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
Barry Feiner
170 Falcon Court
Manhasset, NY 11030
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 ( ) 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 5,000 I Shares owned by
wife- Janet
Portelly
</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 | tion | 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 3/25/ 3/24/ Common
Options $1.5625 3/25/99 A 36,000 1999 2004 Stock 36,000 $1.5625 36,000 D
Stock
Options 37,500 D(1)
(unchanged)
Stock 36,000 D(2)
Options (unchanged)
Stock 38,250 D(3)
Options (unchanged)
Private
Warrants 10,000 I(4) Shares
(formerly (unchanged) owned by
public) wife -
Janet
Portelly
Private 3/19/ 3/18/ Common
Warrants $1.00 3/19/99 A 66,667 1999 2002 Stock 66,667 $1.00 66,667 I(5) Shares
owned by
wife -
Janet
Portelly
Con-
vertible
Prom-
issory 5/1/ 12/31/ Common
Notes $0.75 3/19/99 A 66,667 1999 2007 Stock 66,667 $0.75 66,667 I(6) Shares
owned by
wife -
Janet
Portelly
</TABLE>
(1) This number comprises the total number of shares underlying the 1998 Grant
(award) under the Company's 1998 Multi-Year Incentive Stock Option Plan.
(2) This number comprises the total number of shares underlying the 1996 Grant
(award) under the Company's 1993 Multi-Year Incentive Stock Option Plan.
(3) This number comprises the total number of shares underlying the 1997 Grant
(award) under the Company's 1993 Multi-Year Incentive Stock Option Plan.
(4) The Private Warrants are owned by Mr. Feiner's wife. He disclaims any
beneficial ownership of the warrants.
(5) The Private Warrants are owned by Mr. Feiner's wife. He disclaims any
beneficial ownership of the warrants.
(6) This number comprises the total number of shares into which the Promissory
Notes may be converted at the option of the holder. The Convertible
Promissory Notes are owned by Mr. Feiner's wife. He disclaims any
beneficial ownership of the notes.
SIGNATURE OF REPORTING PERSON
/s/ Barry Feiner
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DATE
March 31, 1999
