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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 5
ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
[ ] Check box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue.
[ ] Form 3 Holdings Reported
[ ] Form 4 Transactions Reported
1. Name and Address of Reporting Person(s)
ELIAS, JOHN W.
1923 OLYMPIA DR.
HOUSTON, TX 77019
2. Issuer Name and Ticker or Trading Symbol
SEAGULL ENERGY CORPORATION (SGO)
3. I.R.S. Identification Number of Reporting Person, if an entity (Voluntary)
###-##-####
4. Statement for Month/Year
12/97
5. If Amendment, Date of Original (Month/Year)
02/16/98
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
[ ] Director [ ] 10% Owner
[X] Officer (give title below) [ ] Other (specify below)
Executive Vice President
and Director
7. Individual or Joint/Group Filing (Check Applicable Line)
[X] Form filed by One Reporting Person
[ ] Form filed by More than One Reporting Person
<TABLE>
<CAPTION>
Table I Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
- ------------------------------------------------------------------------------------------------------------------------------------
1)Title of Security 2)Trans- 3.Trans- 4.Securities Acquired(A) 5)Amount of 6) 7)Nature of
action action or Disposed of (D) Securities Indirect
Date Code A Beneficially D Beneficial
(Month/ or Owned at or Ownership
Day/Year) Code Amount D Price End of Year I
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C><C> <C> <C><C>
Common Stock 3,000 D Direct
Common Stock (a)3,280 I 401(k) Plan
Common Stock (b)2,738 I ESOP
<CAPTION>
Table II (PART 1) Derivative Securitites Acquired, Disposed of, or Beneficially Owned (Columns 1 through 6)
- ------------------------------------------------------------------------------------------------------------------------------------
1)Title of Derivative 2)Conversion 3)Trans- 4)Trans- 5)Number of Derivative 6)Date Exercisable and
Security or Exercise action action Securities Acquired (A) Expiration Date
Price of Date Code or Disposed of (D)
Derivative
Security Code A D Exercisable Expiration
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Incentive Stock Option (right $17.3750 07/10/05
to buy)
Incentive Stock Option (right $25.5000 06/01/04
to buy)
Non-Qualified Stock Option $17.3750 07/10/05
(right to buy)
Non-Qualified Stock Option $18.8125 07/15/97 A 50,000 (1) 05/13/07
(right to buy)
Non-Qualified Stock Option $23.5000 07/16/06
(right to buy)
Non-Qualified Stock Option $25.5000 06/01/04
(right to buy)
Non-Qualified Stock Option $26.3750 05/11/03
(right to buy)
Phantom Stock Units (2) 01/01/97 A 648
Phantom Stock Units (2) 01/15/97 A 34
Phantom Stock Units (2) 01/31/97 A 35
Phantom Stock Units (2) 02/15/97 A 37
Phantom Stock Units (2) 02/28/97 A 38
Phantom Stock Units (2) 03/10/97 A 377
Phantom Stock Units (2) 03/15/97 A 41
Phantom Stock Units (2) 03/31/97 A 41
Phantom Stock Units (2) 04/15/97 A 42
Phantom Stock Units (2) 04/30/97 A 45
Phantom Stock Units (2) 05/15/97 A 44
Phantom Stock Units (2) 05/31/97 A 43
Phantom Stock Units (2) 06/15/97 A 42
Phantom Stock Units (2) 06/30/97 A 42
Phantom Stock Units (2) 07/15/97 A 66
Phantom Stock Units (2) 07/31/97 A 79
Phantom Stock Units (2) 08/15/97 A 73
Phantom Stock Units (2) 08/31/97 A 68
Phantom Stock Units (2) 09/15/97 A 64
Phantom Stock Units (2) 09/30/97 A 62
Phantom Stock Units (2) 10/15/97 A 59
