Edgar Filing: ZARUBA JEFFREY C

Ownership Submission

FORM 4

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person ^*

ZARUBA JEFFREY C

2. Issuer Name and Ticker or Trading Symbol
SPINNAKER EXPLORATION CO [SKE]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

_____ Director	_____ 10% Owner
__X__ Officer (give title below)	_____ Other (specify below)
VP, Treasurer and Asst. Secr.

(Last)

(First)

(Middle)

1200 SMITH STREET, SUITE 800

3. Date of Earliest Transaction (Month/Day/Year)
12/13/2005

(Street)

HOUSTON, TX 77002

4. If Amendment, Date 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

(City)

(State)

(Zip)

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	12/13/2005		D		1,500	D	$ 65.5 ⁽¹⁾	0	D
Common Stock	12/13/2005		D		1,281	D	$ 65.5 ⁽¹⁾	0	I	By 401(k) Plan

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
	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 control number.		SEC 1474 (9-02)

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 Underlying Securities
(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 of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)

11. Nature of Indirect Beneficial Ownership
(Instr. 4)

Code

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Employee Stock Option (right to buy)

$ 15.63

12/13/2005

18,500

⁽²⁾

08/10/2009

Common Stock

18,500

$ 49.87

Employee Stock Option (right to buy)

$ 16.13

12/13/2005

5,000

⁽³⁾

02/28/2010

Common Stock

5,000

$ 49.37

Employee Stock Option (right to buy)

$ 38.56

12/13/2005

7,175

⁽⁴⁾

01/11/2011

Common Stock

7,175

$ 26.94

Employee Stock Option (right to buy)

$ 37.55

12/13/2005

10,325

⁽⁵⁾

05/08/2011

Common Stock

10,325

$ 27.95

Employee Stock Option (right to buy)

$ 37.73

12/13/2005

10,000

⁽⁶⁾

02/12/2012

Common Stock

10,000

$ 27.77

Employee Stock Option (right to buy)

$ 22.89

12/13/2005

25,000

⁽⁷⁾

05/06/2008

Common Stock

25,000

$ 42.61

Employee Stock Option (right to buy)

$ 37.08

12/13/2005

20,000

⁽⁸⁾

02/13/2009

Common Stock

20,000

$ 28.42

Employee Stock Option (right to buy)

$ 34.05

12/13/2005

8,000

⁽⁹⁾

05/06/2012

Common Stock

8,000

$ 31.45

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
ZARUBA JEFFREY C 1200 SMITH STREET SUITE 800 HOUSTON, TX 77002			VP, Treasurer and Asst. Secr.

Signatures

Jeffrey C. Zaruba		12/15/2005
^**Signature of Reporting Person		Date

Explanation of Responses:

*	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).
(1)	The shares were disposed of pursuant to the merger agreement between the issuer and Norsk Hydro ASA in exchange for merger consideration of $65.50 per share.
(2)	Options became 100% vested on August 10, 2003 and were canceled in the merger in exchange for a cash payment of $922,687.50, representing the difference between the exercise price of the option and merger consideration of $65.50. The reporting person had previously transferred an employee stock option to purchase 18,500 shares of SKE common stock to his ex-wife pursuant to a qualified domestic relations order. The reporting person no longer reports as beneficially owned any securities owned by his ex-wife.
(3)	Options became 100% vested on February 28, 2004 and were canceled in the merger in exchange for a cash payment of $246,875.00, representing the difference between the exercise price of the option and merger consideration of $65.50. The reporting person had previously transferred an employee stock option to purchase 5,000 shares of SKE common stock to his ex-wife pursuant to a qualified domestic relations order. The reporting person no longer reports as beneficially owned any securities owned by his ex-wife.
(4)	Options became 100% vested on January 11, 2005 and were canceled in the merger in exchange for a cash payment of $193,276.56, representing the difference between the exercise price of the option and merger consideration of $65.50. The reporting person had previously transferred an employee stock option to purchase 7,175 shares of SKE common stock to his ex-wife pursuant to a qualified domestic relations order. The reporting person no longer reports as beneficially owned any securities owned by his ex-wife.
(5)	Options became 100% vested on May 8, 2005 and were canceled in the merger in exchange for a cash payment of $288,583.75, representing the difference between the exercise price of the option and merger consideration of $65.50. The reporting person had previously transferred an employee stock option to purchase 10,325 shares of SKE common stock to his ex-wife pursuant to a qualified domestic relations order. The reporting person no longer reports as beneficially owned any securities owned by his ex-wife.
(6)	Options vested 20% on February 12, 2002, the grant date, and vested in 20% increments on each anniversary of the grant date and were canceled in the merger in exchange for a cash payment of $277,700.00, representing the difference between the exercise price of the option and merger consideration of $65.50. The reporting person had previously transferred an employee stock option to purchase 10,000 shares of SKE common stock to his ex-wife pursuant to a qualified domestic relations order. The reporting person no longer reports as beneficially owned any securities owned by his ex-wife.
(7)	Options vested 20% on May 6, 2003, the grant date, and vested in 20% increments on each anniversary of the grant date and were canceled in the merger in exchange for a cash payment of $1,065,250.00, representing the difference between the exercise price of the option and merger consideration of $65.50.
(8)	Options vested 20% on February 13, 2004, the grant date, and vested in 20% increments on each anniversary of the grant date and were canceled in the merger in exchange for a cash payment of $568,400.00, representing the difference between the exercise price of the option and merger consideration of $65.50.
(9)	Options vested 20% on May 6, 2005, the grant date, and were canceled in the merger in exchange for a cash payment of $251,600.00, representing the difference between the exercise price of the option and merger consideration of $65.50.

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