<PAGE>
 
                                                                     EXHIBIT 4.7

                          [FORM OF SERIES B WARRANT]
                                        


     THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
     AS AMENDED (THE "SECURITIES ACT"), OR ANY STATE SECURITIES LAWS.  THEY HAVE
     BEEN ACQUIRED SOLELY FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN
     CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF IN VIOLATION OF ANY
     APPLICABLE SECURITIES LAWS.  THEY MAY NOT BE SOLD, OFFERED FOR SALE,
     PLEDGED, HYPOTHECATED OR OTHERWISE DISTRIBUTED IN THE ABSENCE OF AN
     EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL,
     SATISFACTORY IN FORM AND SUBSTANCE TO THE COMPANY THAT SUCH REGISTRATION IS
     NOT REQUIRED UNDER THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES
     LAWS.


                               SERIES B WARRANT

No. 1                                                          January ___, 1999

                TO PURCHASE [2,500,000] SHARES OF COMMON STOCK,
                 PAR VALUE $.01 PER SHARE, OF EEX CORPORATION

1.   Definitions. Unless the context otherwise required, when used herein the
     following terms shall have the meaning indicated.

     "Affiliate" means with respect to any Person, any other Person directly, or
     indirectly through one or more intermediaries, controlling, controlled by
     or under common control with such Person. For purposes of this definition,
     the term "control" (and correlative terms "controlling," "controlled by"
     and "under common control with") means possession of the power, whether by
     contract, equity ownership or otherwise, to direct the policies or
     management of a Person.

     "Beneficially Own" or "Beneficial Ownership" is defined in Rules 13d-3 and
     13d-5 of the Exchange Act, but without taking into account any contractual
     restrictions or limitations on voting or other rights.

     "Board" means the Board of Directors of the Company.

     "Business Combination" means (i) any consolidation, merger, share exchange
     or similar business combination transaction involving the Company with any
     Person or (ii) the sale, assignment conveyance, transfer, lease or other
     disposition by the Company of all or substantially all of its assets.

     "Business Day" means any day except Saturday, Sunday and any day which
     shall be a legal holiday or a day on which banking institutions in Houston,
     Texas or New York City, New York generally are authorized or required by
     law or other governmental actions to close.

     "Capital Stock" means (i) with respect to any Person that is a corporation
     or company, any and all shares, interests, participations or other
     equivalents (however designated) of capital or capital stock of such Person
     and (ii) with respect to any Person that is not a corporation or company,
     any and all partnership or other equity interests of such Person.

                                       1
<PAGE>
 
     "Change of Control" shall mean any event constituting (a) the consummation
     of any Business Combination except where (i) the shareholders of the
     Company immediately prior to such Business Combination own (in
     substantially the same proportion relative to each other as such
     shareholders owned the Common Stock immediately prior to such consummation)
     (x) forty percent (40%) or more of the Voting Stock of the surviving entity
     on both a Modified Non Diluted Basis and a Modified Fully Diluted Basis
     immediately after such Business Combination, and (y) forty percent (40%) or
     more of the outstanding common stock of the surviving entity on both a
     Modified Non Diluted Basis and a Modified Fully Diluted Basis immediately
     after such Business Combination, (ii) the members of the Board immediately
     prior to the entering into the agreement relating to such Business
     Combination constitute at least a majority of the Board or the board of
     directors of the surviving entity immediately after such Business
     Combination, with no agreements or arrangements in place immediately after
     such consummation that would result in the members of the Board immediately
     prior to the entering into the agreement relating to such Business
     Combination ceasing to constitute at least a majority of the Board or the
     board of directors of the surviving entity and (iii) no Non-Financial
     Person or Group of Non-Financial Persons is the Beneficial Owner of 20% or
     more of the total outstanding Voting Stock or common stock of the surviving
     entity and no Financial Person or Group of Financial Persons is the
     Beneficial Owner of 35% or more of the total outstanding Voting Stock or
     common stock of the surviving entity or (b) any Non-Financial Person or
     Group of Non-Financial persons acquiring Beneficial Ownership of 20% or
     more of the total outstanding Voting Stock or Common Stock of the Company
     or any Financial Person or Group of Financial Persons acquiring Beneficial
     Ownership of 35% or more of the total outstanding Voting Stock or Common
     Stock of the Company.

     "Common Stock" means the Company's common stock, par value $.01 per share,
     and any Capital Stock for or into which such Common Stock hereafter is
     exchanged, converted, reclassified or recapitalized by the Company or
     pursuant to an agreement or Business Combination to which the Company is a
     party.

     "Common Stock Equivalents" means (without duplication with any other Common
     Stock or common stock, as the case may be, or Common Stock Equivalents)
     rights, warrants, options, convertible securities or exchangeable
     securities, exercisable for or convertible or exchangeable into, directly
     or indirectly, Common Stock, or common stock, as the case may be, whether
     at the time of issuance or upon the passage of time or the occurrence of
     some future event, including the Warrants.

     "Company" means EEX Corporation, a Texas corporation.

     "Early Exercise Event" means the occurrence of any of the following: (i) an
     agreement providing for a Business Combination is approved by the Board if
     such Business Combination, if consummated, would result in a Change of
     Control, (ii) a Tender Offer for the Company's securities is approved or
     recommended by the Board, (iii) Warburg, Pincus Equity Partners, L.P. and
     its Affiliates Beneficially Own less than 10% of the outstanding Voting
     Stock of the Company, (iv) there is a redemption, repurchase or
     reacquisition by the Company of Rights issued pursuant to the Rights
     Agreement or any waiver of the application of the Rights Agreement to any
     Beneficial Owner or (v) any Non-Financial Person or Group of Non-Financial
     Persons Beneficially Own more than 20% of the outstanding Voting Stock of
     the Company or any Financial Person or Group of Financial Persons
     Beneficially Own more than 35% of the outstanding Voting Stock of the
     Company.

