UNITED STATES
                       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                              June 3, 2002
(Date of earliest event reported)           May 31, 2002


                                THE BEARD COMPANY
             (Exact name of registrant as specified in its charter)

       Oklahoma                      0-12396                  73-0970298
(State or other jurisdiction       (Commission               (IRS Employer
 of incorporation)                 File Number)            Identification No.)

Enterprise Plaza
5600 N. May Avenue
Suite 320
Oklahoma City, Oklahoma                                73112
(Address of principal executive offices)             (Zip Code)

Registrant's telephone number, including area code   (405) 842-2333


                                       N/A
          (Former name or former address, if changed since last report)

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                                THE BEARD COMPANY

                                    FORM 8-K


Item 5.  Other Events.

                     PRIVATE PLACEMENT OF NOTES AND WARRANTS

     The Company  and an  investment  banking  firm have  completed  the sale of
$1,200,000  of 10%  subordinated  notes to  accredited  investors  in a  private
placement.  The Notes were priced at discounts ranging from 5.88% to 6.45% so as
to have an effective  yield to maturity of 15%. The Company has agreed to redeem
the Notes  within 10 days of receipt of the McElmo  Dome  settlement.  The Notes
will mature on September  30, 2003;  however,  if they have not been redeemed by
such date they will  automatically  be  extended  to March 31, 2005 and the Note
purchasers  will be granted a security  interest in the McElmo  Dome Field.  The
Note  purchasers  have the contingent  right to receive up to 240,000  Warrants,
depending upon the length of time their Notes are held.  The investment  banking
firm received 45,000 Warrants as part of its sales  compensation.  A copy of the
news release made upon completion of the offering is attached.

     The securities offered have not been registered under the Securities Act of
1933  or any  state  securities  laws  and  may not be  offered  or sold  absent
registration or an applicable exemption from the registration requirements.

Item 7.  Financial Statements and Exhibits:

        (c)  Exhibits

99      Press Release dated May 31, 2002.

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                                   SIGNATURES

     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.

                                         THE BEARD COMPANY

                                         /s/ Herb Mee, Jr.
                                         -------------------------------
                                         Herb Mee, Jr., President
June 3, 2002

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                                 EXHIBIT INDEX

Exhibit
No.             Description                     Method of Filing
-------         -----------                     ----------------

99      Press Release dated May 31, 2002        Filed herewith electronically