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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)
GALT, BARRY J
2811 LAFAYETTE STREET
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)
02/15/99
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
[X] Director [ ] 10% Owner
[ ] Officer (give title below) [ ] Other (specify below)
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 (a)353,000 D Direct
Common Stock 12,690 I 401(k) Plan
Common Stock 10,479 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 $8.4375 11/08/99
(right to buy)
Non-Qualified Stock Option $11.9375 03/20/02
(right to buy)
Non-Qualified Stock Option $12.6875 08/24/98 A 100,000 (1) 05/31/04
(right to buy)
Non-Qualified Stock Option $14.8750 09/28/00
(right to buy)
Non-Qualified Stock Option $16.5000 07/15/08
(right to buy)
Non-Qualified Stock Option $17.3750 07/10/05
(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 $25.5000 06/01/04
(right to buy)
Non-Qualified Stock Option $26.3750 05/11/03
(right to buy)
Phantom Stock Units (2) 01/01/98 A 1,985
Phantom Stock Units (2) 01/15/98 A 176
Phantom Stock Units (2) 01/31/98 A 188
Phantom Stock Units (2) 02/15/98 A 194
Phantom Stock Units (2) 02/20/98 A 3,335
Phantom Stock Units (2) 02/28/98 A 203
Phantom Stock Units (2) 03/15/98 A 206
Phantom Stock Units (2) 03/31/98 A 199
Phantom Stock Units (2) 04/15/98 A 226
Phantom Stock Units (2) 04/30/98 A 269
Phantom Stock Units (2) 05/15/98 A 278
Phantom Stock Units (2) 05/31/98 A 288
Phantom Stock Units (2) 06/15/98 A 302
Phantom Stock Units (2) 06/30/98 A 311
Phantom Stock Units (2) 07/15/98 A 300
Phantom Stock Units (2) 07/31/98 A 314
Phantom Stock Units (2) 08/15/98 A 372
Phantom Stock Units (2) 08/31/98 A 402
Phantom Stock Units (2) 09/15/98 A 450
Phantom Stock Units (2) 09/30/98 A 446
Phantom Stock Units (2) 10/15/98 A 432
Phantom Stock Units (2) 10/31/98 A 441
Phantom Stock Units (2) 11/15/98 A 418
Phantom Stock Units (2) 11/30/98 A 428
Phantom Stock Units (2) 12/15/98 A 548
Phantom Stock Units (2) 12/31/98 A 739
<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 48,000 48,000 D Direct
(right to buy)
Non-Qualified Stock Option Common Stock 150,000 150,000 D Direct
(right to buy)
Non-Qualified Stock Option 08/24/98 Common Stock 100,000 100,000 D Direct
(right to buy)
Non-Qualified Stock Option Common Stock 150,000 150,000 D Direct
(right to buy)
Non-Qualified Stock Option Common Stock 150,000 150,000 D Direct
(right to buy)
Non-Qualified Stock Option Common Stock 92,700 92,700 D Direct
(right to buy)
Non-Qualified Stock Option Common Stock 100,000 100,000 D Direct
(right to buy)
Non-Qualified Stock Option Common Stock 100,000 100,000 D Direct
(right to buy)
Non-Qualified Stock Option Common Stock 90,400 90,400 D Direct
(right to buy)
Non-Qualified Stock Option Common Stock 100,000 100,000 D Direct
(right to buy)
Phantom Stock Units (2) 01/01/98 Common Stock 1,985 $20.6250 D Direct
Phantom Stock Units (2) 01/15/98 Common Stock 176 $19.5625 D Direct
Phantom Stock Units (2) 01/31/98 Common Stock 188 $18.3250 D Direct
Phantom Stock Units (2) 02/15/98 Common Stock 194 $17.7031 D Direct
Phantom Stock Units (2) 02/20/98 Common Stock 3,335 $17.3969 D Direct
Phantom Stock Units (2) 02/28/98 Common Stock 203 $16.9813 D Direct
Phantom Stock Units (2) 03/15/98 Common Stock 206 $16.7000 D Direct
Phantom Stock Units (2) 03/31/98 Common Stock 199 $17.3219 D Direct
Phantom Stock Units (2) 04/15/98 Common Stock 226 $18.4594 D Direct
Phantom Stock Units (2) 04/30/98 Common Stock 269 $18.2563 D Direct
Phantom Stock Units (2) 05/15/98 Common Stock 278 $17.6594 D Direct
Phantom Stock Units (2) 05/31/98 Common Stock 288 $17.0813 D Direct
Phantom Stock Units (2) 06/15/98 Common Stock 302 $16.2625 D Direct
Phantom Stock Units (2) 06/30/98 Common Stock 311 $15.7969 D Direct
Phantom Stock Units (2) 07/15/98 Common Stock 300 $16.3750 D Direct
Phantom Stock Units (2) 07/31/98 Common Stock 314 $15.6438 D Direct
Phantom Stock Units (2) 08/15/98 Common Stock 372 $13.2000 D Direct
Phantom Stock Units (2) 08/31/98 Common Stock 402 $12.2250 D Direct
Phantom Stock Units (2) 09/15/98 Common Stock 450 $10.9281 D Direct
Phantom Stock Units (2) 09/30/98 Common Stock 446 $11.0156 D Direct
Phantom Stock Units (2) 10/15/98 Common Stock 432 $11.3781 D Direct
Phantom Stock Units (2) 10/31/98 Common Stock 441 $11.1375 D Direct
Phantom Stock Units (2) 11/15/98 Common Stock 418 $11.7688 D Direct
Phantom Stock Units (2) 11/30/98 Common Stock 428 $11.4844 D Direct
Phantom Stock Units (2) 12/15/98 Common Stock 548 $8.9781 D Direct
Phantom Stock Units (2) 12/31/98 Common Stock 739 $6.6531 70,965 D Direct
<FN>
Explanation of Responses:
(1)
The option, which represents a right-to-buy, vests 100% on the date of grant.
(2)
1-for-1
- -
To update ESOP information in Table I previously provided to reflect 12/31/98 share information.
(a)
Includes 30,000 shares, previously reported, held by certain trusts with respect to which reporting person has no pecuniary
interest and disclaims any beneficial ownership.
</FN>
</TABLE>
SIGNATURE OF REPORTING PERSON
/S/ By: Sylvia Sanchez
For: Barry J. Galt
DATE
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