SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C.  20549


                               _________________


                                   FORM 8-K

                            CURRENT REPORT PURSUANT
                         TO SECTION 13 OR 15(d) OF THE
                        SECURITIES EXCHANGE ACT OF 1934



     Date of Report (Date of earliest event reported): September 12, 2001



                         SPINNAKER EXPLORATION COMPANY
            (Exact name of registrant as specified in its charter)

          Delaware                      000-16009                76-0560101
(State or other jurisdiction    (Commission File Number)      (I.R.S. Employer
      of incorporation)                                      Identification No.)

      1200 Smith Street, Suite 800
            Houston, Texas                                          77002
(Address of principal executive offices)                          (Zip code)


       Registrant's telephone number, including area code: (713) 759-1770


ITEM 5.  OTHER EVENTS

Derivatives and Hedging Activities

  Spinnaker Exploration Company (the "Company" or "Spinnaker") enters into New
York Mercantile Exchange ("NYMEX") related collar arrangements and swap
contracts from time to time with the objective of reducing its exposure to
fluctuations in natural gas and oil prices.  The Company has recently entered
into additional natural gas swap contracts. The following outlines these
contracts as well as those reported in prior filings with the Securities and
Exchange Commission ("SEC").

Recent Natural Gas Swap Contracts

  Subsequent to filing its Form 8-K with the SEC on August 24, 2001, the Company
entered into additional natural gas swap contracts. These swap contracts on
average daily volumes are as follows:

     .  26,739 million British thermal units ("MMBtus") at a weighted average
        price of $2.90 per MMBtu in the fourth quarter of 2001 and

     .  25,000 MMBtus at a weighted average price of $3.54 per MMBtu for the
        period January through December 2002.

Summary of Commodity Price Risk Management Positions

  The Company's current commodity price risk management positions consist of the
aforementioned natural gas swap contracts, as well as those previously reported.
In summary, Spinnaker's current commodity price risk management positions on
average daily volumes are as follows:

   2001

     Natural Gas Collar Arrangements

     .  15,000 MMBtus at a NYMEX floor price of $3.00 per MMBtu and ceiling
        price of $3.43 per MMBtu for October 2001.

     Natural Gas Swap Contracts

     .  75,054 MMBtus at a weighted average price of $3.19 per MMBtu in the
        fourth quarter of 2001.

   2002

     Natural Gas Swap Contracts

     .  65,000 MMBtus at a weighted average price of $3.61 per MMBtu for the
        period January through December 2002.


                                   SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.


                                   SPINNAKER EXPLORATION COMPANY


Date:  September 24, 2001          By:  /S/ ROBERT M. SNELL
                                        -------------------------
                                        Robert M. Snell
                                        Vice President, Chief Financial Officer
                                        and Secretary