SECURITIES AND EXCHANGE COMMISSION
                          Washington, D.C.  20549

                               SCHEDULE 13D

                 Under the Securities Exchange Act of 1934
                            (Amendment No. 24)

                           LSB INDUSTRIES, INC.
                             (Name of Issuer)

                       COMMON STOCK, PAR VALUE $.10
                      (Title of Class of Securities)

                               5021600-10-4
                              (CUSIP Number)

                              Jack E. Golsen
                           16 South Pennsylvania
                      Oklahoma City, Oklahoma  73107
                              (405) 235-4546                
               (Name, Address and Telephone Number of Person
             Authorized to Receive Notices and Communications)

                             December 15, 1995
          (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 his Schedule
13D, and is filing this schedule because of Rule 13d-1(b)(3) or
(4), check the following box.  [  ]

Check the following box if a fee is being paid with this statement
[  ].  (A fee is not required only if the reporting person:  (1)
has a previous statement on file reporting beneficial ownership of
more than five percent (5%) of the class of securities described in
Item 1; and (2) has filed no amendment subsequent thereto reporting
beneficial ownership of less than five percent (5%) of such class. 
See Rule 13d-7.)

Note:  Six (6) 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).


(1)   Names of Reporting Persons,                    Jack E. Golsen
      S.S. or I.R.S. Identification                  ###-##-####
      Nos. of Above Persons


(2)   Check the Appropriate Box if                   (a) [ ]
      a Member of a Group (See                       (b) [X]
      Instructions)


(3)  SEC Use Only


(4)   Source of Funds (See Instruc-                    OO
      tions)


(5)   Check if Disclosure of Legal 
      Proceedings is Required Pur-
      suant to Items 2(d) or 2(e)

(6)   Citizenship or Place of Organi-                 USA
      zation

                        (7)   Sole Voting Power         375,361

Number of Shares        (8)   Shared Voting Power     2,728,059
Beneficially
Owned by Each           (9)   Sole Dispositive          375,361
Reporting Person              Power                     
With:                   
                        (10)  Shared Dispositive      2,728,059
                              Power                   

(11)  Aggregate Amount Beneficially                   3,103,420
      Owned by Each Reporting Person

(12)  Check if the Aggregate Amount                         [X]
      in Row (11) Excludes Certain 
      Shares (See Instructions)

(13)  Percent of Class Represented                       [22.6]%
      by Amount in Row (11)

(14)  Type of Reporting Person (See                          IN
      Instructions)



(1)   Names of Reporting Persons,                  Sylvia H. Golsen
      S.S. or I.R.S. Identification                ###-##-####
      Nos. of Above Persons


(2)   Check the Appropriate Box if                   (a) [ ]
      a Member of a Group (See                       (b) [X]
      Instructions)


(3)  SEC Use Only


(4)   Source of Funds (See Instruc-                  Not applicable
      tions)


(5)   Check if Disclosure of Legal 
      Proceedings is Required Pur-
      suant to Items 2(d) or 2(e)

(6)   Citizenship or Place of Organi-                 USA
      zation

                        (7)   Sole Voting Power               -

Number of Shares        (8)   Shared Voting Power      2,728,059
Beneficially
Owned by Each           (9)   Sole Dispositive                -
Reporting Person              Power                     
With:                   
                        (10)  Shared Dispositive       2,728,059
                              Power                   

(11)  Aggregate Amount Beneficially                    2,728,059
      Owned by Each Reporting Person

(12)  Check if the Aggregate Amount                         [X]
      in Row (11) Excludes Certain 
      Shares (See Instructions)

(13)  Percent of Class Represented                         20.2%
      by Amount in Row (11)

(14)  Type of Reporting Person (See                          IN
      Instructions)


(1)   Names of Reporting Persons,                  SBL Corporation
      S.S. or I.R.S. Identification                73-1477865
      Nos. of Above Persons                        


(2)   Check the Appropriate Box if                   (a) [ ]
      a Member of a Group (See                       (b) [X]
      Instructions)


(3)  SEC Use Only


(4)   Source of Funds (See Instruc-                   OO
      tions)


(5)   Check if Disclosure of Legal 
      Proceedings is Required Pur-
      suant to Items 2(d) or 2(e)

(6)   Citizenship or Place of Organi-                 Oklahoma
      zation

                        (7)   Sole Voting Power               -

Number of Shares        (8)   Shared Voting Power      1,675,809
Beneficially
Owned by Each           (9)   Sole Dispositive                -
Reporting Person              Power                     
With:                   
                        (10)  Shared Dispositive       1,675,809
                              Power                   

(11)  Aggregate Amount Beneficially                    1,675,809
      Owned by Each Reporting Person

(12)  Check if the Aggregate Amount                         [X]
      in Row (11) Excludes Certain 
      Shares (See Instructions)

(13)  Percent of Class Represented                          12.4%
      by Amount in Row (11)

(14)  Type of Reporting Person (See                          CO
      Instructions)



(1)   Names of Reporting Persons,                  Golsen Petroleum
      S.S. or I.R.S. Identification                Corporation
      Nos. of Above Persons                        73-079-8005


(2)   Check the Appropriate Box if                   (a) [ ]
      a Member of a Group (See                       (b) [X]
      Instructions)


(3)  SEC Use Only


(4)   Source of Funds (See Instruc-                   OO
      tions)


(5)   Check if Disclosure of Legal 
      Proceedings is Required Pur-
      suant to Items 2(d) or 2(e)

(6)   Citizenship or Place of Organi-                 Oklahoma
      zation

                        (7)   Sole Voting Power               -

Number of Shares        (8)   Shared Voting Power        193,933
Beneficially
Owned by Each           (9)   Sole Dispositive                -
Reporting Person              Power                     
With:                   
                        (10)  Shared Dispositive         193,933
                              Power                   

(11)  Aggregate Amount Beneficially                      193,933
      Owned by Each Reporting Person

(12)  Check if the Aggregate Amount                         
      in Row (11) Excludes Certain 
      Shares (See Instructions)

(13)  Percent of Class Represented                           1.5%
      by Amount in Row (11)

(14)  Type of Reporting Person (See                          CO
      Instructions)


(1)   Names of Reporting Persons,                  Barry H. Golsen
      S.S. or I.R.S. Identification                ###-##-####
      Nos. of Above Persons                        


(2)   Check the Appropriate Box if                   (a) [ ]
      a Member of a Group (See                       (b) [X]
      Instructions)


(3)  SEC Use Only


(4)   Source of Funds (See Instruc-            OO
      tions)


(5)   Check if Disclosure of Legal 
      Proceedings is Required Pur-
      suant to Items 2(d) or 2(e)

(6)   Citizenship or Place of Organi-                 USA
      zation

                        (7)   Sole Voting Power         247,616

Number of Shares        (8)   Shared Voting Power     1,893,269
Beneficially
Owned by Each           (9)   Sole Dispositive          247,616
Reporting Person              Power                     
With:                   
                        (10)  Shared Dispositive      1,893,269
                              Power                   

(11)  Aggregate Amount Beneficially                   2,140,885
      Owned by Each Reporting Person

(12)  Check if the Aggregate Amount                         [X]
      in Row (11) Excludes Certain 
      Shares (See Instructions)

(13)  Percent of Class Represented                         15.9 %
      by Amount in Row (11)

(14)  Type of Reporting Person (See                          IN
      Instructions)


(1)   Names of Reporting Persons,                  Steven J. Golsen
      S.S. or I.R.S. Identification                ###-##-####
      Nos. of Above Persons                        


(2)   Check the Appropriate Box if                   (a) [ ]
      a Member of a Group (See                       (b) [X]
      Instructions)


(3)  SEC Use Only


(4)   Source of Funds (See Instruc-           OO
      tions


(5)   Check if Disclosure of Legal 
      Proceedings is Required Pur-
      suant to Items 2(d) or 2(e)

(6)   Citizenship or Place of Organi-                 USA
      zation

                        (7)   Sole Voting Power         207,987

Number of Shares        (8)   Shared Voting Power     1,749,717
Beneficially
Owned by Each           (9)   Sole Dispositive          207,987
Reporting Person              Power                     
With:                   
                        (10)  Shared Dispositive      1,749,717
                              Power                   

(11)  Aggregate Amount Beneficially                   1,957,704
      Owned by Each Reporting Person

(12)  Check if the Aggregate Amount                         [X]
      in Row (11) Excludes Certain 
      Shares (See Instructions)

(13)  Percent of Class Represented                         14.5%
      by Amount in Row (11)

(14)  Type of Reporting Person (See                          IN
      Instructions)


(1)   Names of Reporting Persons,            Linda Golsen Rappaport
      S.S. or I.R.S. Identification          ###-##-####
      Nos. of Above Persons                        


(2)   Check the Appropriate Box if                   (a) [ ]
      a Member of a Group (See                       (b) [X]
      Instructions)


(3)  SEC Use Only


(4)   Source of Funds (See Instruc-                          Not applicable
      tions)


(5)   Check if Disclosure of Legal 
      Proceedings is Required Pur-
      suant to Items 2(d) or 2(e)

(6)   Citizenship or Place of Organi-                 USA
      zation

                        (7)   Sole Voting Power          82,552

Number of Shares        (8)   Shared Voting Power     1,893,269
Beneficially
Owned by Each           (9)   Sole Dispositive           82,552
Reporting Person              Power                     
With:                   
                        (10)  Shared Dispositive      1,893,269
                              Power                   

(11)  Aggregate Amount Beneficially                   1,975,821
      Owned by Each Reporting Person

(12)  Check if the Aggregate Amount                         [X]
      in Row (11) Excludes Certain 
      Shares (See Instructions)

(13)  Percent of Class Represented                         14.6%
      by Amount in Row (11)

(14)  Type of Reporting Person (See                          IN
      Instructions)


    This statement constitutes Amendment No. 24 to the Schedule
13D dated October 7, 1985, as amended (the "Schedule 13D"),
relating to the common stock, par value $.10 a share ("Common
Stock") of LSB Industries, Inc. (the "Company").  All terms not
otherwise defined herein shall have the meanings ascribed in the
Schedule 13D.

    This Schedule 13D is reporting matters with respect to the
group consisting of Jack E. Golsen, Sylvia H. Golsen, SBL
Corporation ("SBL"), Golsen Petroleum Corporation ("GPC"), a wholly
owned subsidiary of SBL, Barry H. Golsen, Steven J. Golsen and
Linda Golsen Rappaport.

    This Amendment No. 24 to the Schedule 13D is being filed as a
result of a change in the facts contained in Amendment 23 to the
Schedule 13D, which change may be considered a material change in
the facts set forth in Amendment 23 to the Schedule 13D.  The
change is due to the following:

    (i)  As of December 15, 1995, SBL increased its beneficial
         ownership of the Company's Common Stock by more than 1%
         of the outstanding shares of Common Stock, as a result
         of open market purchases by SBL of (a) an aggregate
         12,000 shares of Common Stock between October 31, 1995
         and December 15, 1995 and (b) an aggregate 15,300
         shares of the Company's $3.25 Convertible Exchangeable
         Class C Preferred Stock, Series 2 (the "Class C
         Preferred Stock"), which is convertible into
         approximately 66,234 shares of Common Stock. In
         addition, on November 28, 1995, SBL acquired: (a)
         31,500 shares of Common Stock and 2,200 shares of Class
         C Preferred Stock, which is convertible into
         approximately 9,524 shares of Common Stock, pursuant to
         a private purchase from SBL's wholly owned subsidiary,
         GPC which changed the record holder of such Common
         Stock but did not affect a change in beneficial
         ownership for such, and (b) 15,000 shares of Common
         Stock pursuant to a private purchase from MG Trust. 
         Each share of Class C Preferred Stock is convertible,
         at the option of the holder, into 4.329 shares of
         Common Stock at a conversion price of $11.55 per share. 
         See Item 5(c) of this Amendment.

         The following transactions by SBL have occurred
         subsequent to December 15, 1995, but prior to the date
         of this Amendment: (a) 5,000 shares of Common Stock
         were purchased on January 4, 1996; (b) 1,100 shares of
         Class C Preferred Stock, convertible into approximately
         4,762 shares of Common Stock, were sold during
         December, 1996; (c) 4,000 shares of Class C Preferred
         Stock, convertible into 17,316 shares of Common Stock,
         were sold during January, 1997; and (d) 10,000 shares
         of Class C Preferred Stock, convertible into 43,290
         shares of Common Stock, were sold on April 29, 1997.

