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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)
VOLKE, CARL E
10 GOLDEN SUNSET CIRCLE
THE WOODLANDS, TX 77381
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)
02/16/99
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
[ ] Director [ ] 10% Owner
[X] Officer (give title below) [ ] Other (specify below)
Vice President, Administration
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 5,942 D Direct
Common Stock 14,559 I 401(k) Plan
Common Stock 7,526 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 $23.5000 07/16/06
to buy)
Incentive Stock Option (right $25.5000 06/01/04
to buy)
Non-Qualified Stock Option $8.4375 11/08/99
(right to buy)
Non-Qualified Stock Option $11.6875 07/15/08
(right to buy)
Non-Qualified Stock Option $11.9375 03/20/02
(right to buy)
Non-Qualified Stock Option $14.8750 09/28/00
(right to buy)
Non-Qualified Stock Option $18.8125 05/13/07
(right to buy)
Non-Qualified Stock Option $23.5000 07/16/06
(right to buy)
Non-Qualified Stock Option $26.3750 05/11/03
(right to buy)
Phantom Stock Units 11/30/98 A 100
<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 7,500 7,500 D Direct
to buy)
Incentive Stock Option (right Common Stock 3,800 3,800 D Direct
to buy)
Incentive Stock Option (right Common Stock 5,000 5,000 D Direct
to buy)
Non-Qualified Stock Option Common Stock 6,000 6,000 D Direct
(right to buy)
Non-Qualified Stock Option Common Stock 11,000 11,000 D Direct
(right to buy)
Non-Qualified Stock Option Common Stock 6,000 6,000 D Direct
(right to buy)
Non-Qualified Stock Option Common Stock 8,000 8,000 D Direct
(right to buy)
Non-Qualified Stock Option Common Stock 9,000 9,000 D Direct
(right to buy)
Non-Qualified Stock Option Common Stock 4,200 4,200 D Direct
(right to buy)
Non-Qualified Stock Option Common Stock 5,000 5,000 D Direct
(right to buy)
<FN>
Explanation of Responses:
- -
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 E. Volke
DATE
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