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
Tyrone J. Fairbanks
515 W. Greens Road, Suite 720
Houston, TX 77067
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
March 1999
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person to issuer (Check all applicable)
(X) Director ( ) 10% Owner (X) Officer (give title below)
( ) Other (specify below)
President and Chief Executive Officer
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
TABLE I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
- -----------------------------------------------------------------------------------------------------------------------------------
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 3/29/99 P 2,000 A $0.375 23,442 D
Common Stock 3/19/99 T 3,825 A $1.31 8,905 I 401(k) Plan
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
TABLE II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
- -----------------------------------------------------------------------------------------------------------------------------------
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- | Deriva- | | | or Disposed | | | Secur-| Secur- | ative | ficial
ity | tive | (Month/| (Instr. | of (D) | | (Instr. 3 | ity | ities | Secu- | Owner-
(Instr.| Security | 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.
| | | | | | |Amount | | at End | Indi- | 4)
| | | | | | |or | | of Month| rect |
| | | | |Date |Expira-| |Number | | (Instr. | (I) |
| | | | | | |Exer- |tion | |of | | 4) | (Instr. |
| | |Code | V |(A) |(D) |cisable|Date |Title |Shares | | | 4) |
- -------- ----------- --------- ---------- -------------- --------------- --------------- ------- ---------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Stock 3/25/ 3/24/ Common
Options $1.5625 3/25/99 A 120,000 1999 2004 Stock 120,000 $1.5625 120,000 D
Stock Common
Options $2.75 3/1/99 H 101,400 3/1/94 3/1/99 Stock 101,400 $2.75 105,599 D(1)(2)
Stock
Options 100,000 D(1) (unchanged)
Stock 120,000 D(1) (unchanged)
Options
Stock 80,000 D(1) (unchanged)
Options
</TABLE>
(1) These amounts are listed separately from the above mentioned security as
they each have different terms and exercise prices.
(2) This transaction is listed due to the expiration of said options.
SIGNATURE OF REPORTING PERSON
/s/ Tyrone J. Fairbanks
- ------------------------
DATE
March 31, 1999
