SEC FORM 4

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)

2350 N. SAM HOUSTON PKWY EAST

SUITE 125

(Street)

HOUSTON

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)
06/15/2007

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	05/31/2007		J⁽¹⁾	V	62,205	A	$0	499,304.228	D
Common Stock	05/31/2007		J⁽²⁾	V	62,205	A	$0	561,509.228	D
Common Stock	06/15/2007		M		100,000	A	$1.5	661,509.228	D
Common Stock	06/15/2007		S		100,000	D	$49.5835	561,509.228	D
Common Stock	05/18/2007		J⁽³⁾	V	124,410	D	$0	607,090	I	by Family Limited Partnership
Common Stock	05/18/2007		J⁽³⁾	V	62,205	A	$0	62,205	I	by Harold M. Korell GRAT; Harold M. Korell Trustee
Common Stock	05/31/2007		J⁽¹⁾	V	62,205	D	$0	0	I	by Harold M. Korell GRAT; Harold M. Korell Trustee
Common Stock	05/18/2007		J⁽³⁾	V	62,205	A	$0	62,205	I	by Pat M. Korell GRAT; Harold M. Korell Trustee
Common Stock	05/31/2007		J⁽²⁾	V	62,205	D	$0	0	I	by Pat M. Korell GRAT; Harold M. Korell Trustee

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Stock Options (Right to buy)	$1.5	06/15/2007		M			100,000	12/16/2000	12/16/2009	Common Stock	100,000	$1.5	292,336	D

Explanation of Responses:

1. On May 31, 2007, the 62,205 shares of stock currently held in the Harold M. Korell Grantor Retained Annuity Trust ("GRAT") were transferred out of the GRAT account and registered in the name of the reporting person and his spouse. Therefore, the reporting person will now have direct beneficial ownership of the stock.

2. On May 31, 2007, the 62,205 shares of stock currently held in the Patricia M. Korell Grantor Retained Annuity Trust ("GRAT") were transferred out of the GRAT account and registered in the name of the reporting person and his spouse. Therefore, the reporting person will now have direct beneficial ownership of the stock.

3. On May 18, 2007, 124,410 shares of stock were transferred out of the Family Limited Partnership ("FLP") into individual Grantor Retained Annuity Trust ("GRAT") accounts for the reporting person and his wife. The individual GRAT accounts each contain 62,205 shares of stock. The reporting person will remain the Trustee for each GRAT account, and will continue to have indirect beneficial ownership of the stock.

	Melissa D. McCarty, Attorney-in-Fact	06/19/2007
	** 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).
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