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)
HACKETT, JAMES T.
3382 DEL MONTE
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
12/98
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
[X] Director [ ] 10% Owner
[X] Officer (give title below) [ ] Other (specify below)
CHAIRMAN, PRESIDENT, CHIEF
EXECUTIVE OFFICER 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
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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 58,004 D Direct
<CAPTION>
Table II (PART 1) Derivative Securitites Acquired, Disposed of, or Beneficially Owned (Columns 1 through 6)
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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 $11.6875 09/16/08
to buy)
Non-Qualified Stock Option $11.6875 09/16/08
(right to buy)
Phantom Stock Units (1) 10/15/98 A 110
Phantom Stock Units (1) 10/31/98 A 112
Phantom Stock Units (1) 11/15/98 A 106
Phantom Stock Units (1) 11/30/98 A 109
Phantom Stock Units (1) 12/15/98 A 139
Phantom Stock Units (1) 12/31/98 A 188
<CAPTION>
Table II (PART 2) Derivative Securitites Acquired, Disposed of, or Beneficially Owned (Columns 1,3 and 7 through 11)
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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 34,224 34,224 D Direct
to buy)
Non-Qualified Stock Option Common Stock 357,772 357,772 D Direct
(right to buy)
Phantom Stock Units (1) 10/15/98 Common Stock 110 $11.3781 D Direct
Phantom Stock Units (1) 10/31/98 Common Stock 112 $11.1375 D Direct
Phantom Stock Units (1) 11/15/98 Common Stock 106 $11.7688 D Direct
Phantom Stock Units (1) 11/30/98 Common Stock 109 $11.4844 D Direct
Phantom Stock Units (1) 12/15/98 Common Stock 139 $8.9781 D Direct
Phantom Stock Units (1) 12/31/98 Common Stock 188 $6.6531 54,021 D Direct
<FN>
Explanation of Responses:
(1)
1-for-1
</FN>
</TABLE>
SIGNATURE OF REPORTING PERSON
/S/ By: Sylvia Sanchez
For: James T. Hackett
DATE
