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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)
MARCH 30, 1999
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
March 30, 1999:
EEX SUSPENDS DRILLING ON APPRAISAL WELL AT LLANO
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HOUSTON, TEXAS (March 30, 1999) -- After drilling to a total measured depth
in excess of 22,000 feet, the Llano No. 2 well at Garden Banks Block 386 has
confirmed the significant discovery announced last year. Drilling operations
have been suspended pending further analysis.
"Results from the second well confirm the presence of hydrocarbons over one
mile away and approximately 2,350 feet structurally high to the correlative pays
logged in the No. 1 well," said David Henderson, Executive Vice President and
Chief Operating Officer of EEX Corporation (NYSE: EEX). "The sands penetrated
appear to be continuous with those observed in Llano No. 1 suggesting a
predictable and laterally extensive hydrocarbon accumulation," Henderson added.
The appraisal well was originally planned to a depth around 25,000 feet,
however increasing pressure below 22,000 feet would have required another string
of casing in order to continue drilling. While the well did not test all of the
objectives, it has successfully delineated the Eastern side of the field
confirming our depositional model.
"We reached a decision point whether to drill deeper or sidetrack down-dip
and have elected to suspend operations pending further analysis, which includes
incorporating additional 3-D seismic data and the recent, nearby Habanero
discovery into the appraisal process," 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
DRILLING, 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.
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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: April 13, 1999
