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
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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)
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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)
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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
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<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