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*
Thaeler John D
(Last) (First) (Middle)
2350 N. SAM HOUSTON PKWY EAST
SUITE 125
(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)
Director 10% Owner
X Officer (give title below) Other (specify below)
Sr. Vice Pres. of Subsidiary
3. Date of Earliest Transaction (Month/Day/Year)
10/26/2007
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)
Code V Amount (A) or (D) Price
Common Stock 10/26/2007 M(1) 8,000 A $1.8594 114,106.0487 D
Common Stock 10/26/2007 M(1) 10,000 A $2.41 124,106.0487 D
Common Stock 10/26/2007 M(1) 11,000 A $2.41 135,106.0487 D
Common Stock 10/26/2007 S(1) 8,000 D $49.5 127,106.0487 D
Common Stock 10/26/2007 S(1) 10,000 D $50 117,106.0487 D
Common Stock 10/26/2007 S(1) 11,000 D $51 106,106.0487 D
Common Stock 10/26/2007 J(2) 26.783 A $40.3242 13,879.9823 I by 401(k) Plan
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
Phantom Stock (3) (4) (4) Common Stock 27,701.9112 27,701.9112(5) D
Stock Options (Right to buy) $2.2657 10/11/2000 10/11/2009 Common Stock 4,800 4,800 D
Stock Options (Right to buy) $2.865 12/11/2003 12/11/2012 Common Stock 39,000 39,000 D
Stock Options (Right to buy) $5.285 12/10/2004 12/10/2013 Common Stock 25,320 25,320 D
Stock Options (Right to buy) $12.45 12/09/2005 12/09/2011 Common Stock 9,600 9,600 D
Stock Options (Right to buy) $35.49 12/08/2006 12/08/2012 Common Stock 5,760 5,760 D
Stock Options (Right to buy) $40.67 12/11/2007 12/11/2013 Common Stock 11,860 11,860 D
Stock Options (Right to buy) $1.8594 10/26/2007 M(1) 8,000 12/14/2001 12/14/2010 Common Stock 8,000 $1.8594 0 D
Stock Options (Right to buy) $2.41 10/26/2007 M(1) 10,000 12/20/2002 12/20/2011 Common Stock 10,000 $2.41 11,000 D
Stock Options (Right to buy) $2.41 10/26/2007 M(1) 11,000 12/20/2002 12/20/2011 Common Stock 11,000 $2.41 0 D
Explanation of Responses:
1. The cashless option exercises reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on September 24, 2007, when not in possession of material nonpublic information.
2. Purchased through the Company's 401(k) Plan from July 31, 2007, thru 10/25/2007. The information in this report is based on a plan statement dated as of October 25, 2007.
3. Each share of phantom stock represents the right to receive the economic equivalent of one share of Southwestern Energy Company common stock.
4. Shares of phantom stock are payable in cash following termination of the reporting person's employment with Southwestern Energy Company. The reporting person may transfer his phantom stock account into an alternative investment account at any time.
5. The common stock held in the Southwestern Energy Company Nonqualified Retirement Plan (the "NQ Plan") investment fund was previously reported in Table 1 as a non-derivative security indirectly owned by the reporting person. Prospectively, the balance of common stock held in the NQ Plan investment fund on behalf of the insider will be reported under Table II as phantom stock.
Melissa D. McCarty, Attorney-in-Fact for John D. Thaeler 10/29/2007
** 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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