SEAGULL ENERGY CORP
5, 1999-02-16
CRUDE PETROLEUM & NATURAL GAS
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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)
   TRANSIER, WILLIAM L
   2423 LOCKE LANE
   
   
   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)
   [ ] Director                   [ ] 10% Owner 
   [X] Officer (give title below) [ ] Other (specify below)
   Executive Vice President and
   Chief Financial Officer 
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                                                                                     111,399        D  Direct           
Common Stock                                                                                     7,856          I  401(k) Plan      
Common Stock                                                                                     1,251          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  $23.7500                                                                                05/14/06     
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     $23.5000                                                                                07/16/06     
(right to buy)                                                                                                                      
Non-Qualified Stock Option     $23.7500                                                                                05/14/06     
(right to buy)                                                                                                                      
Phantom Stock Units (1)                        01/01/98       A         509                                                         
Phantom Stock Units (1)                        01/15/98       A         24                                                          
Phantom Stock Units (1)                        01/31/98       A         25                                                          
Phantom Stock Units (1)                        02/15/98       A         26                                                          
Phantom Stock Units (1)                        02/28/98       A         27                                                          
Phantom Stock Units (1)                        03/15/98       A         28                                                          
Phantom Stock Units (1)                        03/31/98       A         27                                                          
Phantom Stock Units (1)                        04/15/98       A         25                                                          
Phantom Stock Units (1)                        04/30/98       A         26                                                          
Phantom Stock Units (1)                        05/15/98       A         26                                                          
Phantom Stock Units (1)                        05/31/98       A         27                                                          
Phantom Stock Units (1)                        06/15/98       A         29                                                          
Phantom Stock Units (1)                        06/30/98       A         30                                                          
Phantom Stock Units (1)                        07/15/98       A         28                                                          
Phantom Stock Units (1)                        07/31/98       A         43                                                          
Phantom Stock Units (1)                        08/15/98       A         88                                                          
Phantom Stock Units (1)                        08/31/98       A         95                                                          
Phantom Stock Units (1)                        09/15/98       A         107                                                         
Phantom Stock Units (1)                        09/30/98       A         120                                                         
Phantom Stock Units (1)                        10/15/98       A         116                                                         
Phantom Stock Units (1)                        10/31/98       A         118                                                         
Phantom Stock Units (1)                        11/15/98       A         112                                                         
Phantom Stock Units (1)                        11/30/98       A         115                                                         
Phantom Stock Units (1)                        12/15/98       A         147                                                         
Phantom Stock Units (1)                        12/31/98       A         198                                                         

<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                   16,800                    16,800        D   Direct          
to buy)                                                                                                                             
Non-Qualified Stock Option               Common Stock                   70,000                    70,000        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                   30,000                    30,000        D   Direct          
(right to buy)                                                                                                                      
Non-Qualified Stock Option               Common Stock                   43,200                    43,200        D   Direct          
(right to buy)                                                                                                                      
Phantom Stock Units (1)        01/01/98  Common Stock                   509           $20.6250                  D   Direct          
Phantom Stock Units (1)        01/15/98  Common Stock                   24            $19.5625                  D   Direct          
Phantom Stock Units (1)        01/31/98  Common Stock                   25            $18.3250                  D   Direct          
Phantom Stock Units (1)        02/15/98  Common Stock                   26            $17.7031                  D   Direct          
Phantom Stock Units (1)        02/28/98  Common Stock                   27            $16.9813                  D   Direct          
Phantom Stock Units (1)        03/15/98  Common Stock                   28            $16.7000                  D   Direct          
Phantom Stock Units (1)        03/31/98  Common Stock                   27            $17.3219                  D   Direct          
Phantom Stock Units (1)        04/15/98  Common Stock                   25            $18.4594                  D   Direct          
Phantom Stock Units (1)        04/30/98  Common Stock                   26            $18.2563                  D   Direct          
Phantom Stock Units (1)        05/15/98  Common Stock                   26            $17.6594                  D   Direct          
Phantom Stock Units (1)        05/31/98  Common Stock                   27            $17.0813                  D   Direct          
Phantom Stock Units (1)        06/15/98  Common Stock                   29            $16.2625                  D   Direct          
Phantom Stock Units (1)        06/30/98  Common Stock                   30            $15.7969                  D   Direct          
Phantom Stock Units (1)        07/15/98  Common Stock                   28            $16.3750                  D   Direct          
Phantom Stock Units (1)        07/31/98  Common Stock                   43            $15.6438                  D   Direct          
Phantom Stock Units (1)        08/15/98  Common Stock                   88            $13.2000                  D   Direct          
Phantom Stock Units (1)        08/31/98  Common Stock                   95            $12.2250                  D   Direct          
Phantom Stock Units (1)        09/15/98  Common Stock                   107           $10.9281                  D   Direct          
Phantom Stock Units (1)        09/30/98  Common Stock                   120           $11.0156                  D   Direct          
Phantom Stock Units (1)        10/15/98  Common Stock                   116           $11.3781                  D   Direct          
Phantom Stock Units (1)        10/31/98  Common Stock                   118           $11.1375                  D   Direct          
Phantom Stock Units (1)        11/15/98  Common Stock                   112           $11.7688                  D   Direct          
Phantom Stock Units (1)        11/30/98  Common Stock                   115           $11.4844                  D   Direct          
Phantom Stock Units (1)        12/15/98  Common Stock                   147           $8.9781                   D   Direct          
Phantom Stock Units (1)        12/31/98  Common Stock                   198           $6.6531     5,463         D   Direct          

<FN>
Explanation of Responses:

(1)
1-for-1                                                                                                                             
- -
The ESOP security holdings reflected in Table I are as of December 31, 1997 as the allocation of these securities for the year ended
 December 31, 1998 has not been completed as of the date of this filing but will be provided on an Amended Form 5 as soon as the    
information becomes available.                                                                                                      

</FN>
</TABLE>
SIGNATURE OF REPORTING PERSON
/S/ By: Sylvia Sanchez
    For: William L. Transier
DATE 


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