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 or Report (Date of earliest event reported)
February 25, 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 February 25, 1998:
EEX AGREES TO SELL EAST TEXAS PROPERTIES
HOUSTON, TEXAS (February 25, 1998) -- EEX Corporation
(NYSE: EEX) has agreed to sell substantially all of its
properties in East Texas and North Louisiana, representing
proved reserves of approximately 250 billion cubic feet
equivalent of natural gas, to Cross Timbers Oil Company
(NYSE: XTO) for $265 million. The effective date of the
sale is January 1, 1998 with closing expected in the second
quarter of 1998. As a part of the sale, EEX will retain any
obligation that may exist under agreements with Encogen One
Partners, Ltd.
"We are proceeding with our previously announced
strategy to re-deploy the value of our onshore U.S.
properties into Gulf of Mexico and International
opportunities. The sale of East Texas represents a
significant step toward that goal," said Tom Hamilton,
Chairman and President, Chief Executive Officer. Proceeds
from the sale will be used to fund the previously announced
purchase of additional interests in Indonesia and to provide
additional financial flexibility.
EEX Corporation is a natural gas and oil exploration
and production company with activities currently focused in
Texas and the Gulf of Mexico.
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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: February 26, 1998