SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
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)
January 16, 1998
EEX CORPORATION
(Exact name of Registrant as specified in its charter)
Texas 1-12905 752421863
(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
incorporation)
2500 CityWest Boulevard, Suite 1400, Houston, Texas 77042
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including Area Code (713)243-3100
ITEM 5. Other Events
Set forth below in its entirety is a News Release issued by
EEX Corporation on January 16, 1998:
EEX SECURES RIG FOR LLANO APPRAISAL;
MAY SELL OR TRADE EAST TEXAS PROPERTIES
HOUSTON, TEXAS (January 16, 1998) -- EEX Corporation (NYSE:
EEX) and its partner Enterprise Oil (NYSE: ETP) have entered
into a letter of intent with Oxy USA, Inc. to acquire the
use of the Sedco Omega semi-submersible rig for the purpose
of deepening and appraising their recently announced Llano
discovery on Garden Banks Block 386. The Omega rig is
expected to begin drilling at the Llano prospect toward the
end of the first quarter.
"This considerably shortens the time frame we had originally
estimated for appraisal of our Llano discovery. We intend
to deepen the existing well to fully explore the potential
of the Miocene sand and to drill a sidetrack well to
appraise the reserve size of this discovery," said Tom
Hamilton, Chairman and President, Chief Executive Officer.
Separately, EEX has opened a data room relating to its East
Texas properties as a part of its ongoing evaluation of the
Company's oil and gas assets and in response to interest
expressed by other oil and gas companies.
"We have completed the internal evaluation of our East Texas
assets and based upon the interest expressed by some of our
peers, we believe there may be an opportunity to maximize
the value of these assets through a trade for other
properties that better fit our core areas or a cash sale,"
said Mr. Hamilton.
EEX Corporation is a natural gas and oil exploration and
production company with activities focused in Texas and the
Gulf of Mexico.
# # #
This report includes forward-looking statements within the
meaning of Section 27A of the Securities Act of 1993 and
Section 21E of the Securities Exchange Act of 1934.
Although EEX believes that its expectations are based on
reasonable assumptions, it can give no assurance that its
goals will be achieved. Important factors that could cause
actual results to differ materially from those in the
forward-looking statements include political developments in
foreign countries, federal and state regulatory
developments, the timing and extent of changes in commodity
prices, the timing and extent of success in discovering,
developing and producing or acquiring oil and gas reserves,
and conditions of the capital and equity markets during the
periods covered by the forward-looking statements.
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 thereunto duly
authorized.
EEX Corporation
By: /s/ R. E. Schmitz
-------------------
R. E. Schmitz
Vice President and
Controller
Date: January 26, 1998