U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 3
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
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
1. Name and Address of Reporting Person
John E. McConnaughy, Jr.
515 W. Greens Road, Suite 720
Houston, Texas 77067
2. Date of Event Requiring Statement (Month/Day/Year)
May 10, 2000
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Issuer Name and Ticker or Trading Symbol
Fortune Natural Resources Corporation - FPXA
5. Relationship of Reporting Person to issuer (Check all applicable)
(X) Director ( ) 10% Owner ( ) Officer (give title below)
( ) Other (specify below)
6. If Amendment, Date of Original (Month/Day/Year)
<TABLE>
<CAPTION>
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TABLE I - Non-Derivative Securities Beneficially Owned
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1. Title of Security |2. Amount of Securities | 3. Ownership Form: | 4. Nature of Indirect Beneficial Ownership
(Instr. 4) | Beneficially Owned | Direct (D) or Indirect (I) | (Instr. 5)
| (Instr. 4) | (Instr. 5) |
- ------------------------ -------------------------- --------------------------- ---------------------------------------------------
<S> <C> <C> <C>
</TABLE>
<PAGE>
FORM 3 (continued)
<TABLE>
<CAPTION>
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TABLE II - Derivative Securities Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
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1. Title of |2. Date Exercisable |3. Title and Amount of Securities |4. Conversion |5. Ownership |6. Nature of Indirect |
Derivative | and Expiration | Underlying Derivative Security | or Exercise | Form of | Beneficial Ownership |
Security | Date | (Instr. 4) | Price of | Deritave | (Instr.5) |
(Instr. 4) | (Month/Day/Year) | | Derivative | Security: | |
| | | Security | Direct (D) | |
| Date Expira- | Amount or | | or Indirect | |
| Exer- tion | Number of | | (I) | |
| cisable Date | Title Shares | | (Instr. 5) | |
- ---------------- -------------------- ---------------------------------- --------------- ---------------- -------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
12% Convert. Notes 5/01/99 12/31/07 Common Stock 666,667 $0.75 D
Private Warrants 3/19/99 3/18/02 Common Stock 666,667 $1.00 D
</TABLE>
Explanation of Responses:
SIGNATURE OF REPORTING PERSON
/s/ John E. McConnaughy, Jr.
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DATE
May 17, 2000
** Intentional misstatements or omissions of facts constitute Federal
Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