    (ii) The vesting on June 1, 1996, of an additional 33,000
         shares of Common Stock which may be acquired by Jack E.
         Golsen under a Non-Qualified Stock Option.

         The vesting on June 1, 1996, of an additional 15,000
         shares of Common Stock which could be acquired by Jack
         E. Golsen under an Incentive Stock Option and the
         subsequent acquisition of 40,000 shares through the
         exercise of such Incentive Stock Option on May 29,
         1997.  As consideration for such exercise, Jack E.
         Golsen transferred to the Company 29,734 shares of
         Common Stock of the Company which had been given to
         Jack E. Golsen by his wife, Sylvia H. Golsen, as a bona
         fide gift.

    (iii)  The bona fide gifts of 45,000 shares of Common Stock by
           Sylvia H. Golsen on December 12, 1995, consisting of
           (a) 5,000 shares each to the Barry H. Golsen 1992 Trust
           and the Linda Golsen Rappaport 1992 Trust, (b) 5,000
           shares of Common Stock, each to six trusts established
           for the benefit of her six grandchildren in which one
           or more of Barry H. Golsen, Steven J. Golsen, or Linda
           Golsen Rappaport (all reporting persons herein) are
           trustees, and (c) 2,500 shares of Common Stock, each to
           two trusts established for the benefit of her great-
           niece and great-nephew.

         The bona fide gifts of 42,000 shares of Common Stock by
         Sylvia H. Golsen on December 20, 1996, consisting of
         (a) 4,000 shares of Common Stock, each to the Barry H.
         Golsen 1992 Trust, the Linda Golsen Rappaport 1992
         Trust, and the Steven J. Golsen 1992 Trust,  (b) 4,000
         shares of Common Stock, each to six trusts established
         for the benefit of her six grandchildren in which one
         or more of Barry H. Golsen, Steven J. Golsen, or Linda
         Golsen Rappaport (all reporting persons herein) are
         trustees, (c) 2,000 shares of Common Stock, each to two
         trusts established for the benefit of her great-niece
         and great-nephew, and (d) 2,000 shares of Common Stock,
         to Susan Brown.

    Heidi Brown Shear, the sole trustee under the Barry H. Golsen
1992 Trust, the Linda Golsen Rappaport 1992 Trust, and the Steven
J. Golsen 1992 Trust, who is not a reporting person to this
Schedule 13D, has sole voting and dispositive power of the shares
of Common Stock held by such Trusts, and, as a result, the
reporting persons to this Schedule 13D would not be considered the
beneficial owners of the shares of Common Stock held by such
Trusts.  Heidi Brown Shear is also the trustee of the trust created
for the benefit of Jack E. Golsen's great-niece and great-nephew.


    (iv) The vesting on June 1, 1996, of an additional 3,000
         shares of Common Stock which could be acquired by Barry
         H. Golsen under an Incentive Stock Option and the
         subsequent acquisition of 8,000 shares through the
         exercise of such Incentive Stock Option on May 29,
         1997.  As consideration for such exercise, Barry H.
         Golsen transferred to the Company 5,947 shares of
         Common Stock of the Company.

         The vesting on June 27, 1997, of an additional 1,000
         shares of Common Stock which may be acquired by Barry
         H. Golsen under an Incentive Stock Option. 
         
    (v)  The vesting on June 1, 1996, of an additional 3,000
         shares of Common Stock which could be acquired by
         Steven J. Golsen under an Incentive Stock Option and
         the subsequent acquisition of 8,000 shares through the
         exercise of such Incentive Stock Option on May 29,
         1997.  As consideration for such exercise, Steven J.
         Golsen transferred to the Company 5,947 shares of
         Common Stock of the Company.

         The vesting on June 27, 1997, of an additional 1,000
         shares of Common Stock which may be acquired by Steven
         J. Golsen under an Incentive Stock Option. 


Item 1.  Security and Issuer.

         Item 1 of this Schedule 13D is unchanged.

Item 2.  Identity and Background.

         Item 2 of this Schedule 13D is unchanged.

Item 3.  Source and Amount of Funds or Other Consideration.

         Between October 31, 1995, and December 15, 1995, SBL
         acquired 12,000 shares of Common Stock and 15,300
         shares of the Class C Preferred Stock for an aggregate
         purchase price, respectively, of $46,812 and $488,850. 
         On November 28, 1995, SBL purchased in private
         transactions 46,500 shares of Common Stock and 2,200
         shares of Class C Preferred Stock for an aggregate
         purchase price of $180,187 and $69,850, respectively. 
         Additionally, on January 4, 1996, SBL purchased 5,000
         shares of Common Stock for an aggregate purchase price
         of $21,250. The sources of the funds used by SBL in
         making such purchases were, in part, borrowed from
         BancFirst, an Oklahoma banking corporation
         ("BancFirst").  See Item 5(c) hereof.

         The acquisition by Jack E. Golsen of 40,000 shares of
         Common Stock on May 29, 1997 upon exercise of an
         Incentive Stock Option was made for an aggregate
         purchase price of $137,520, which purchase price was
         paid for by Mr. Golsen tendering to the Company 29,734
         shares of Common Stock, having a fair market value at
         the time of exercise of $137,520.  The 29,734 shares
         were received by Mr. Golsen as a result of a bona fide
         gift from Sylvia H. Golsen to Jack E. Golsen.

         The acquisition by Barry H. Golsen of 8,000 shares of
         Common Stock on May 29, 1997 upon exercise of an
         Incentive Stock Option was made for an aggregate
         purchase price of $27,504, which purchase price was
         paid for with 5,947 shares of Common Stock, having a
         fair market value at the time of exercise of $27,504,
         owned by Barry H. Golsen and tendered to the Company. 

         The acquisition by Steven J. Golsen of 8,000 shares of
         Common Stock on May 29, 1997 upon exercise of an
         Incentive Stock Option was made for an aggregate
         purchase price of $27,504, which purchase price was
         paid for with 5,947 shares of Common Stock, having a
         fair market value at time of exercise of $27,504, owned
         by Steven J. Golsen and tendered to the Company.

         This Item 3 is not applicable to the bona fide gifts by
         Sylvia H. Golsen.

Item 4.  Purpose of Transaction.

         Item 4 of this Schedule 13D is unchanged.

Item 5.  Interest in Securities of the Issuer.

         (a)  The following table sets forth as of June 10,
    1997, the aggregate number and percentage of the class of
    Common Stock of the Company identified pursuant to Item 1
    beneficially owned by each person named in Item 2:



         Person                    Amount                Percent(9)
         ______                    _______               _______

     Jack E. Golsen          3,103,420(1)(2)(6)        22.6%

     Sylvia H. Golsen        2,728,059(1)(6)(7)        20.2%

     SBL                     1,675,809(1)              12.4%

     GPC                       193,933(8)               1.5%

     Barry H. Golsen          2,140,885(1)(3)(6)        15.9%

     Steven J. Golsen         1,957,704(1)(4)(6)        14.5%

     Linda Golsen Rappaport   1,975,821(1)(5)(6)        14.6%

    ____________________

    (1)  The amount shown includes (i) 1,042,699 shares held
         directly by SBL; (ii) 400,000 shares that SBL has the
         right to acquire upon the conversion of 12,000 shares
         of the Company's Series B Preferred Stock owned of
         record by SBL; (iii) 39,177 shares of Common Stock that
         SBL has the right to acquire upon the conversion of
         9,050 shares of Class C Preferred Stock owned of record
         by SBL; and (iv) 193,933 shares of Common Stock
         beneficially owned by SBL's wholly owned subsidiary,
         GPC, which includes 133,333 shares that GPC has the
         right to acquire upon conversion of 4,000 shares of
         Class B Preferred Stock owned of record by GPC.  The
         relationship between Jack E. Golsen, Sylvia H. Golsen,
         Barry H. Golsen, Steven J. Golsen, Linda Golsen
         Rappaport, SBL, and GPC is described in more detail in
         paragraph (b) of this Item 5.

    (2)  The amount shown includes (i) 4,000 shares of Common
         Stock that Jack E. Golsen has the right to acquire upon
         conversion of a promissory note, (ii) 133,333 shares of
         Common Stock upon the conversion of 4,000 shares of the
         Series B Preferred Stock owned of record by Jack E.
         Golsen, (iii) 1,052,250 shares of Common Stock owned of
         record by Sylvia H. Golsen, wife of Jack E. Golsen,
         (iv) 99,000 shares of Common Stock Jack E. Golsen may
         acquire upon exercise of a Non-Qualified Stock Option,
         and (v) 10,000 shares owned of record by the MG Trust,
         of which Jack E. Golsen is the sole trustee who
         possesses voting and dispositive power over the
         securities held by such trust.

    (3)  The amount shown does not include (i) 533 shares of
         Common Stock that Barry Golsen's wife owns, in which
         Barry Golsen disclaims beneficial ownership, and (ii)
         74,840 shares of Common Stock owned of record by the
         Barry H. Golsen 1992 Trust, of which Barry H. Golsen is
         the primary beneficiary, but of which Barry H. Golsen
         has no voting or dispositive control.  Such amount does
         include (a) 36,954 shares of Common Stock owned of
         record by each of the Amy G. Rappaport Trust No. J-1
         and Joshua B. Golsen Trust No. J-1, of which Barry H.
         Golsen is a Co-Trustee, (b) 35,888 shares of Common
         Stock owned of record by each of the Adam Z. Golsen
         Trust No. J-1, Stacy L. Rappaport Trust No. J-1, Lori
         R. Rappaport Trust No. J-1 and Michelle L. Golsen Trust
         No. J-1, of which Barry H. Golsen is a Co-Trustee, and
         (c) 1,000 shares of Common Stock which Barry H. Golsen
         may acquire upon exercise of incentive stock options of
         the Company.

    (4)  The amount shown does not include 69,840 shares of
         Common Stock owned of record by the Steven J. Golsen
         1992 Trust, of which Steven J. Golsen is the primary
         beneficiary, but of which Steven J. Golsen has no
         voting or dispositive control.  Such amount does
         include (a) 36,954 shares of Common Stock owned of
         record by the Amy G. Rappaport Trust No. J-1, of which
         Steven J. Golsen is a Co-Trustee, (b) 36,954 shares of
         Common Stock owned of record by the Joshua B. Golsen
         Trust No. J-1, of which Steven J. Golsen is a
         Co-Trustee, and (c) 1,000 shares of Common Stock which
         Steven J. Golsen may acquire upon exercise of incentive
         stock options of the Company.

    (5)  The amount shown does not include 124,350 shares of
         Common Stock that Mrs. Rappaport's husband owns and
         1,000 shares which Mrs. Rappaport's husband may acquire
         upon exercise of incentive stock options of the
         Company, for which Mrs. Rappaport disclaims beneficial
         ownership.  The amount shown does not include 74,840
         shares of Common Stock owned of record by the Linda F.
         Rappaport 1992 Trust, of which Linda F. Rappaport is
         the primary beneficiary, but of which Linda F.
         Rappaport has no voting or dispositive control.  Such
         amount does include (a) 36,954 shares of Common Stock
         owned of record by each of the Amy G. Rappaport Trust
         No. J-1 and Joshua B. Golsen Trust No. J-1 of which
         Linda F. Rappaport is a Co-Trustee, (b) 35,888 shares
         of Common Stock owned of record by each of the Adam Z.
         Golsen Trust No. J-1, Stacy L. Rappaport Trust No. J-1,
         Lori R. Rappaport Trust No. J-1 and Michelle L. Golsen
         Trust No. J-1 of which Linda F. Rappaport is a
         Co-Trustee.

    (6)  Jack E. Golsen and Sylvia H. Golsen each disclaims
         beneficial ownership of (a) the shares of Common Stock
         owned of record by Barry H. Golsen, the shares of
         Common Stock that Barry H. Golsen has the right to
         acquire under the Company's incentive stock options,
         and the shares of Common Stock considered beneficially
         owned by Barry H. Golsen as a result of his position as
         trustee of certain trusts, (b) the shares of Common
         Stock owned of record by Steven J. Golsen, the shares
         of Common Stock that Steven J. Golsen has the right to
         acquire under the Company's incentive stock options,
         and the shares of Common Stock considered beneficially
         owned by Steven J. Golsen as a result of his position
         as trustee of certain trusts, and (c) the shares of
         Common Stock owned of record by Linda Golsen Rappaport,
         and the shares of Common Stock considered beneficially
         owned by Linda Golsen Rappaport as a result of her
         position as a trustee of certain trusts.  Barry H.
         Golsen, Steven J. Golsen and Linda Golsen Rappaport
         disclaim beneficial ownership of the shares of Common
         Stock of the Company beneficially owned by Jack E.
         Golsen and Sylvia H. Golsen, except for shares
         beneficially owned by SBL and GPC.

