U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or Section
30(f) of the Investment Company Act of 1940
( ) Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person
Gary Gelman
c/o National Bank of New York City
139-29 38th Avenue
Flushing, NY 11354-4112
2. Issuer Name and Ticker or Trading Symbol
Fortune Natural Resources Corporation - FPX
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
April 1999
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person to issuer (Check all applicable)
(X) Director ( ) 10% Owner ( ) Officer (give title below)
( ) Other (specify below)
<TABLE>
<CAPTION>
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TABLE I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
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1. Title of |2. Transaction |3. Transaction |4. Securities | 5. Amount of |6. Ownership Form:|7. Nature of
Derivative | Date | Code | Acquired (A) or | Securities | Direct (D) or | Indirect
Security | | | Disposed of (D) | Beneficially | Indirect (I) | Beneficial
| (Month/Day/ | (Instr. 8) | Instr. 3, 4 and 5) | Owned at End | | Ownership
| Year) | | | | (A) or| | of Month | |
| | Code | V | Amount | (D) | Price| (Instr. 3 and 4) | (Instr. 4) | (Instr. 4)
- -------------- -------------- ---------------- ---------------------- ------------------ ----------------- --------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Common Stock 4/7/99 J* 8,000 A $0.3125 27,833 D
*As payment for 1st quarter 1999 board of director fees.
</TABLE>
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<TABLE>
<CAPTION>
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TABLE II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
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1.Title |2.Conver- |3.Trans- |4.Transac- |5.Number of |6.Date Exer- |7.Title and |8.Price|9.Number |10.Owner- |11.Nature
of | sion or | action | action | Derivative | cisable and | Amount of | of | of | ship | of In-
Deriva-| Exercise | Date | Code | Securities | Expiration | Underlying | Deriv-| Deriv- | Form of| direct
tive | Price of | | | Acquired (A)| Date | Securities | ative | ative | Deriv- | Bene-
Secur- | Derivative| | | or Disposed | | | Secur-| Secur- | ative | ficial
ity | Security | (Month/| (Instr. | of (D) | | (Instr. 3 | ity | ities | Secu- | Owner-
(Instr.| | Day/ | 8) | | (Month/Day/ | and 4) | | Bene- | rity: | ship
3) | | Year) | | (Instr. 3, | Year) | |(Instr.| ficially| Direct |
| | | | 4 and 5) | | | 5) | Owned | (D) or | (Instr.
| | | | | | | | at End | Indi- | 4)
| | | | | | |Amount | | of Month| rect |
| | | | |Date |Expira-| |or | | (Instr. | (I) |
| | | | | | |Exer- |tion | |Number | | 4) | (Instr. |
| | |Code | V |(A) | (D) |cisable|Date |Title |of Shares| | | 4) |
- -------- ----------- --------- ---------- ------------- --------------- --------------- ------- ---------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Stock
Options 36,000 D(1) (unchanged)
Stock
Options 37,500 D(1) (unchanged)
Stock
Options 38,250 D(1) (unchanged)
Stock
Options 36,000 D(1) (unchanged)
</TABLE>
(1) These amounts are listed separately as the terms and exercise prices are
different.
SIGNATURE OF REPORTING PERSON
/s/ Gary Gelman
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DATE
April 30, 1999
