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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)
January 11, 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 their entirety are News Releases issued
by EEX Corporation on January 11 and 12, 1999:
HOWARD H. NEWMAN ADDED TO EEX BOARD
HOUSTON, TEXAS (January 11, 1999) - Howard H. Newman,
51, of New York, New York, has been elected to the Board of
Directors of EEX Corporation (NYSE: EEX), increasing the
Board's size to six. Mr. Newman is a Partner in the
investment firm of E.M. Warburg, Pincus & Co., LLC where he
has been employed since 1984. He is currently a Managing
Director and a member of the Operating Committee. Prior to
joining Warburg, Pincus, he held various positions with
Morgan Stanley & Co., Incorporated from 1974 to 1983.
Mr. Newman holds Bachelor of Arts and Master of Arts
degrees in economics from Yale University and a Ph.D. degree
in business and economics from Harvard University. Mr.
Newman serves on the Board of the Directors of ADVO, Inc.,
Newfield Exploration Company, RenaissanceRe Holdings, Ltd.,
Cox Insurance Holdings, Plc, Eagle Family Foods Holdings,
Inc. and several private companies.
Mr. Newman's appointment to the Board coincided with
the closing of the recently announced agreement through
which Warburg, Pincus purchased $150 million of preferred
shares and warrants.
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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EEX OBTAINS PARTNER FOR DEEPWATER PROSPECT
HOUSTON, TEXAS (January 12, 1999) - Agip Petroleum has
agreed to participate in EEX Corporation's (NYSE: EEX)
George prospect located on Blocks 441, 442 and 485 in the
Mississippi Canyon Area of the Gulf of Mexico. Under the
terms of the agreement, Agip will have a 30 percent interest
in the venture. EEX will be the operator and retain a 70
percent interest.
The first well in this prospect will begin drilling
when the semi-submersible rig is released and moved from the
Company's Elvis prospect at Mississippi Canyon on Block 580.
The well drilled at Elvis encountered non-commercial
quantities of hydrocarbons and is being abandoned. EEX has
a 23 percent carried-interest in Elvis and will therefore
incur no dry-hole cost associated with the well. Relocation
of the rig to George should occur in January.
"The number of producing fields in the area around the
George Prospect, including production from our field on
Block 441, indicates the presence of an active hydrocarbon
system," said Tom Hamilton, Chairman and President, Chief
Executive Officer. "These indications of the presence of
source hydrocarbons, a similar characteristic to the area
around our Llano discovery, contribute to the high level of
enthusiasm we have for the George prospect," Hamilton added.
The well planned for George will be located on Block
442 in approximately 1,500 feet of water and is expected to
be drilled to a vertical depth of 20,000 feet.
"While most of our deepwater exploration drilling this
year will be carried under the terms of the Enterprise Oil
joint-venture, our investment in this particular well which
is outside the Enterprise venture represents a small portion
of our $136 million 1999 capital program," Hamilton
commented.
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: January 13, 1999