    (7)  The amount shown does not include, and Sylvia H. Golsen
         disclaims beneficial ownership of (a) the 129,028
         shares of Common Stock owned of record by Jack E.
         Golsen, (b) the 4,000 shares of Common Stock that Jack
         E. Golsen has the right to acquire upon the conversion
         of a promissory note, (c) the 99,000 shares of Common
         Stock that Jack E. Golsen may acquire upon exercise of
         a Nonqualified Stock Option, (d) the 133,333 shares of
         Common Stock which Jack E. Golsen has the right to
         acquire upon conversion of the 4,000 shares of Series
         B Preferred Stock owned of record by him, and (e) the
         10,000 shares of Common Stock held of record by the MG
         Trust, of which Jack E. Golsen is the sole trustee who
         possesses voting and dispositive power over the
         securities held by such trust.

    (8)  The amount shown includes 133,333 shares that GPC has
         the right to acquire upon conversion of 4,000 shares of
         the Company's Series B Preferred Stock owned of record
         by GPC.  The relationship between Jack E. Golsen,
         Sylvia H. Golsen, Barry H. Golsen, Steven J. Golsen,
         Linda Golsen Rappaport, SBL, and GPC is described in
         more detail in paragraph (b) of this Item 5.

    (9)  Shares of Common Stock of the Company not outstanding,
         but which may be acquired by a reporting person during
         the next sixty (60) days under options, warrants,
         rights or conversion privileges, are considered to be
         outstanding only for the purpose of computing the
         percentage of the class for such reporting person, but
         are not deemed to be outstanding for the purpose of
         computing the percentage of the class by any other
         person.

         (b)  The following table sets forth as of June 10,
    1997, for each person and entity identified under paragraph
    (a), the number of shares of Common Stock as to which the
    person and entity has (1) the sole power to vote or direct the
    voting, (2) shared power to vote or direct the voting, (3) the
    sole power to dispose or to direct the disposition, or (4)
    shared power to dispose or to direct the disposition:

                           Sole Voting and      Shared Voting
                              Power of          and Power of
    Person or Entity         Disposition        Disposition   
    ----------------       ---------------      --------------
    Jack E. Golsen            375,361(1)(5)     2,728,059(2)(3)

    Sylvia H. Golsen            None            2,728,059(2)(11)

    SBL                         None            1,675,809(2)

    GPC                         None              193,933(4)

    Barry H. Golsen           247,616(5)(6)     1,893,269(2)(7)

    Steven J. Golsen          207,987(5)(8)     1,749,717(2)(9)

    Linda Golsen Rappaport     82,552(5)        1,893,269(2)(10)

    ____________________

    (1)  The amount shown includes (a) 4,000 shares of Common
         Stock that Jack E. Golsen has the right to acquire upon
         conversion of a promissory note, (b) 133,333 shares of
         Common Stock that J. Golsen has the right to acquire
         upon the conversion of 4,000 shares of the Series B
         Preferred Stock owned of record by him, (c) 99,000
         shares of Common Stock that J. Golsen has the right to
         acquire under a Non-Qualified Stock Option, and (d)
         10,000 shares held of record by the MG Trust, of which
         Jack E. Golsen is the sole trustee who possesses voting
         and dispositive power over the securities held by such
         trust.

    (2)  See footnote (1) under paragraph (a) of this Item 5.

    (3)  The amount shown includes 1,052,250 shares of Common
         Stock owned of record by Sylvia H. Golsen, the wife of
         Jack E. Golsen.

    (4)  See footnote (8) under paragraph (a) of this Item 5.

    (5)  See footnote (6) under paragraph (a) of this Item 5.

    (6)  The amount shown includes 1,000 shares of Common Stock
         which Barry Golsen may acquire upon exercise of
         incentive stock options of the Company.

    (7)  The amount shown does not include 74,840 shares of
         Common Stock owned of record by the Barry H. Golsen
         1992 Trust, of which Barry H. Golsen has no voting or
         dispositive power and 533 shares of Common Stock that
         Barry Golsen's wife owns in which Barry Golsen dis-
         claims beneficial ownership.  Such amount does include
         (a) 36,954 shares of Common Stock owned of record by
         each of the Amy G. Rappaport Trust No. J-1 and Joshua
         B. Golsen Trust No. J-1, of which Barry H. Golsen is a
         Co-Trustee, and (b) 35,888 shares of Common Stock owned
         of record by each of the Adam Z. Golsen Trust No. J-1,
         Stacy L. Rappaport Trust No. J-1, Lori R. Rappaport
         Trust No. J-1 and Michelle L. Golsen Trust No. J-1, of
         which Barry H. Golsen is a Co-Trustee.

    (8)  The amount shown includes 1,000 shares which Steven J.
         Golsen may acquire upon exercise of incentive stock
         options of the Company.

    (9)  The amount shown does not include 74,840 shares of
         Common Stock owned of record by the Steven J. Golsen
         1992 Trust, of which Steven J. Golsen has no voting or
         dispositive power.  Such amount includes (a) 36,954
         shares of Common Stock owned of record by the Amy G.
         Rappaport Trust No. J-1, of which Steven J. Golsen is
         a Co-Trustee, and (b) 36,954 shares of Common Stock
         owned of record by the Joshua B. Golsen Trust No. J-1,
         of which Steven J. Golsen is a Co-Trustee.

    (10) See footnote (5) under paragraph (a) of this Item 5.

    (11) See footnotes (6) and (7) under paragraph (a) of this
         Item 5.

         SBL is wholly owned by Sylvia H. Golsen (wife of Jack
    E. Golsen and 40% owner), Barry H. Golsen (20% owner), Steven
    J. Golsen (20% owner) and Linda Golsen Rappaport (20% owner). 
    Such individuals previously owned all of the issued and
    outstanding Common Stock of GPC in the same ownership
    percentages as indicated with respect to SBL.  Upon formation
    of SBL, such individuals contributed all of their stock in GPC
    to SBL.  As a result, GPC became the wholly owned subsidiary
    of SBL. The directors and executive officers of SBL are Sylvia
    H. Golsen, Barry H. Golsen, Steven J. Golsen and Linda Golsen
    Rappaport. The directors and executive officers of GPC are
    Jack E. Golsen, Sylvia H. Golsen, Barry H. Golsen, Steven J.
    Golsen and Linda Golsen Rappaport. Barry H. Golsen, Steven J.
    Golsen and Linda Golsen Rappaport are the children of Jack E.
    and Sylvia H. Golsen.

         (c)  Since the filing of Amendment No. 23, the
    following transactions were effected in the Common Stock by a
    reporting person named in response to Paragraph (a) of this
    Item 5:


Transactions by Jack E. Golsen:
                               Number              
                             of Shares      Price        Type
                             Acquired      Excluding      of
 Date        Security       (Disposed of)  Commission  Transaction 
- --------     --------     ---------------  ----------  -----------
05-29-97      Common          (29,734)     $ 4.625      Tender to
                                                        Company of
                                                        Shares
                                                        received in
                                                        a bona fide
                                                        gift from
                                                        Sylvia H.
                                                        Golsen to
                                                        pay option
                                                        exercise  
                                                        price

05-29-97       Common         40,000       $ 3.438      Option   
                                                        Exercise

Transactions by Sylvia H. Golsen:
                              Number              
                              of Shares      Price        Type
                              Acquired       Excluding      of
 Date          Security      (Disposed of)   Commission  Transaction 

05-29-97        Common       (29,734)      $ 4.625       Bona fide
                                                         gift to   
                                                         Husband   
                                                         which was
                                                         subsequently
                                                         tendered to
                                                         Company to
                                                         pay option
                                                         price

    In addition, on December 12, 1995, Sylvia H. Golsen
transferred 45,000 shares of Common Stock as bona fide gifts as
follows: (a) 5,000 shares each to the Barry H. Golsen 1992 Trust
and the Linda Golsen Rappaport 1992 Trust, (b) 5,000 shares of
Common Stock, each to six trusts established for the benefit of her
six grandchildren in which one or more of Barry H. Golsen, Steven
J. Golsen, or Linda Golsen Rappaport (all reporting persons herein)
are trustees, and (c) 2,500 shares of Common Stock, each to two
trusts established for the benefit of her great-niece and great-
nephew.

    In addition, on December 20, 1996, Sylvia H. Golsen
transferred 42,000 shares of Common Stock as bona fide gifts as
follows: (a) 4,000 shares of Common Stock, each to the Barry H.
Golsen 1992 Trust, the Linda Golsen Rappaport 1992 Trust, and the
Steven J. Golsen 1992 Trust,  (b) 4,000 shares of Common Stock,
each to six trusts established for the benefit of her six
grandchildren in which one or more of Barry H. Golsen, Steven J.
Golsen, or Linda Golsen Rappaport (all reporting persons herein)
are trustees, (c) 2,000 shares of Common Stock, each to two trusts
established for the benefit of her great-niece and great-nephew,
and (d) 2,000 shares of Common Stock, to Susan Brown.



Transactions by SBL:
                                Number              
                              of Shares      Price        Type
                               Acquired    Excluding      of
 Date        Security       (Disposed of)  Commission  Transaction 
- -------- -----------------   ----------   -----------  -----------
10-31-95 Common Stock           1,500     $  4.25        NYSE
10-31-95 Common Stock             500        4.375       NYSE
11-14-95 Common Stock           4,000        3.875       NYSE
11-14-95 Class C Preferred      1,000       32.875       NYSE
11-18-95 Class C Preferred      1,000       31.25        NYSE 
11-22-95 Class C Preferred      1,000       31.00        NYSE
11-24-95 Class C Preferred        800       32.00        NYSE
12-01-95 Common Stock           1,000        3.875       NYSE
12-04-95 Common Stock           1,000        3.875       NYSE
12-04-95 Common Stock           1,000        3.75        NYSE
12-05-95 Common Stock           3,000        3.75        NYSE
12-06-95 Class C Preferred      1,000       31.50        NYSE
12-06-95 Class C Preferred        500       32.25        NYSE
12-07-95 Class C Preferred      1,000       32.25        NYSE
12-11-95 Class C Preferred      1,000       32.00        NYSE
12-12-95 Class C Preferred      2,000       32.00        NYSE
12-13-95 Class C Preferred      2,000       32.00        NYSE
12-14-95 Class C Preferred      1,000       32.00        NYSE
12-15-95 Class C Preferred      2,000       32.00        NYSE
12-18-95 Class C Preferred      1,000       32.25        NYSE
01-04-96 Common Stock           5,000        4.25        NYSE
12-02-96 Class C Preferred       (100)      39.25        NYSE
12-31-96 Class C Preferred     (1,000)      39.25        NYSE
01-28-97 Class C Preferred     (3,000)      39.25        NYSE
01-31-97 Class C Preferred     (1,000)      39.50        NYSE
04-29-97 Class C Preferred    (10,000)    $ 36.11       Private
                                                       Transaction

    In addition, on November 28, 1995, pursuant to privately
negotiated transactions, SBL acquired the following securities at
a per share purchase price of $3.875 as to Common Stock and $31.750 
as to Class C Preferred Stock, representing the respective fair
market value of such securities as quoted on the New York Stock
Exchange on such date:(i) from GPC, SBL's wholly owned subsidiary,
2,200 shares of Class C Preferred Stock and 31,500 shares of the
Company's Common Stock, and (ii) from the MG Trust, of which Jack
E. Golsen is the sole trustee, 15,000 shares of the Company's
Common Stock.


Transactions by Barry H. Golsen:
                              Number              
                             of Shares      Price        Type
                             Acquired      Excluding      of
 Date        Security       (Disposed of)  Commission  Transaction 

05-29-97      Common         (5,947)       $ 4.625      Tender to
                                                        Company to
                                                        pay option
                                                        exercise
                                                        price

05-29-97       Common         8,000        $ 3.438      Option
                                                        Exercise

Transactions by Steven J. Golsen:
                              Number              
                             of Shares      Price        Type
                             Acquired      Excluding      of
 Date        Security       (Disposed of)  Commission  Transaction 

05-29-97       Common        (5,947)        $ 4.625      Tender to
                                                         Company to
                                                         pay option
                                                         exercise
                                                         price

05-29-97       Common         8,000         $ 3.438      Option
                                                         Exercise

         (d)  See Item 6, below.

