SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
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 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*
KORELL HAROLD M
(Last) (First) (Middle)
SUITE 125
2350 N. SAM HOUSTON PARKWAY EAST
(Street)
HOUSTON TX 77032
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
SOUTHWESTERN ENERGY CO [ SWN ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director 10% Owner
X Officer (give title below) Other (specify below)
Chairman and CEO
3. Date of Earliest Transaction (Month/Day/Year)
05/30/2008
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 04/29/2008 J(1) V 62,567 A $0 62,567 I By Harold M. Korell Grat; Harold M. Korell Trustee
Common Stock 04/29/2008 J(1) V 62,567 D $0 1,151,613(4) I By Family Limited Partnership
Common Stock 04/29/2008 J(1) V 62,567 A $0 62,567 I By Pat M. Korell Grat; Harold M. Korell Trustee
Common Stock 04/29/2008 J(1) V 62,567 D $0 1,089,046 I By Family Limited Partnership
Common Stock 05/20/2008 J(2) V 62,567 D $0 0 I By Harold M. Korell Grat; Harold M. Korell Trustee
Common Stock 05/20/2008 J(2) V 62,567 A $0 1,151,613 I By Family Limited Partnership
Common Stock 05/20/2008 J(3) V 62,567 D $0 0 I By Pat M. Korell Grat; Harold M. Korell Trustee
Common Stock 05/20/2008 J(3) V 62,567 A $0 1,214,180 I By Family Limited Partnership
Common Stock 05/28/2008 G V 406 D $0 1,134,988(5) D
Common Stock 05/30/2008 M 150,000 A $0.75 1,284,988 D
Common Stock 05/30/2008 S 300 D $43.93 1,284,688 D
Common Stock 05/30/2008 S 1,100 D $43.95 1,283,588 D
Common Stock 05/30/2008 S 1,700 D $43.96 1,281,888 D
Common Stock 05/30/2008 S 700 D $43.97 1,281,188 D
Common Stock 05/30/2008 S 1,300 D $43.98 1,279,888 D
Common Stock 05/30/2008 S 2,900 D $43.99 1,276,988 D
Common Stock 05/30/2008 S 6,518 D $44 1,270,470 D
Common Stock 05/30/2008 S 8,082 D $44.01 1,262,388 D
Common Stock 05/30/2008 S 6,200 D $44.02 1,256,188 D
Common Stock 05/30/2008 S 8,100 D $44.03 1,248,088 D
Common Stock 05/30/2008 S 6,000 D $44.04 1,242,088 D
Common Stock 05/30/2008 S 5,400 D $44.05 1,236,688 D
Common Stock 05/30/2008 S 5,700 D $44.06 1,230,988 D
Common Stock 05/30/2008 S 7,743 D $44.07 1,223,245 D
Common Stock 05/30/2008 S 2,450 D $44.08 1,220,795 D
Common Stock 05/30/2008 S 2,600 D $44.09 1,218,195 D
Common Stock 05/30/2008 S 4,907 D $44.1 1,213,288 D
Common Stock 05/30/2008 S 4,100 D $44.11 1,209,188 D
Common Stock 05/30/2008 S 4,250 D $44.12 1,204,938 D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Options (Right to Buy) $0.75(6) 05/30/2008 M 150,000 12/16/2000 12/16/2009 Common Stock 150,000 $0 434,668(6) D
Explanation of Responses:
1. On April 29, 2008, 125,134 shares of stock were transferred out of the Family Limited Partnership ("FLP") into individual Grantor Retained Annuity Trust ("GRAT") accounts for the reporting person (the "HMK GRAT") and his wife (the "PMK GRAT"). Each of the individual GRAT accounts contains 62,567 shares of stock. The reporting person is the Trustee for the GRAT accounts, and has indirect beneficial ownership of the stock.
2. On May 20, 2008, 62,567 shares of stock held in the HMK GRAT were transferred out of the account and registered in the name of the reporting person and his spouse. Therefore, the reporting person now has direct beneficial ownership of the stock.
3. On May 20, 2008, 62,567 shares of stock held in the PMK GRAT were transferred out of the account and registered in the name of the reporting person and his spouse. Therefore, the reporting person now has direct beneficial ownership of the stock.
4. On March 25, 2008, the common stock of Southwestern Energy Company split 2-for-1, resulting in an increase of 607,090 shares of common stock held by the FLP and indirectly owned by the reporting person.
5. On March 25, 2008, the common stock of Southwestern Energy Company split 2-for-1, resulting in an increase of 567,697 shares of common stock held by the reporting person.
6. This option was previously reported as covering 292,334 shares at an exercise price of $1.50 per share, but was adjusted to reflect the 2-for-1 stock split on March 25, 2008.
/s/ Melissa D. McCarty, Attorney-in-Fact for Harold M. Korell 06/03/2008
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.