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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)
KING, CARL B
5401 LYNBROOK
HOUSTON, TX 77056
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)
02/11/99
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
[ ] Director [ ] 10% Owner
[X] Officer (give title below) [ ] Other (specify below)
SR. V.P. AND GENERAL COUNSEL
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 8,750 D Direct
Common Stock 701 I 401(k) Plan
Common Stock 1,871 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>
Non-Qualified Stock Option $16.5000 07/15/08
(right to buy)
Non-Qualified Stock Option $17.0625 02/09/08
(right to buy)
Phantom Stock Units (1) 03/15/98 A 112
Phantom Stock Units (1) 03/31/98 A 108
Phantom Stock Units (1) 04/15/98 A 102
Phantom Stock Units (1) 04/30/98 A 103
Phantom Stock Units (1) 05/15/98 A 106
Phantom Stock Units (1) 05/31/98 A 110
Phantom Stock Units (1) 06/15/98 A 115
Phantom Stock Units (1) 06/30/98 A 119
Phantom Stock Units (1) 07/15/98 A 115
Phantom Stock Units (1) 07/31/98 A 120
Phantom Stock Units (1) 08/15/98 A 142
Phantom Stock Units (1) 08/31/98 A 153
Phantom Stock Units (1) 09/15/98 A 172
Phantom Stock Units (1) 09/30/98 A 170
Phantom Stock Units (1) 10/15/98 A 165
Phantom Stock Units (1) 10/31/98 A 168
Phantom Stock Units (1) 11/15/98 A 159
Phantom Stock Units (1) 11/30/98 A 163
Phantom Stock Units (1) 12/15/98 A 209
Phantom Stock Units (1) 12/31/98 A 282
<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>
Non-Qualified Stock Option Common Stock 30,000 30,000 D Direct
(right to buy)
Non-Qualified Stock Option Common Stock 30,000 30,000 D Direct
(right to buy)
Phantom Stock Units (1) 03/15/98 Common Stock 112 $16.7000 D Direct
Phantom Stock Units (1) 03/31/98 Common Stock 108 $17.3219 D Direct
Phantom Stock Units (1) 04/15/98 Common Stock 102 $18.4594 D Direct
Phantom Stock Units (1) 04/30/98 Common Stock 103 $18.2563 D Direct
Phantom Stock Units (1) 05/15/98 Common Stock 106 $17.6594 D Direct
Phantom Stock Units (1) 05/31/98 Common Stock 110 $17.0813 D Direct
Phantom Stock Units (1) 06/15/98 Common Stock 115 $16.2625 D Direct
Phantom Stock Units (1) 06/30/98 Common Stock 119 $15.7969 D Direct
Phantom Stock Units (1) 07/15/98 Common Stock 115 $16.3750 D Direct
Phantom Stock Units (1) 07/31/98 Common Stock 120 $15.6438 D Direct
Phantom Stock Units (1) 08/15/98 Common Stock 142 $13.2000 D Direct
Phantom Stock Units (1) 08/31/98 Common Stock 153 $12.2250 D Direct
Phantom Stock Units (1) 09/15/98 Common Stock 172 $10.9281 D Direct
Phantom Stock Units (1) 09/30/98 Common Stock 170 $11.0156 D Direct
Phantom Stock Units (1) 10/15/98 Common Stock 165 $11.3781 D Direct
Phantom Stock Units (1) 10/31/98 Common Stock 168 $11.1375 D Direct
Phantom Stock Units (1) 11/15/98 Common Stock 159 $11.7688 D Direct
Phantom Stock Units (1) 11/30/98 Common Stock 163 $11.4844 D Direct
Phantom Stock Units (1) 12/15/98 Common Stock 209 $8.9781 D Direct
Phantom Stock Units (1) 12/31/98 Common Stock 282 $6.6531 2,893 D Direct
<FN>
Explanation of Responses:
(1)
1-for-1
- -
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 1998.
- -
To update ESOP information in Table I previously provided to reflect 12/31/98 share information.
</FN>
</TABLE>
SIGNATURE OF REPORTING PERSON
/S/ By: Sylvia Sanchez
For: Carl B. King
DATE
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