         (e)  Not applicable.

Item 6.  Contracts, Agreements, Underwritings or Relationships
         With Respect to Securities of the Issuer.

         Item 6 of the Schedule 13D is unchanged, except the
    following are hereby added:

    (a)  On November 21, 1995, SBL pledged to BancFirst,
    Oklahoma City, Oklahoma, to secure repayment of a certain loan
    made to SBL on such date 500,000 shares of Common Stock along
    with any and all other shares of Common Stock and Class C
    Preferred Stock subsequently acquired by SBL using the
    proceeds of such loan.  In addition to standard default and
    similar provisions contained in the Commercial Pledge
    Agreement, BancFirst retains the right to collect all
    dividends paid in connection with the collateral after a
    default.

    (b)  Effective December 1, 1995, a Shareholder's Agreement
    was entered into between Sylvia Golsen and SBL Corporation
    which imposes certain restrictions on the transfer of the
    stock of either the Company or SBL without first offering such
    shares to SBL.

    (c)  Effective December 1, 1995, separate Shareholder's
    Agreements among Sylvia Golsen, SBL and each of Jack E.
    Golsen, Barry H. Golsen, Steven J. Golsen and Linda F.
    Rappaport were entered into.  Each of these agreements is
    substantially the same and imposes certain restrictions on the
    transfer of the stock of either the Company or SBL held by
    each of Jack E. Golsen, Barry H. Golsen, Steven J. Golsen and
    Linda F. Rappaport without first offering such shares to SBL
    and to Sylvia Golsen.

    (d)  On December 30, 1996, SBL pledged to First Enterprise
    Bank, Oklahoma City, Oklahoma, to secure repayment of a debt
    of a third party, 200,000 shares of Common Stock of the
    Company.

    (e)  On May 15, 1995, substantially all of the assets of
    Stifel, Nicolaus & Company, Incorporated ("Stifel") located in
    Oklahoma and Texas were purchased by Capital West Securities,
    Inc., an Oklahoma-based corporation ("Capital West").  In
    connection therewith, certain of the brokerage functions
    previously performed for Sylvia H. Golsen by Stifel were to be
    performed in the future by Capital West.


Item 7.  Materials to be Filed as Exhibits.

1.  Client's Agreement between Jack E. Golsen and Paine Webber,
    Inc., is filed as Exhibit 1 to Amendment No. 5 to the Schedule
    13D and is incorporated herein by reference.

2.  Powers of Attorney executed by Barry H. Golsen, Steven J.
    Golsen, and Linda Golsen Rappaport are filed as Exhibit 6 to
    Amendment No. 3 to the Schedule 13D and are incorporated
    herein by reference.

3.  Agreement of the reporting persons as to joint filing of this
    Schedule 13D, is filed as Exhibit 7 to Amendment No. 3 to the
    Schedule No. 13D and is incorporated herein by reference.

4.  Convertible Note between the Company and Jack E. Golsen filed
    as Exhibit (a) to the original Schedule 13D and is incor-
    porated herein by reference.

5.  Issuer's Proxy Statement dated July 14, 1986 setting forth the
    terms of the Company's Series B 12% Cumulative Convertible
    Preferred Stock is filed as Exhibit 1 to Amendment No. 1 to
    the Schedule 13D and is incorporated herein by reference.

6.  Non-Non-Qualified Stock Option Agreement, dated June 1, 1989,
    between the Company and Jack E. Golsen, is filed as Exhibit 12
    to Amendment No. 8 to the Schedule 13D and is incorporated
    herein by reference.

7.  Stacy L. Rappaport Trust No. J-1, is filed as Exhibit 14 to
    Amendment No. 13 to the Schedule 13D and is incorporated
    herein by reference.  The Joshua B. Golsen Trust No. J-1, Adam
    Z. Golsen Trust No. J-1, Amy G. Rappaport Trust No. J-1, Lori
    R. Rappaport Trust No. J-1 and Michelle L. Golsen Trust No.
    J-1 are substantially similar to the Stacy L. Rappaport Trust
    No. J-1, except for the names of the trustees, and copies of
    the same will be supplied to the Commission upon request.

8.  Barry H. Golsen 1992 Trust is filed as Exhibit 15 to Amendment
    No. 16 to the Schedule 13D and is incorporated herein by
    reference.  The Steven J. Golsen 1992 Trust and Linda F.
    Rappaport 1992 Trust are substantially similar to the Barry H.
    Golsen 1992 Trust, and copies of the same will be supplied to
    the Commission upon request.

9.  Agreement of Sylvia H. Golsen as to joint filing of this
    Schedule 13D is filed as Exhibit 15 to Amendment No. 18 and is
    incorporated herein by reference.

10. Customer's Agreement between Sylvia H. Golsen and Janney
    Montgomery Scott Inc., dated August 13, 1993, is filed as
    Exhibit 12 to Amendment No. 19 and is incorporated herein by
    reference.

11. Commercial Pledge Agreement, dated December 5, 1994, between
    CityBank & Trust and Sylvia H. Golsen is filed as Exhibit 12
    to Amendment No. 21 and is incorporated herein by reference.

12. Customer's Agreement between Sylvia H. Golsen and Stifel,
    Nicolaus & Company, Incorporated, dated March 29, 1995, is
    filed as Exhibit 13 to Amendment No. 21 and is incorporated
    herein by reference.

13. Letter from Stifel, Nicolaus & Company, Incorporated, and
    letter from Capital West Securities, Inc., each dated May 15,
    1995, with enclosed Customer Account Agreement amending
    Customer's Agreement between Sylvia H. Golsen and Stifel,
    Nicolaus & Company is attached hereto as Exhibit 13 to this
    Amendment No. 24.

14. First Amendment, dated March 2, 1994, and Second Amendment,
    dated April 3, 1995, each to the Non-Qualified Stock Option
    Agreement, dated June 1, 1989, between the Company and Jack E.
    Golsen, are filed as Exhibit 14 to Amendment No. 21 and is
    incorporated herein by reference.

15. Margin Account Agreement, dated September 9, 1994, between
    National Financial Services Corporation ("NFSC") and Golsen
    Petroleum Corporation is filed as Exhibit No. 15 to Amendment
    21 and is incorporated herein by reference.  The Margin
    Account Agreement, dated September 9, 1994, between NFSC and
    Jack E. Golsen is substantially similar to the foregoing
    Margin Account Agreement,  and a copy of the same will be
    supplied to the Commission upon request.  

16. Security Agreement, dated October 12, 1995, between Jack E.
    Golsen, Sylvia H. Golsen and Stillwater National Bank and
    Trust Company is filed as Exhibit 15 to Amendment No. 23, and
    is incorporated herein by reference.

17. Margin Account Agreement, dated October 17, 1995, between NFSC
    and SBL Corporation. The Margin Account Agreement is
    substantially similar to the Margin Account Agreements filed
    as Exhibit 15 to Amendment 20, and a copy of the same will be
    supplied to the Commission upon request.

18. Commercial Pledge Agreement, dated October 24, 1995, between
    CityBank & Trust and Jack E. Golsen is filed as Exhibit 17 to
    Amendment No. 23, and is incorporated herein by reference.

19. Commercial Pledge Agreement, dated October 24, 1995, between
    CityBank & Trust and Sylvia H. Golsen is filed as Exhibit 18
    to Amendment No. 23, and is incorporated herein by reference.

20. Agreement of SBL Corporation as to the joint filing of this
    Schedule 13D is filed as Exhibit 19 to Amendment No. 23, and
    is incorporated herein by reference.

21. Commercial Pledge Agreement, dated November 21, 1995, between
    BancFirst and SBL Corporation is attached hereto as Exhibit 21
    to this Amendment No. 24.

22. Shareholder's Agreement, effective December 1, 1995, between
    Sylvia Golsen and SBL Corporation is attached hereto as
    Exhibit 22 to this Amendment No. 24.

23. Shareholder's Agreement, effective December 1, 1995, among
    Jack E. Golsen, Sylvia Golsen and SBL Corporation is attached
    hereto as Exhibit 23 to this Amendment No. 24.

24. Shareholder's Agreement, effective December 1, 1995, among
    Barry H. Golsen, Sylvia Golsen and SBL Corporation. The
    Shareholder's Agreement is substantially similar to the
    Shareholder's Agreement filed as Exhibit 23 to this Amendment
    No. 24, and a copy of the same will be supplied to the
    Commission upon request.

25. Shareholder's Agreement, effective December 1, 1995, among
    Steven J. Golsen, Sylvia Golsen and SBL Corporation. The
    Shareholder's Agreement is substantially similar to the
    Shareholder's Agreement filed as Exhibit 23 to this Amendment
    No. 24, and a copy of the same will be supplied to the
    Commission upon request.

26. Shareholder's Agreement, effective December 1, 1995, among
    Linda F. Rappaport, Sylvia Golsen and SBL Corporation.  The
    Shareholder's Agreement is substantially similar to the
    Shareholder's Agreement filed as Exhibit 23 to this Amendment
    No. 24, and a copy of the same will be supplied to the
    Commission upon request.

27. Agreement to Pledge, dated December 30, 1996, between First
    Enterprise Bank and SBL Corporation is attached hereto as
    Exhibit 27 to this Amendment No. 24.


                                 SIGNATURE

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

DATED:   June 17, 1997.


                              
                             /s/ Jack E. Golsen            
                             -----------------------------
                             Jack E. Golsen
                          
                             GOLSEN PETROLEUM CORPORATION


                              
                             By:  /s/ Jack E. Golsen       
                                ---------------------------
                               Jack E. Golsen, President

                              
                               /s/ Jack E. Golsen          *
                             ------------------------------- 
                             Barry H. Golsen

                              
                               /s/ Jack E. Golsen          *
                             -------------------------------
                             Steven J. Golsen

                              
                               /s/ Jack E. Golsen          *
                             -------------------------------
                             Linda Golsen Rappaport

                             *Executed by Jack E. Golsen
                             pursuant to Power of Attorney

                              
                               /s/ Jack E. Golsen           
                             --------------------------------
                             Jack E. Golsen


                         
                               /s/ Sylvia H. Golsen         
                             --------------------------------
                             Sylvia H. Golsen

                             SBL CORPORATION

                              
                             By: /s/ Sylvia H. Golsen       
                               ------------------------------
                               Sylvia H. Golsen, Secretary
BALL:\K-M\LSB\13D\AMD24-3.697
CAPITAL WEST SECURITIES, INC.
One Leadership Square, 16th Floor
211 North Robinson
Oklahoma City, Oklahoma 73102


May 15, 1995

Dear Valued Client:

     Welcome to the Capital West family!  As you are aware,
Capital West is purchasing substantially all of the assets of
Stifel, Nicolaus & Company, Inc. in Oklahoma and Texas.  Six of
the eight principals in Capital West are current or former
employees of Stifel who along with current Stifel personnel will
insure a continuity of client service.  Capital West will be
offering the traditional services Stifel offered along with a
Corporate and Municipal Finance capability geared to economic
development in our Oklahoma and Texas markets.

     Capital West is committed to providing superior personal
service to all of our valued clients.  In this spirit, we have
retained Stifel as the clearing agent for your transactions which 
accomplish two objectives: (1) the changeover can proceed
smoothly without any disruption of client service; and (2)
Stifel s insurance an capital continues to protect your accounts.

     Our goal is to provide an Oklahoma owned, Oklahoma based
firm that can serve all of our clients  needs.  We feel that
being locally owned and operated affords us a local perspective
while maintaining national market contacts to insure that our
clients receive the best information possible.  We are
rededicating ourselves to you and your needs.

     Again, welcome to Capital West - we are here to serve you!

                              Sincerely,  

/s/ Robert O. McDonald             /s/ Norman Frager
______________________             _____________________
Robert O. McDonald                 Norman Frager
Chairman of the Board              President and Chief
                                   Executive Officer

Stifel, Nicolaus & Company, Incorporated
500 North Broadway
St. Louis, Missouri 63102
314-342-2000

May 15, 1995

Dear Client:

As we announced to you in a February 13th letter, an Oklahoma-
based company, Capital West Securities, Inc., has agreed to
purchase substantially all of the Stifel offices in Oklahoma and
Texas.  We anticipate that this conversion will take place on or
about May 19, 1995.

