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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
October 19, 1998
EEX CORPORATION
(Exact name of Registrant as specified in its charter)
Texas 1-12905 75-2421863
(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
incorporation)
2500 CityWest Boulevard, Suite 1400, Houston, Texas 77042
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including Area Code (713)243-
3100
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ITEM 5. Other Events
Set forth below in its entirety is a News Release issued by
EEX Corporation on October 19, 1998:
SHEBA DRILLING COMPLETED;
EEX TO SPUD FIRST APPRAISAL WELL AT LLANO
HOUSTON, TEXAS (October 19, 1998) -- Drilling
operations at the EEX Corporation (NYSE: EEX) Sheba Prospect
on Green Canyon Block 341 in the deepwater of the Gulf of
Mexico have been completed. While encountering several sand
intervals in drilling to approximately 25,000 feet, there
were no commercial accumulations of hydrocarbons. The well
has been plugged and the semi-submersible drilling rig will
shortly be en route to Garden Banks Block 386 to begin
drilling the first appraisal well at the Company's Llano
discovery.
"Sheba is a structural complex which covers a large
area; roughly 14,000 acres. While this first well was not
productive, there are several other promising features in
the Sheba Prospect area where sands encountered in this
first well may be encountered in a more favorable position,"
said David Henderson, Executive Vice President and Chief
Operating Officer.
After setting up on location at Garden Banks Block 386,
the Diamond Voyager rig will commence drilling the first
appraisal well at EEX's Llano discovery, which was announced
in June of this year. Drilling at the Llano #2 well on
Block 386 is expected to continue through the first quarter
of 1999.
"The appraisal well at Llano will give us valuable
information relating to the reserve potential at Llano. The
well will test for up-dip potential in sands that were wet
in the original well bore and give us a better image of the
discovery in the northeast portion of the block," Henderson
added.
EEX Corporation is an oil and natural gas exploration
and production company with activities currently focused in
Texas, the Gulf of Mexico and Indonesia.
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This report includes forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934.
Although EEX believes that its expectations are based on
reasonable assumptions, it can give no assurance that its
goals will be achieved. Important factors that could cause
actual results to differ materially from those in the
forward-looking statements include political developments in
foreign countries, federal and state regulatory
developments, the timing and extent of changes in commodity
prices, the timing and extent of success in discovering,
developing and producing or acquiring oil and gas reserves,
and conditions of the capital and equity markets during the
periods covered by the forward-looking statements. EEX's
periodic reports filed with the Securities and Exchange
Commission include a discussion of important factors that
could cause actual results to differ materially from those
indicated in forward-looking statements.
For additional information, call 1-888-EEX-NEWS, or visit
our Website at http://www.eex.com
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SIGNATURE
Pursuant to the requirements of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to
be signed on its behalf by the undersigned thereunto duly
authorized.
EEX Corporation
By: /s/ B. A.Brown
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B. A. Brown
Vice President,
Financial Relations
Date: October 26, 1998