Phantom Stock Units (2) 10/31/97 A 59
Phantom Stock Units (2) 11/15/97 A 63
Phantom Stock Units (2) 11/30/97 A 66
Phantom Stock Units (2) 12/15/97 A 69
Phantom Stock Units (2) 12/31/97 A 73
<CAPTION>
Table II (PART 2) Derivative Securitites Acquired, Disposed of, or Beneficially Owned (Columns 1,3 and 7 through 11)
- ------------------------------------------------------------------------------------------------------------------------------------
1)Title of Derivative 3)Trans- 7)Title and Amount 8)Price 9)Number of 10) 11)Nature of
Security action of Underlying of Deri- Derivative Indirect
Date Securities vative Securities D Beneficial
Amount or Security Beneficially or Ownership
Number of Owned at I
- Title Shares End of Year
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Incentive Stock Option (right Common Stock 7,300 7,300 D Direct
to buy)
Incentive Stock Option (right Common Stock 9,600 9,600 D Direct
to buy)
Non-Qualified Stock Option Common Stock 32,700 32,700 D Direct
(right to buy)
Non-Qualified Stock Option 07/15/97 Common Stock 50,000 50,000 D Direct
(right to buy)
Non-Qualified Stock Option Common Stock 40,000 40,000 D Direct
(right to buy)
Non-Qualified Stock Option Common Stock 30,400 30,400 D Direct
(right to buy)
Non-Qualified Stock Option Common Stock 100,000 100,000 D Direct
(right to buy)
Phantom Stock Units (2) 01/01/97 Common Stock 648 D Direct
Phantom Stock Units (2) 01/15/97 Common Stock 34 D Direct
Phantom Stock Units (2) 01/31/97 Common Stock 35 D Direct
Phantom Stock Units (2) 02/15/97 Common Stock 37 D Direct
Phantom Stock Units (2) 02/28/97 Common Stock 38 D Direct
Phantom Stock Units (2) 03/10/97 Common Stock 377 D Direct
Phantom Stock Units (2) 03/15/97 Common Stock 41 D Direct
Phantom Stock Units (2) 03/31/97 Common Stock 41 D Direct
Phantom Stock Units (2) 04/15/97 Common Stock 42 D Direct
Phantom Stock Units (2) 04/30/97 Common Stock 45 D Direct
Phantom Stock Units (2) 05/15/97 Common Stock 44 D Direct
Phantom Stock Units (2) 05/31/97 Common Stock 43 D Direct
Phantom Stock Units (2) 06/15/97 Common Stock 42 D Direct
Phantom Stock Units (2) 06/30/97 Common Stock 42 D Direct
Phantom Stock Units (2) 07/15/97 Common Stock 66 D Direct
Phantom Stock Units (2) 07/31/97 Common Stock 79 D Direct
Phantom Stock Units (2) 08/15/97 Common Stock 73 D Direct
Phantom Stock Units (2) 08/31/97 Common Stock 68 D Direct
Phantom Stock Units (2) 09/15/97 Common Stock 64 D Direct
Phantom Stock Units (2) 09/30/97 Common Stock 62 D Direct
Phantom Stock Units (2) 10/15/97 Common Stock 59 D Direct
Phantom Stock Units (2) 10/31/97 Common Stock 59 D Direct
Phantom Stock Units (2) 11/15/97 Common Stock 63 D Direct
Phantom Stock Units (2) 11/30/97 Common Stock 66 D Direct
Phantom Stock Units (2) 12/15/97 Common Stock 69 D Direct
Phantom Stock Units (2) 12/31/97 Common Stock 73 8,371 D Direct
<FN>
Explanation of Responses:
(1)
The option, which represents a right-to-buy, vests in four equal annual installments beginning one year from date of grant.
(2)
1-for-1
(a)
Reporting person's increase in balance of Securities Beneficially Owned in the 401(k) Plan reported in Table I is a result of
contributions made during 1997.
- -
To update ESOP information previously provided to reflect 12/31/97 share information.
</FN>
</TABLE>
SIGNATURE OF REPORTING PERSON
/S/ By: Sylvia Sanchez/POA
For: John W. Elias
DATE
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