Stifel s management has confidence in the future of Capital West
and this confidence is reflected by our intention to purchase an
equity interest and to have one of our senior officers serve on
Capital West s Board of Directors.

We want to take this opportunity to thank you for your business. 
It has been a pleasure serving you and, in certain ways, Stifel
will continue to serve you as the clearing firm for Capital West. 
This means you will still have access to all the investment
services you have always had.  Additionally, you will still have
the same account insurance you currently enjoy.

In other words, Stifel s resources and capabilities will still be
in place to support your Investment Executive and you.  Most
important of all, your Investment Executive will continue to work
for you.

Since Capital West and Stifel, Nicolaus will have different
responsibilities, we have enclosed a breakdown of these
responsibilities for your review.  We encourage you to read it.

We look forward to continuing a warm and prosperous relationship.

                         Sincerely yours,

/s/ George H. Walker III           /s/ Gregory F. Taylor
_________________________          ______________________
George H. Walker III               Gregory F. Taylor
Chairman of the Board              Chief Executive Officer
Over a Century of Knowledge and Service
MEMBER SIPC AND MEMBERS, NEW YORK STOCK EXCHANGE, INC. CHICAGO
AND AMERICAN STOCK EXCHANGES

Customer Account Agreement and Disclosure Document - 
Designation of Responsibilities
Stifel, Nicolaus & Company, Incorporated (NYSE RULE 382)
Capital West Securities, Inc. (NASD Section 47, Article III,
Rules of Fair Practice)
          
     Stifel, Nicolaus & Company, Incorporated (SN) and Capital
West Securities, Inc. (CW) have allocated between us several
functions and responsibilities with respect to your account. 
Specifically:

1.   Capital West shall be solely responsible for opening,
     approving and monitoring your account.  This means that,
     among other things, Capital West (and not SN) is solely
     responsible for:

     a.   Receiving and reviewing any financial or personal
     information about you and your investment objectives;

     b.   Determining if a specific investment strategy is
     suitable or appropriate for you;

     c.   Supervising the volume of activity, or any other matter
     regarding the quantity, quality, or specifics of any
     securities or options transaction in your account;

     d.   Making recommendations regarding a specific security or
     investment strategy;

     e.   Providing you with research or market interpretations
     regarding the advisability of purchasing or selling a
     specific security (although CW may receive materials from SN
     that discuss in general the conditions of a specific company
     or industry group and that may be used by CW in making
     specific recommendations to you);

     f.   If you have an options account or engage in
     transactions in listed securities options:

          i.   delivering a current Options Clearing Corporation
          (OCC) brochure - Characteristics and Risks of
          Standardized Options - to you prior to your first
          options trade and delivering to you periodic updated
          versions of this brochure as they are published by the
          OCC;

          ii.  determining which options strategies are suitable
          for you;

          iii. notifying you when you have been assigned delivery
          responsibility on a short options position;

          iv.  accepting exercise notices from you for long
          options positions in your account.

2.   Capital West is solely responsible for accepting orders from
     you to buy, sell, margin, tender, or exchange securities for
     settlement in you SN account.  Capital West is also
     responsible for execution of those orders on the applicable
     exchange or market.  Capital West may request that SN assist
     with the execution of orders settled in your SN account.  In
     those cases where SN assists Capital West with execution, SN
     is acting on behalf of Capital West only and not directly
     for you.  SN may rely on any order or instruction it
     receives from Capital West without further inquiry, and
     orders for your account may only be entered by and through
     Capital West.

3.   SN will be responsible for extending credit to you for
     transactions involving margin or otherwise effected through
     your SN account.  Capital West, however, is responsible for
     communicating all information to you regarding margin and
     credit, including communicating and processing margin calls. 
     SN may, nevertheless, contact you as well with respect to
     margin deficiencies in your account(s).

4.   SN shall maintain books and records relating to the
     settlement and clearing of cash and securities transactions
     in your SN account.  To the extent SN provides execution
     services for Capital West (see paragraph 2 above) it will
     maintain records relating to execution.  All other books and
     records, including information regarding your personal
     financial information and investment objectives, records
     relating to orders to purchase or sell securities and
     communications between you and Capital West, including
     correspondence and documents relating to advertising and
     promotion will be maintained solely by Capital West.


5.   SN shall be responsible for holding and safekeeping your
     money, funds and securities.  You may deliver money and
     securities to SN or Capital West for deposit to your SN
     account, provided, however, that SN shall only be
     responsible for holding and safekeeping your money, funds
     and securities from the time they are actually received by
     SN from you or Capital West.  For purposes of SEC Financial
     Responsibility Rules and the Securities Investor Protection
     Corporation Act (SIPC), the customers are the responsibility
     of SN.

6.   SN is responsible for providing you with written
     confirmation of each transaction entered for your account. 
     SN is also responsible for providing you with at least a
     quarterly summary of the status of your SN account that will
     list your securities and cash positions, margin debt and
     open options positions, if applicable.

7.   In addition, as part of its clearing settlement services, SN
     will (a) collect from or pay to third parties money due to
     or from you for securities transactions in your SN account;
     (b) receive from third parties, or deliver to third parties,
     securities purchased or sold, as the case may be; (c)
     collect and pay to you dividends or interest due on
     securities held in your SN account in SN s name ( street
     registration ) and charge your SN account for interest or
     dividends improperly credited to your account; (d) on your
     instruction, process exchange, rights and tender offers with
     respect to securities in your SN account and (e) in the case
     of an account which trades in listed securities options,
     allocate assignment or exercise notices or execute notices
     to exercise, as the case may be.

     Unless SN receives a written communication to the contrary,
your understanding of and agreement with the clearing arrangement
as described in this letter is mutually acknowledged.

     We appreciate the opportunity to be of service.  Capital
West should be able to answer any questions you may have
respecting your accounts.  If, however, you have questions
concerning those areas for which SN is responsible, which Capital
West cannot answer, please feel free to contact SN at the
following address:

Stifel, Nicolaus & Company, Incorporated
                   Attention: Correspondent Department
                            500 No. Broadway
                        St. Louis, Missouri 63102

                        COMMERCIAL PLEDGE AGREEMENT

  Principal      Loan Date      Maturity       Loan No.     Call
$1,000,000.00    11-21-1995    05-21-1997     0407108800   220111

  Collateral         Account         Officer        Initials
      28                               DMS
_________________________________________________________________
      References in the shaded area are for Lender's use only and do
            not limit the applicability of this document to any
                         particular loan or item.
_________________________________________________________________

Borrower: SBL Corporation          Lender: BancFirst
          (TIN: 73-1477865)                Oklahoma City
          16 South Pennsylvania            101 North Broadway
          Oklahoma City, OK  73107         P. O. Box 26788
                                           Oklahoma City, OK  73126
=================================================================

THIS COMMERCIAL PLEDGE AGREEMENT is entered into between SBL
Corporation (referred to below as "Grantor"); and BancFirst
(referred to below as "Lender").

GRANT OF SECURITY INTEREST.  For valuable consideration, Grantor
grants to Lender a security interest in the Collateral to secure the
indebtedness and agrees that Lender shall have the rights stated in
this Agreement with respect to the Collateral, in addition to all
other rights which Lender may have by law.

DEFINITIONS.  The following words shall have the following meanings
when used in this Agreement:

     Agreement.  The word "Agreement" means this Commercial Pledge
     Agreement, as this Commercial Pledge Agreement may be amended
     or modified from time to time, together with all exhibits and
     schedules attached to this Commercial Pledge Agreement from
     time to time.

     Collateral.  The word "Collateral" means the following
     specifically described property, which Grantor has delivered
     or agrees to deliver (or cause  to be delivered or appropriate
     book-entries made) immediately to Lender, together with all
     Proceeds thereof:

          500000.000 shares of LSB Industries, Inc.
          ("LSB") common stock and any and all other
          shares of LSB Common Stock and LSB's $3.25
          Convertible Exchangeable Class C Preferred
          Stock, Series 2 ("LSB Preferred Stock")
          hereafter acquired by the Borrower using
          proceeds of the Note.

     In addition, the word "Collateral" includes all property of
     Grantor in the possession of Lender (or in the possession of
     a third party subject to the control of Lender), whether now
     or hereafter existing and whether tangible or intangible in
     character.

     Event of Default.  The words "Event of Default" mean and
     include the Events of Default set forth in the Loan Agreement,
     dated November 21, 1995, between the Borrower and Lender
     ("Loan Agreement").

     Grantor.  The word "Grantor" means SBL Corporation, its
     successors and assigns.

     Guarantor.  The word "Guarantor" means and includes without
     limitation each and all of the guarantors, sureties, and
     accommodation parties in connection with the Indebtedness.

     Proceeds.  The word "Proceeds" means all present and future
     proceeds, increases, and substitutions from or for the
     Collateral of every kind and nature, including without
     limitation all payments, interest, profits, distributions,
     benefits, rights, options, warrants, dividends, stock
     dividends, stock splits, stock rights, regulatory dividends,
     subscriptions, claims for money due and to become due,
     proceeds of any insurance on the Collateral, shares of stock
     of different par value or no par value issued in substitution
     or exchange for shares included in the Collateral.

     Indebtedness.  The word "Indebtedness" means the indebtedness
     evidenced by the Note, including all principal and interest,
     together with all other indebtedness and costs and expenses
     for which Grantor is responsible under this Agreement or under
     any of the Related Documents.

     Lender.  The word "Lender" means BancFirst, its successors and
     assigns.

     Note.  The word "Note" means the note or credit agreement
     dated November 21, 1995, in the principal amount of
     $1,000,000.00 from Grantor to Lender, together with all
     renewals of, extensions of, modifications of, refinancings of,
     consolidations of and substitutions for the note or credit
     agreement.

     Obligor.  The word "Obligor" means and includes without
     limitation any and all persons or entities obligated to pay
     money or to perform some other act under the Collateral.

     Related Documents.  The words "Related Documents" mean and
     include without limitation all promissory notes, credit
     agreements, loan agreements, environmental agreements,
     guaranties, security agreements, mortgages, deeds of trust,
     and all other instruments, agreements and documents, whether
     now or hereafter existing, executed in connection with the
     Indebtedness.

RIGHT OF SETOFF.  Grantor hereby grants Lender a contractual
possessory security interest in and hereby assigns, conveys,
delivers, pledges, and transfers all of Grantor's right, title and
interest in and to Grantor's accounts with Lender (whether checking,
savings, or some other account), including all accounts held jointly
with someone else and all accounts Grantor may open in the future,
excluding however all IRA, Keogh, and trust accounts.  Grantor
authorizes Lender, to the extent permitted by applicable law, to
charge or setoff all Indebtedness against any and all such accounts.

GRANTOR'S REPRESENTATIONS AND WARRANTIES WITH RESPECT TO THE
COLLATERAL.  Grantor represents and warrants to Lender that:

     Ownership.  Grantor is the lawful owner of the Collateral free
     and clear of all security interests, liens, encumbrances and
     claims of others except as disclosed to and accepted by Lender
     in writing prior to execution of this Agreement or as set
     forth in the Loan Agreement.

     Right to Pledge.  Grantor has the full right, power and
     authority to enter into this Agreement and to pledge the
     Collateral.

     Binding Effect.  This Agreement is binding upon Grantor, as
     well as Grantor's heirs, successors, representatives and
     assigns, and is legally enforceable in accordance with its
     terms.

     No Further Assignment.  Grantor has not, and will not, sell,
     assign, transfer, encumber or otherwise dispose of any of
     Grantor's rights in the Collateral except as provided in this
     Agreement or the Loan Agreement.

     No Defaults.  There are no defaults, existing under the
     Collateral, and there are no offsets or counterclaims to the
     same.  Grantor will strictly and promptly perform each of the
     terms, conditions covenants and agreements contained in the
     Collateral, which are to be performed by Grantor, if any.

     No Violation.  The execution and delivery of this Agreement
     will not violate any law or agreement governing Grantor or to
     which Grantor is a party, and its certificate or articles of
     incorporation and bylaws do not prohibit any term or condition
     of this Agreement.

LENDER'S RIGHTS AND OBLIGATIONS WITH RESPECT TO COLLATERAL.  Lender
may hold the collateral until all the Indebtedness has been paid and
satisfied and thereafter may deliver the Collateral to any Grantor. 
Lender shall have the following rights in addition to all other
rights it may have by law, except as otherwise provided in the Loan
Agreement:

     Maintenance and Protection of Collateral.  Lender may, but
     shall not be obligated to, take such steps as it deems
     necessary or desirable to protect, maintain, insure, store, or
     care for the collateral, including payment of any liens or
     claims against the Collateral.  Lender may charge any cost
     incurred in so doing to Grantor.

