13D, SC 13D/A
	7/17/08	1	11	3, 8-K
	7/9/08	10		DEF 14A
	4/28/08	10		4, PRE 14A
				List all Filings

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Filing Submission 0000899140-08-001475 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Third Point LLC, et al. – ‘SC 13D/A’ on 7/18/08 re: Baseline Oil & Gas Corp.

On: Friday, 7/18/08, at 6:32pm ET · As of: 7/21/08 · Accession #: 899140-8-1475 · File #: 5-83196

Previous ‘SC 13D’: ‘SC 13D/A’ on 7/18/08 · Next: ‘SC 13D/A’ on 7/22/08 · Latest: ‘SC 13D’ on 2/13/24

Amendment to General Statement of Beneficial Ownership — Schedule 13DFiling Table of Contents

Document Table of Contents

Dates Referenced Herein and Documents Incorporated by Reference

Amendment to General Statement of Beneficial Ownership — Schedule 13D
Filing Table of Contents