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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)
COLLEY, GERALD R
625 BAY VISTA
SEABROOK, TX 77586
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)
SENIOR VICE PRESIDENT,
INTERNATIONAL
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 12,833 D Direct
Common Stock 1,270 I 401(k) Plan
Common Stock 3,475 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 $7.1023 01/04/03
(right to buy)
Non-Qualified Stock Option $7.4574 10/19/02
(right to buy)
Non-Qualified Stock Option $7.5995 12/08/03
(right to buy)
Non-Qualified Stock Option $9.4461 01/23/05
(right to buy)
Non-Qualified Stock Option $12.1449 01/22/06
(right to buy)
Non-Qualified Stock Option $16.5000 07/15/08
(right to buy)
Non-Qualified Stock Option $18.8125 05/13/07
(right to buy)
Non-Qualified Stock Option $21.9375 01/23/07
(right to buy)
Phantom Stock Units (1) 01/01/98 A 255
Phantom Stock Units (1) 08/31/98 A 7
Phantom Stock Units (1) 09/15/98 A 55
Phantom Stock Units (1) 09/30/98 A 55
Phantom Stock Units (1) 10/15/98 A 53
Phantom Stock Units (1) 10/31/98 A 54
Phantom Stock Units (1) 11/15/98 A 51
Phantom Stock Units (1) 11/30/98 A 53
Phantom Stock Units (1) 12/15/98 A 67
Phantom Stock Units (1) 12/31/98 A 91
<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 880 880 D Direct
(right to buy)
Non-Qualified Stock Option Common Stock 1,320 1,320 D Direct
(right to buy)
Non-Qualified Stock Option Common Stock 4,400 4,400 D Direct
(right to buy)
Non-Qualified Stock Option Common Stock 17,600 17,600 D Direct
(right to buy)
Non-Qualified Stock Option Common Stock 13,200 13,200 D Direct
(right to buy)
Non-Qualified Stock Option Common Stock 44,000 44,000 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 7,500 7,500 D Direct
(right to buy)
Phantom Stock Units (1) 01/01/98 Common Stock 255 $20.6250 D Direct
Phantom Stock Units (1) 08/31/98 Common Stock 7 $12.2250 D Direct
Phantom Stock Units (1) 09/15/98 Common Stock 55 $10.9281 D Direct
Phantom Stock Units (1) 09/30/98 Common Stock 55 $11.0156 D Direct
Phantom Stock Units (1) 10/15/98 Common Stock 53 $11.3781 D Direct
Phantom Stock Units (1) 10/31/98 Common Stock 54 $11.1375 D Direct
Phantom Stock Units (1) 11/15/98 Common Stock 51 $11.7688 D Direct
Phantom Stock Units (1) 11/30/98 Common Stock 53 $11.4844 D Direct
Phantom Stock Units (1) 12/15/98 Common Stock 67 $8.9781 D Direct
Phantom Stock Units (1) 12/31/98 Common Stock 91 $6.6531 873 D Direct
<FN>
Explanation of Responses:
(1)
1-for-1
- -
To update ESOP information in Table I previously provided to reflect 12/31/98 share information.
</FN>
</TABLE>
SIGNATURE OF REPORTING PERSON
/S/ COLLEY, GERALD R
DATE
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