     Proceeds from the Collateral.  After the occurrence of an
     Event of Default that is continuing, Lender may receive all
     Proceeds and add it to the Collateral.  Grantor agrees to
     deliver to Lender immediately upon receipt, in the exact form
     received and without commingling with other property, all
     Proceeds from the Collateral which may be received by, paid,
     or delivered to Grantor or for Grantor's account, whether as
     an addition to, in discharge of, in substitution of, or in
     exchange for any of the Collateral.  All cash dividends paid
     in connection with the Collateral may be retained by the
     Borrower, except if there is an Event of Default that is
     continuing.

     Application of Cash.  At Lender's option, Lender may apply any
     cash, whether included in the Collateral or received as
     Proceeds or through liquidation, sale, or retirement, of the
     collateral, to the satisfaction of the Indebtedness or such
     portion thereof as Lender shall choose, whether or not
     matured.

     Transactions with Others.  Lender may (a) extend time for
     payment or other performance, (b) grant a renewal or change in
     terms or conditions, or (c) compromise, compound or release
     any obligation, with any one or more Obligors, endorsers, or
     Guarantors of the Indebtedness as Lender deems advisable,
     without obtaining the prior written consent of Grantor, and no
     such act or failure to act shall affect Lender's rights
     against Grantor or the Collateral.

     All Collateral Secures Indebtedness.  All Collateral shall be
     security for the Indebtedness, whether the Collateral is
     located at one or more offices or branches of Lender and
     whether or not the office or branch where the Indebtedness is
     created is aware of or relies upon the Collateral.  In the
     event Grantor comes into the possession of any Collateral,
     Grantor will deliver it immediately to Lender.

     Collection of Collateral.  Lender, at Lender's option may, but
     need not, collect directly from the Obligors on any of the
     Collateral all Proceeds or other property (except cash
     dividends) due and to become due under the Collateral, and
     Grantor authorizes and directs that Obligors, if Lender
     exercises such option, to pay and deliver to Lender all
     Proceeds and other sums of money and other property payable by
     the terms of the Collateral and to accept Lender's receipt for
     the payments.

     Power of Attorney.  After the occurrence of an Event of
     Default that is continuing, Grantor irrevocably appoints
     Lender as Grantor's attorney-in-fact, with full power of
     substitution, (a) to demand, collect, receive, receipt for,
     sue and recover all income and Proceeds and other sums of
     money and other property which may now or hereafter become
     due, owing or payable from the Obligors in accordance with the
     terms of the Collateral; (b) to execute, sign and endorse any
     and all instruments, receipts, checks, drafts and warrants
     issued in payment for the collateral; (c) to settle or
     compromise any and all claims arising under the Collateral,
     and in the place and stead of Grantor, execute and deliver
     Grantor's release and acquittance for Grantor; (d) to file any
     claim or claims or to take any action or institute or take
     part in any proceedings, either in Lender's own name or in the
     name of Grantor, or otherwise, which in the discretion of
     Lender may seem to be necessary or advisable; and (e) to
     execute in Grantor's name and to deliver to the Obligors on
     Grantor's behalf, at the time and in the manner specified by
     the Collateral, any necessary instruments or documents.

     Perfection of Security Interest.  Upon request of Lender,
     Grantor will deliver to Lender any and all of the documents
     evidencing on constituting the collateral.  If the Collateral
     consists of securities for which no certificate has been
     issued, Grantor agrees, at Lender's option, either to request
     issuance of an appropriate certificate or to execute
     appropriate instructions on Lender's forms instructing the
     issuer, transfer agent, mutual fund company, or broker, as the
     case may be, to record on its books or records, by book-entry
     or otherwise, Lender's security interest in the Collateral. 
     Grantor hereby appoints Lender as Grantor's irrevocable
     attorney-in-fact for the purpose of executing any documents
     necessary to perfect or to continue any security interest
     granted in this Agreement.  This is a continuing Security
     Agreement and will continue in effect until the Indebtedness
     is paid in full.

EXPENDITURES BY LENDER.  Except as otherwise provided in the Loan
Agreement, if not discharged or paid when due, Lender may (but shall
not be obligated to) discharge or pay any amounts required to be
discharged or paid by Grantor under this Agreement, including
without limitation all taxes, liens, security interests,
encumbrances, and other claims, at any time levied or placed on the
Collateral.  Lender may also (but shall not be obligated to) pay all
costs for insuring, maintaining and preserving the Collateral.  All
such expenditures incurred or paid by Lender for such purposes will
then bear interest at the rate charged under the Note from the date
incurred or paid by Lender to the date of repayment by Grantor.  All
such expenses shall become a part of the Indebtedness and, at
Lender's option, will (a) be payable on demand, (b) be added to the
balance of the Note and be apportioned among and be payable with any
installment payments to become due during either (i) the term of any
applicable insurance policy or (ii) the remaining term of the note,
or (c) be treated as a balloon payment which will be due and payable
at the Note's maturity.  This Agreement also will secure payment of
these amounts.  Such right shall be in addition to all other  rights
and remedies to which Lender may be entitled upon the occurrence of
an Event of Default.

LIMITATIONS ON OBLIGATIONS OF LENDER.  Lender shall use ordinary
reasonable care in the physical preservation and custody of the
Collateral in Lender's possession, but shall have no other
obligation to protect the Collateral or its value.  In particular,
but without limitation, Lender shall have no responsibility for (a)
any depreciation in value of the Collateral or for the collection
or protection of any income and proceeds from the Collateral, (b)
preservation of rights against parties to the Collateral or against
third persons, (c) ascertaining any maturities, calls, conversions,
exchanges, offers, tenders, or similar matters relating to any of
the Collateral, or (d) informing Grantor about any of the above,
whether or not Lender has or is deemed to have knowledge of such
matters.  Except as provided above, Lender shall have no liability
for depreciation or deterioration of the Collateral.

EVENTS OF DEFAULT.  If an Event of Default occurs under the Loan
Agreement, such shall constitute an Event of Default under this
Agreement.

RIGHTS AND REMEDIES ON DEFAULT.  If an Event of Default occurs under
this Agreement, and may be continuing, at any time thereafter,
Lender may exercise any one or more of the following rights and
remedies:

     Accelerate Indebtedness.  Declare all Indebtedness, including
     any prepayment penalty which Grantor would be required to pay,
     immediately due and payable, without notice of any kind to
     Grantor.

     Collect the Collateral.  Collect any of the Collateral and, at
     Lender's option and to the extent permitted by applicable law,
     retain possession of the Collateral while suing on the
     Indebtedness.

     Sell the Collateral.  Sell the Collateral, at Lender's
     discretion, as a unit or in parcels, at one or more public or
     private sales.  Unless the Collateral is perishable or
     threatens to decline speedily in value or is of a type
     customarily sold on a recognized market, Lender shall give or
     mail to Grantor, or any of them, notice at least ten (10) days
     in advance of the time and place of any public sale, or of the
     date after which any private sale may be made.  Grantor agrees
     that any requirement f reasonable notice is satisfied if
     Lender mails notice by ordinary mail addressed to Grantor, or
     any of them, at the last address Grantor has given Lender in
     writing.  If a public sale is held, there shall be sufficient
     compliance with all requirements of notice to the public by a
     single publication in any newspaper of general circulation in
     the county where the Collateral is located, setting forth the
     time and place of sale and a brief description of the property
     to be sold.  Lender may be a purchaser at any public sale.

     Register Securities.  Register any securities included in the
     Collateral in Lender's name and exercise any rights normally
     incident to the ownership of securities.

     Sell Securities.  Sell any securities included in the
     Collateral in a manner consistent with applicable federal and
     state securities laws,notwithstanding any other provision of
     this or any other agreement.  If, because of restrictions
     under such laws, Lender is or believes it is unable to sell
     the securities in an open market transaction, Grantor agrees
     that Lender shall have no obligation to delay sale until the
     securities can be registered, and may make a private sale to
     one or more persons or to a restricted group of persons, even
     though such sale may result in a price that is less favorable
     than might be obtained in an open market transaction, and such
     a sale shall be considered commercially reasonable.  If any
     securities held as Collateral are "restricted securities" as
     defined in the Rules of the Securities and Exchange Commission
     (such as Regulation D or Rule 144) or state securities
     departments under state "Blue Sky" laws, or if Grantor is an
     affiliate of the issuer of the securities, Grantor agrees that
     neither Grantor nor any member of Grantor's family will sell
     or dispose of any securities of such issuer without obtaining
     Lender's prior written consent.

     Foreclosure.  Maintain a judicial suit for foreclosure and
     sale of the Collateral.

     Transfer Title.  Effect transfer of title upon sale of all or
     part of the Collateral.  For this purpose, Grantor irrevocably
     appoints Lender as its attorney-in-fact to execute
     endorsements and instruments in the name of Grantor and each
     of them (if more than one) as shall be necessary or
     reasonable.

     Other Rights and Remedies.  Have and exercise any or all of
     the rights and remedies of a secured creditor under the
     provisions of the Uniform Commercial Code, at law, in equity,
     or otherwise.

     Application of Proceeds.  Apply any cash which is part of the
     Collateral, or which is received from the collection or sale
     of the Collateral, to reimbursement of any expenses, including
     any costs for registration of securities, commissions incurred
     in connection with a sale, attorney fees as provided below,
     and court costs, whether or not there is a lawsuit and
     including any fees on appeal, incurred by Lender in connection
     with the collection and sale of such Collateral and to the
     payment of the Indebtedness of Grantor to Lender, with any
     excess funds to be paid to Grantor as the interests of Grantor
     may appear.  Grantor agrees, to the extent permitted by law,
     to pay any deficiency after application of the proceeds of the
     Collateral to the Indebtedness.

     Cumulative Remedies.  All of Lender's rights and remedies,
     whether evidenced by this Agreement or by any other writing,
     shall be cumulative and may be exercised singularly or
     concurrently.  Election by Lender to pursue any remedy shall
     not exclude pursuit of any other remedy, and an election to
     make expenditures or to take action to perform an obligation
     of Grantor under this Agreement, after Grantor's failure to
     perform, shall not affect Lender's right to declare a default
     and to exercise its remedies.

MISCELLANEOUS PROVISIONS.  The following miscellaneous provisions
are a part of this Agreement:

     Amendments.  This Agreement, together with any Related
     Documents, constitutes the entire understanding and agreement
     of the parties as to the matters set forth in this Agreement. 
     No alteration of or amendment to this Agreement shall be
     effective unless given in writing and signed by the party or
     parties sought to be charged or bound by the alteration or
     amendment.

     Applicable Law.  This Agreement has been delivered to Lender
     and accepted by Lender in the State of Oklahoma.  If there is
     a lawsuit, Grantor agrees upon Lender's request to submit it
     to the jurisdiction of the courts of Oklahoma County, the
     State of Oklahoma.  This Agreement shall be governed by and
     construed in accordance with the laws of the State of
     Oklahoma.

     Attorneys' Fees; Expenses.  Grantor agrees to pay upon demand
     all of Lender's costs and expenses, including reasonable
     attorneys' fees and Lender's reasonable legal expenses,
     incurred in connection with the enforcement of this Agreement. 
     Lender may pay someone else to help enforce this Agreement,
     and Grantor shall pay the costs and expenses of such
     enforcement.  Costs and expenses include Lender's attorneys'
     fees and reasonable legal expenses whether or not there is a
     lawsuit, including attorneys' fees and legal expenses for
     bankruptcy proceedings (and including efforts to modify or
     vacate any automatic stay or injunction), appeals, and any
     anticipated post-judgment collection services.  Grantor also
     shall pay all court costs and such additional fees as may be
     directed by the court.

     Caption Headings.  Caption headings in this Agreement are for
     convenience purposes only and are not to be used to interpret
     or define the provisions of this Agreement.

     Notices.  All notices required to be given under this
     Agreement shall be given in writing, may be sent by
     telefacsimile, and shall be effective when actually delivered
     or when deposited with a nationally recognized overnight
     courier or deposited in the United States mail, first class,
     postage prepaid, addressed to the party to whom the notice is
     to be given at the address shown above.  Any party may change
     its address for notices under this Agreement by giving formal
     written notice to the other parties, specifying that the
     purpose of the notice is to change the party's address.  To
     the extent permitted by applicable law, if there is more than
     one Grantor, notice to any Grantor will constitute notice to
     all Grantors.  For notice purposes, Grantor agrees to keep
     Lender informed at all times of Grantor's current address(es).

     Severability.  If a court of competent jurisdiction finds any
     provision of this Agreement to be invalid or unenforceable as
     to any person or circumstance, such finding shall not render
     that provision invalid or unenforceable as to any other person
     or circumstances.  If feasible, any such offending provision
     shall be deemed to be modified to be within the limits of
     enforceability or validity; however, if the offending
     provision cannot be so modified, it shall be stricken and all
     other provisions of this Agreement in all other respects shall
     remain valid and enforceable.

     Successor Interests.  Subject to the limitations set forth
     above on transfer of the Collateral, this Agreement shall be
     binding upon and inure to the benefit of the parties, their
     successors and assigns.

     Waiver.  Lender shall not be deemed to have waived any rights
     under this Agreement unless such waiver is given in writing
     and signed by Lender.  No delay or omission on the part of
     Lender in exercising any right shall operate as a waiver of
     such right or any other right.  A waiver by Lender of a
     provision of this Agreement shall not prejudice or constitute
     a waiver of Lender's right otherwise to demand strict
     compliance with that provision or any other provision of this
     Agreement.  No prior waiver by Lender, nor any course of
     dealing between Lender and Grantor, shall constitute a waiver
     of any of Lender's rights or of any of Grantor's obligations
     as to any future transactions.  Whenever the consent of Lender
     is required under this Agreement, the granting of such consent
     by Lender in any instance shall not constitute continuing
     consent to subsequent instances where such consent is required
     and in all cases such consent may be granted or withheld in
     the sole discretion of Lender.

GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS PLEDGE
AGREEMENT, AND GRANTOR AGREES TO ITS TERMS.  THIS AGREEMENT IS DATED
NOVEMBER 21, 1995.

GRANTOR:

SBL Corporation

      /s/ Barry H. Golsen
By:________________________________
    Barry H. Golsen, Vice President
===================================================================
LASER PRO, Reg. U.S. Pat. & T.M. Off., Ver. 3.20b(3) 1995 CFI
ProServices, Inc., All rights reserved. (OK-
E60E3.20F3.20P3.20SBL.LNC31.OVL)














MBEN:\K-M\LSB\13D\24A-EX20.CPA
                         SHAREHOLDER S AGREEMENT

    THIS AGREEMENT made effective the 1st day of December, 1995,
by and among Sylvia Golsen ("Shareholder and the member of Group
1") and SBL Corporation ("Shareholder and the member of Group
2").

    WHEREAS, the Shareholder owns stock of LSB Industries, Inc.
("LSB") and SBL Corporation ("SBL") (collectively referred to as
the "Shares"); and

    WHEREAS, the Shareholders desire to promote and protect
their mutual interest by imposing certain restrictions and
obligations on the Shares owned or to be acquired by the
Shareholders or upon the sale of the Shares by the Shareholders.

WHEREAS, the parties shall be designated as follows:
                                    
                                 Group 1
                                    
                              Sylvia Golsen
                                    
                                 Group 2
                                    
                             SBL Corporation
                                    
    NOW, THEREFORE, for mutual promises and adequate
consideration, the parties desire to and do hereby enter into the
following agreement.

    1.   Restriction on Transfer of Shares by Group 1.  No
Shareholder in Group 1 or transferee of a Shareholder in Group 1,
or the estate or heirs of any Shareholder in Group 1 or
transferee thereof, shall dispose or transfer any of Shares to
any person or entity not in Group 1 without Group 2 Shareholders'
prior written consent, unless all such Shares are first offered
for sale to each of the Shareholders in Group 2 in the manner
provided below.  Any purported transfer or disposition of Shares
in violation of the terms of this Agreement shall be null and
void.

    Every such offer shall be made in writing, and shall state
that the Group 1 offeror offers to sell all (or a portion of) the
shares of LSB or SBL held or owned by him to the Shareholders in
Group 2.  A copy of such offer shall be sent by certified mail,
return receipt requested, to each of the parties to this
Agreement who are then Shareholders in Group 2.

    2.   Purchase Price. For the purposes of this Agreement, the
purchase price of shares sold to Group 2 pursuant to the terms
set forth herein shall be as follows:
              
         a.   In the case of a sale of shares by Shareholder in
    Group 1 to Group 2 due to involuntary transfer or legal
    proceedings, including divorce, within the ten (10) years
    following the effective date of this Agreement, the purchase
    price of the shares from the disposing party shall be their
    book value as shown by the balance sheet of the corporation
    as at the close of the calendar year preceding the date of
    offer subject to the definition of the term "book value"
    hereinafter set forth, less an amount equal to any
    investment in the corporation made by Shareholders in Group
    2, less any amounts owed by Group 1 to any members of Group
    2 and less a discount of 30%.

         b.   In the case of a sale by Shareholder in Group 1
    for any reason after ten (10) years from the effective date
    of this Agreement, the purchase price of the shares shall be
    their "fair market value", the determination of which will
    be made pursuant to the terms hereinafter set forth.

         c.   Notwithstanding any other provision herein, the
    value of LSB shares held by any of the parties hereto shall
    be the average daily closing price of LSB shares on the NYSE
    or successor national quotation service during the previous
    twelve months prior to the date for which a value is being
    determined, less a discount ("haircut") of 30%.  For the
    purpose of this calculation, only business days shall be
    used to determine price and the number of days to be
    considered.

    3.   Definition of Book Value

         a.        For the purposes of this Agreement, the book
    value of the shares shall be determined by the corporation's
    regular certified public accountant, pursuant to the
    provisions of GAAP; however, there shall be no allowance of
    any kind shall be made for the corporations' goodwill, trade
    name, or intangible assets.

         b.   Notwithstanding any other provision herein, the
    value of LSB shares held by any of the parties hereto shall
    be the average daily closing price of LSB shares on the NYSE
    or successor national quotation service during the previous
    twelve months prior to the date for which a value is being
    determined, less a discount ("haircut") of 30%.  For the
    purpose of this calculation only business days shall be used
    to determine price and the number of days to be considered.

The book value so determined by the certified public accountant
shall be binding and conclusive on all parties.

    4.   Definition of Fair Market Value.
    
         a.   For purposes of this Agreement, the fair market
    value of the SBL shares shall be determined to be the price
    at which the shares could be sold to a non-interested third
    party taking into account a discount ("haircut") for a
    minority interest, if applicable.  This determination shall
    be made by a certified appraisal service or accountant
    selected by the Shareholders in Group 2.

         b.   Notwithstanding any other provision herein, the
    value of LSB shares held by any of the parties hereto shall
    be the average price of LSB shares on the NYSE or successor
    national quotation service during the previous twelve months
    prior to the date for which a value is being determined,
    less a discount ("haircut") for restricted stock of 30%. For
    the purpose of this calculation only business days shall be
    used to determine price and the number of days to be
    considered.

    5.   Payment of Purchase Price.  The purchase price of the
shares shall be paid in cash or a note over a period of five (5)
or more years as determined by the parties.

    6.   Option to Purchase Shares.  Each shareholder entitled
to purchase shall have a period of ninety (90) days from the time
of such offer to accept all or part of such offer.  The
acceptance shall be in writing.

    7. Failure to Exercise Option.  If any of the Shares so
offered for purchase by Shareholder in Group 1 are not accepted
by Shareholders in Group 2 within the period of time prescribed
herein, the provisions of this Agreement shall thereafter no
longer apply to the offerors unaccepted shares; provided,
however, that if the unaccepted shares are not sold to another
party, then the provisions of this Agreement will continue to
apply to such shares.  If, however, a shareholder thereafter
acquires any additional SBL or LSB shares, such shares shall be
subject to all the provisions of this Agreement.

   8.    Endorsement on Share Certificate.  All shares of SBL
and LSB issued and delivered to Sylvia Golsen or held by Sylvia
Golsen shall have endorsed thereon the following statement:

    "The shares represented by this certificate are subject to
    the rights and limitations of an agreement dated December 1,
    1995, between Sylvia Golsen and SBL Corporation."

Even if this endorsement is not made, the terms and conditions of
this Agreement shall still remain in effect.

    9.   Binding Effect.  This Agreement shall bind the parties
hereto, and their respective heirs, administrators, executors,
successors, and assigns any person or entity who purchases shares
from a Shareholder, provided that if the Shareholders in Group 1
dispose of their shares to a party that is not a member of Group
2, then the transferee of the shares will be bound by this
Agreement unless the Shareholders in Group 2 agree to waive the
provisions hereof in writing prior to such transfer.

    10.  Notices.  All notices under this Agreement shall be
mailed to the parties at the following addresses:

         Name                      Address
- -----------------------       -----------------------
    Sylvia Golsen             1299 Glenbrook Terrace
                              Oklahoma City, OK  73116

    SBL Corporation           P.O. Box 705
                              Oklahoma City, OK  73107

Any party may change his mailing address by serving written
notice of such change and of such new address on all other
parties.

    11.  Entire Agreement.  This Agreement supersedes all
agreements previously made between the parties relating to its
subject matter.  There are no other understandings or agreements
between the parties regarding the matters covered herein.  This
Agreement may only be amended by a writing signed by those
parties agreeing to such amendment.

    12   Non-Waiver.  No delay or failure by a party to exercise
any right under this Agreement, and no partial or single exercise
of that right, shall constitute a waiver of that or any other
right, unless otherwise expressly provided herein.

    13.  Headings.  Headings in this Agreement are for
convenience only and shall not be used in interpret or construe
its provisions.

    14.  Governing Law.  This Agreement shall be construed in
accordance with, and governed by, the laws of the state of
Oklahoma.

    15.  Counterparts.  This Agreement may be executed in two or
more counterparts, each of which shall be deemed an original.

    16.  Severability.  If any part of this Agreement shall be
held unenforceable, the rest of this Agreement will nevertheless
remain in full force and effect.
    
    17.  Specific Enforcement.  The parties hereto hereby
declare that it is impossible to measure in money the damages
which will accrue to a party hereto or to any of its or his
successors, heirs, personal representatives, or permitted assigns
by reason of a failure to perform any of the obligations under
this Agreement and agree that the terms of this Agreement shall
be, specifically enforceable in equity.  If any party hereto or
its or his successors, heirs, personal representatives, or
permitted assigns institutes any action or proceeding to
specifically enforce the provisions hereof, any person against
whom such action or proceeding is brought hereby waives the claim
or defense therein that such party or personal representative has
an adequate remedy at law, and such person shall not urge in any
action or proceeding the claim or defense that such remedy at law
exists.  It is, therefore, agreed that in the event that any
breach or threatened breach by any of the Shareholders of any of
the terms and conditions set forth herein, any of the other
parties hereto shall be entitled, in addition to any and all
other rights and remedies which it or they may have in law or in
equity, to apply for and obtain injunctive relief requiring the
defaulting party or party threatening to default to be restrained
from any such breach, threatened breach or to refrain from a
continuation of any actual or threatened breach.

    18.  Securities Law Compliance.  Notwithstanding any other
provision hereof, no transfer shall be permitted or is intended
to be permitted hereby which would require any party to file any
registration statement under the Securities Act of 1933, as
amended, or any state's securities laws.

    IN WITNESS WHEREOF, the parties hereto have signed this
Agreement and intend such Agreement to be in full force and
effect the 1st day of December, 1995.

                              /s/ Sylvia Golsen
                              ------------------              
                              SYLVIA GOLSEN 

                                                                         
                              SBL CORPORATION  
               
                              /s/ Steven J. Golsen   
                         By:----------------------
                              Steven J. Golsen, Vice President
2\agrmnt\sharhold.syl
                         SHAREHOLDER'S AGREEMENT
                                     

     THIS AGREEMENT made effective the 1st day of December, 1995,
by and among Jack E. Golsen ( Shareholder and the member of Group
1") and Sylvia Golsen and SBL Corporation ("Shareholders and the
members of Group 2").

     WHEREAS, the Shareholder owns stock of LSB Industries, Inc.
("LSB") and SBL Corporation ("SBL") (collectively referred to as
the "Shares"); and

     WHEREAS, the Shareholders desire to promote and protect their
mutual interest by imposing certain restrictions and obligations on
the Shares owned or to be acquired by the Shareholders or upon the
sale of the Shares by the Shareholders.

     WHEREAS, the parties shall be designated as follows:

                                 Group 1
                                     
                              Jack E. Golsen
                                     
                                 Group 2
                                     
                              Sylvia Golsen
                             SBL Corporation
                                     
                                     
     NOW, THEREFORE, for mutual promises and adequate
consideration, the parties desire to and do hereby enter into the
following agreement.

     1.   Restriction on Transfer of Shares by Group 1.  No
Shareholder in Group 1 or transferee of a Shareholder in Group 1,
or the estate or heirs of any Shareholder in Group 1 or transferee
thereof, shall dispose or transfer any of Shares to any person or
entity not in Group 1 without Group 2 Shareholders' prior written
consent, unless all such Shares are first offered for sale to each
of the Shareholders in Group 2 in the manner provided below.  Any
purported transfer or disposition of Shares in violation of the
terms of this Agreement shall be null and void.

     Every such offer shall be made in writing, and shall state
that the Group 1 offeror offers to sell all (or a portion of) the
shares of LSB or SBL held or owned by him to the Shareholders in
Group 2.  A copy of such offer shall be sent by certified mail,
return receipt requested, to each of the parties to this Agreement
who are then Shareholders in Group 2.

     2.   Purchase Price.  For the purposes of this Agreement, the
purchase price of shares sold to Group 2 pursuant to the terms set
forth herein shall be as follows:
     
          a.   In the case of a sale of shares by Shareholder in
     Group 1 to Group 2 due to involuntary transfer or legal
     proceedings, including divorce, within the ten (10) years
     following the effective date of this Agreement, the purchase
     price of the shares from the disposing party shall be their
     book value as shown by the balance sheet of the corporation as
     at the close of the calendar year preceding the date of offer
     subject to the definition of the term "book value" hereinafter
     set forth, less an amount equal to any investment in the
     corporation made by Shareholders in Group 2, less any amounts
     owed by Group 1 to any members of Group 2 and less a discount
     of 30%.

          b.   In the case of a sale by Shareholder in Group 1 for
     any reason after ten (10) years from the effective date of
     this Agreement, the purchase price of the shares shall be
     their "fair market value", the determination of which will be
     made pursuant to the terms hereinafter set forth.

          c.   Notwithstanding any other provision herein, the
     value of LSB shares held by any of the parties hereto shall be
     the average daily closing price of LSB shares on the NYSE or
     successor national quotation service during the previous
     twelve months prior to the date for which a value is being
     determined, less a discount ("haircut") of 30%.  For the
     purpose of this calculation, only business days shall be used
     to determine price and the number of days to be considered.

     3.   Definition of Book Value.

          a.   For the purposes of this Agreement, the book value
     of the shares shall be determined by the corporation's regular
     certified public accountant, pursuant to the provisions of
     GAAP; however, there shall be no allowance of any kind shall
     be made for the corporations' goodwill, trade name, or
     intangible assets.

          b.   Notwithstanding any other provision herein, the
     value of LSB shares held by any of the parties hereto shall be
     the average daily closing price of LSB shares on the NYSE or
     successor national quotation service during the previous
     twelve months prior to the date for which a value is being
     determined, less a discount ("haircut") of 30%.  For the
     purpose of this calculation only business days shall be used
     to determine price and the number of days to be considered.

The book value so determined by the certified public accountant
shall be binding and conclusive on all parties.
     
     4.   Definition of Fair Market Value.

          a.   For purposes of this Agreement, the fair market
     value of the SBL shares shall be determined to be the price at
     which the shares could be sold to a non-interested third party
     taking into account a discount ("haircut") for a minority
     interest, if applicable.  This determination shall be made by
     a certified appraisal service or accountant selected by the
     Shareholders in Group 2.

          b.   Notwithstanding any other provision herein, the
     value of LSB shares held by any of the parties hereto shall be
     the average price of LSB shares on the NYSE or successor
     national quotation service during the previous twelve months
     prior to the date for which a value is being determined, less
     a discount ("haircut") for restricted stock of 30%. For the
     purpose of this calculation only business days shall be used
     to determine price and the number of days to be considered.

     5.   Payment of Purchase Price.  The purchase price of the
shares shall be paid in cash or a note over a period of five (5) or
more years as determined by the parties.

     6.   Option to Purchase Shares.  Each shareholder entitled to
purchase shall have a period of ninety (90) days from the time of
such offer to accept all or part of such offer.  The acceptance
shall be in writing.

     7.   Failure to Exercise Option.  If any of the Shares so
offered for purchase by Shareholder in Group 1 are not accepted by
Shareholders in Group 2 within the period of time prescribed
herein, the provisions of this Agreement shall thereafter no longer
apply to the offerors unaccepted shares; provided, however, that if
the unaccepted shares are not sold to another party, then the
provisions of this Agreement will continue to apply to such shares. 
If, however, a shareholder thereafter acquires any additional SBL
or LSB shares, such shares shall be subject to all the provisions
of this Agreement.

    8.    Endorsement on Share Certificate.  All shares of SBL and
LSB issued and delivered to Jack E. Golsen or held by Jack E.
Golsen shall have endorsed thereon the following statement:

     "The shares represented by this certificate are subject to the
     rights and limitations of an agreement dated December 1, 1995,
     between Jack E. Golsen, Sylvia Golsen and SBL Corporation."

Even if this endorsement is not made, the terms and conditions of
this Agreement shall still remain in effect.

     9.   Binding Effect.  This Agreement shall bind the parties
hereto, and their respective heirs, administrators, executors,
successors, and assigns any person or entity who purchases shares
from a Shareholder, provided that if the Shareholders in Group 1
dispose of their shares to a party that is not a member of Group 2,
then the transferee of the shares will be bound by this Agreement
unless the Shareholders in Group 2 agree to waive the provisions
hereof in writing prior to such transfer.

     10.  Notices.  All notices under this Agreement shall be
mailed to the parties at the following addresses:
     
          Name                      Address
- -----------------------       ------------------------
     Jack E. Golsen           1299 Glenbrook Terrace
                              Oklahoma City, OK  73116
                              
     Sylvia Golsen            1299 Glenbrook Terrace
                              Oklahoma City, OK  73116
                              
     SBL Corporation          P.O. Box 705
                              Oklahoma City, OK  73107

Any party may change his mailing address by serving written notice
of such change and of such new address on all other parties.

     11.  Entire Agreement  This Agreement supersedes all
agreements previously made between the parties relating to its
subject matter.  There are no other understandings or agreements
between the parties regarding the matters covered herein.  This
Agreement may only be amended by a writing signed by those parties
agreeing to such amendment.

     12.  Non-Waiver.  No delay or failure by a party to exercise
any right under this Agreement, and no partial or single exercise
of that right, shall constitute a waiver of that or any other
right, unless otherwise expressly provided herein.

     13.  Headings.  Headings in this Agreement are for
convenience only and shall not be used in interpret or construe its
provisions.

     14.  Governing Law.  This Agreement shall be construed in
accordance with, and governed by, the laws of the state of
Oklahoma.

     15.  Counterparts.  This Agreement may be executed in two or
more counterparts, each of which shall be deemed an original.
     
     16.  Severability.  If any part of this Agreement shall be
held unenforceable, the rest of this Agreement will nevertheless
remain in full force and effect.

     17.  Specific Enforcement.  The parties hereto hereby declare
that it is impossible to measure in money the damages which will
accrue to a party hereto or to any of its or his successors, heirs,
personal representatives, or permitted assigns by reason of a
failure to perform any of the obligations under this Agreement and
agree that the terms of this Agreement shall be, specifically
enforceable in equity.  If any party hereto or its or his
successors, heirs, personal representatives, or permitted assigns
institutes any action or proceeding to specifically enforce the
provisions hereof, any person against whom such action or
proceeding is brought hereby waives the claim or defense therein
that such party or personal representative has an adequate remedy
at law, and such person shall not urge in any action or proceeding
the claim or defense that such remedy at law exists.  It is,
therefore, agreed that in the event that any breach or threatened
breach by any of the Shareholders of any of the terms and
conditions set forth herein, any of the other parties hereto shall
be entitled, in addition to any and all other rights and remedies
which it or they may have in law or in equity, to apply for and
obtain injunctive relief requiring the defaulting party or party
threatening to default to be restrained from any such breach,
threatened breach or to refrain from a continuation of any actual
or threatened breach.

     18.  Securities Law Compliance.  Notwithstanding any other
provision hereof, no transfer shall be permitted or is intended to
be permitted hereby which would require any party to file any
registration statement under the Securities Act of 1933, as
amended, or any state's securities laws.

     IN WITNESS WHEREOF, the parties hereto have signed this
Agreement and intend such Agreement to be in full force and effect
the 1st day of December, 1995.
     

/s/ Jack E. Golsen                  /s/ Sylvia Golsen  
____________________                ______________________
JACK E. GOLSEN                      SYLVIA GOLSEN


                                    SBL CORPOPATION

                                     /s/ Steven J. Golsen
                                  By:____________________________   
                                  Steven J. Golsen, Vice President



 2\agrmnt\sharhold.jeg

WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

 

                            AGREEMENT TO PLEDGE

_________________________________________________________________
____________________________DESCRIPTION OF NOTE__________________
DEBTOR(S) NAME AND ADDRESS       NOTE NUMBER    DATE OF NOTE

Buchanan Financial Group, Inc.     51365          12-30-96
P.O. Box 705
Okla. City, Okla.  73101         MATURITY DATE    PRINCIPAL AMOUNT
_____________________________     12-30-2006        $966,000.00

CUSTOMER NUMBER      /X/NEW LOAN                       OFFICER
   5017027           / /RENEWAL OF LOAN NUMBER:         DG/vs
_________________________________________________________________

INTEREST RATE-PER ANNUM                          INTEREST PAYABLE
1 1/4 above NY Prime to be adjusted annually         Monthly

COLLATERAL CATEGORIES
Stock

PAYMENT TERMS
Payable at $12,570.11 each month beginning 1-30-97, first to be
applied to interest, then to principal, with a final payment of the
outstanding principal plus unpaid accrued interest due at maturity.

DATE COLLATERAL TO BE DELIVERED TO LENDER:
_________________________________________________________________
In consideration of the granting of the loan described above to the
named Debtor, the Undersigned as of Date of Agreement hereby agrees
to pledge to the Lender named herein the following described
property, hereinafter called "Collateral", and grants to Lender a
security interest in the Collateral.  The Collateral shall be
delivered to the Lender by the Undersigned promptly and by the date
indicated above which date is not later than twenty-one days from
Date of Agreement.
_________________________________________________________________

                         DESCRIPTION OF COLLATERAL
_________________________________________________________________

200,000 SHARES OF LSB Industries, Inc. pledged by SBL Corporation



_________________________________________________________________

The security interest herein granted secures payment of the subject
Note and any and all other liabilities of the Debtor to the Lender,
direct or indirect, absolute or contingent, now existing or
hereafter arising, all such liabilities hereinafter being called
"Obligations."

The Undersigned will pay all expenses and charges in connection with
the Collateral and will at all times while the Collateral is in the
hands of the Undersigned hold the Collateral separate and distinct
from any other property of the Undersigned and will show separation
in all of the records and entries of the Undersigned.

Upon the occurrence of an event of default under this Security
Agreement or under the terms of any of the  Obligations of the
Debtor to the Lender or others, the Lender shall have in any
jurisdiction wherein enforcement hereof is sought, in addition to
all other rights and remedies, the rights and remedies of a secured
party under the Uniform Commercial Code, including, without
limitation thereto, the right to take possession of the Collateral. 
The Lender may require the Undersigned to make the Collateral
available to the Lender at a place to be designated by the Lender
which is reasonably convenient to both parties.  Expenses of taking,
retaking, holding, selling or the like shall include the Lender's
reasonable attorney fees and legal expenses and the Undersigned
shall pay such expenses.

No waiver of any rights or powers of the Lender shall be valid
unless in writing signed by the Lender.  The rights and powers
herein given the Lender are in addition to all others howsoever
arising.

This Agreement to Pledge is made pursuant to Uniform Commercial Code
and is to be interpreted in accordance therewith.

_________________________________________________________________

    LENDER NAME AND ADDRESS                    SIGNATURES
_________________________________________________________________

First Enterprise Bank              SBL CORPORATION, an Oklahoma
3801 NW 122                        corporation
Okla. City, Okla.  73120           _____________________________

                                   _____________________________

                                   By: /s/ Sylvia H. Golsen,
                                        President
                                    _____________________________

_________________________________________________________________






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