     "Exchange Act" means the Securities Exchange Act of 1934, as amended, or
     any successor statute, and the rules and regulations promulgated
     thereunder.

     "Excluded Stock" means (i) shares of Common Stock issued by the Company as
     a stock dividend payable in shares of Common Stock, or upon any subdivision
     or split-up of the 

                                       2
<PAGE>
 
     outstanding shares of Capital Stock in each case with is subject to Section
     13(B), or upon conversion of shares of Capital Stock (but not the issuance
     of such Capital Stock which will be subject to the provisions of Section
     13(A)(iii)), (ii) shares of Common Stock to be issued to employees,
     consultants and advisors of the Company pursuant to options granted prior
     to the date of issuance of this Warrant and pursuant to options granted
     after the date of issuance of this Warrant if the exercise price per share
     of Common Stock on the date of such grant equals or exceeds the Market
     Price of a share of Common Stock on the date of such grant.

     "Exercise Price" has the meaning given to it in Section 2.

     "Expiration Time" has the meaning given to it in Section 3.

     "Financial Person" means any Person that (i) is, or holds itself out as
     being, engaged primarily in the business of investing, reinvesting, owning,
     holding or trading in securities, and (ii) together with its Affiliates is
     not engaged in (x) any significant activities other than financial
     services, insurance or investment activities or (y) directly or indirectly
     through Affiliates, in any industrial activities, including the oil and gas
     and energy industry.

     "Group" means a group as contemplated by Section 13(d)(3) of the Exchange
     Act.

     "Market Price" means, with respect to a particular security, on any given
     day, the last reported sale price regular way or, in case no such reported
     sale takes place on such day, the average of the last closing bid and asked
     prices regular way, in either case on the principal national securities
     exchange on which the applicable securities is listed or admitted to
     trading, or if not listed or admitted to trading on any national securities
     exchange, (i) the closing sale price for such day reported by the NASDAQ
     Stock Market if such security is traded over-the-counter and quoted in the
     NASDAQ Stock Market, or (ii) if such security is so traded, but not so
     quoted, the average of the closing reported bid and asked prices of such
     security as reported by the NASDAQ Stock Market or any comparable system,
     or (iii) if such security is not listed on the NASDAQ Stock Market or any
     comparable system, the average of the closing bid and asked prices as
     furnished by two members of the National Association of Securities Dealers,
     Inc. selected from time to time by the Company for that purpose.  If such
     security is not listed and traded in a manner that the quotations referred
     to above are available for the period required hereunder, the Market Price
     per share of Common Stock shall be deemed to be the fair value per share of
     such security as determined in good faith by the Board of Directors of the
     Company.

     "Modified Fully-Diluted Basis" shall mean a calculation based on the then
     outstanding shares of Voting Stock or common stock, as the case may be,
     plus all shares of Voting Stock or common stock acquirable pursuant to, or
     constituting, Common Stock Equivalents, but excluding 50% of the Voting
     Stock or common stock acquirable pursuant to the then outstanding Warrants.

     "Modified Non-Diluted Basis" shall mean a calculation based on the then
     outstanding shares of Voting Stock or common stock, as the case may be, and
     without giving effect to outstanding Common Stock Equivalents, but
     including (i) 50% of the shares of common stock then acquirable upon
     exercise of the then outstanding Warrants and (ii) the number of shares of
     common stock equal to (a) the aggregate Market Price as of the date of such
     Business Combination of all shares of common stock acquirable upon exercise
     of all outstanding employee stock options of the relevant entity that have
     an exercise price of less than the Market Price of common stock as of the
     date of such Business Combination less the aggregate exercises price of all
     such options divided by (b) the Market Price of common stock as of the date
     of such Business Combination.

                                       3
<PAGE>
 
     "Non-Financial Person" means any Person that is not a Financial Person.

     "Ordinary Cash Dividends" means any cash dividend or distribution which,
     when combined on a per share of Common Stock basis with the per share
     amounts of all other cash dividends and cash distributions paid on the
     Common Stock during the 365-day period ending on the date of declaration of
     such dividend or distribution (as adjusted to appropriately reflect any of
     the events referred to in Section 13 and excluding cash dividends or
     distributions that resulted in an adjustment to the Exercise Price), does
     not exceed 5% of the Market Price of a share of Common Stock on the trading
     day immediately preceding the date of declaration of such dividend or
     distribution.

     "Person" means an individual or a corporation, partnership, trust,
     incorporated or unincorporated association, limited liability company,
     joint venture, joint stock company, government (or an agency or political
     subdivision thereof) or other entity of any kind.

     "Preferred Stock" means the Series B 8% Cumulative Perpetual Preferred
     Stock of the Company or successor preferred stock as contemplated by
     Section 5(C)(ii)(A) of the Statement of Resolution.

     "Pro Rata Repurchases" means any purchase of shares of Common Stock by the
     Company or any Affiliate thereof pursuant to any tender offer or exchange
     offer subject to Section 13(e) of the Exchange Act, or pursuant to any
     other offer available to substantially all holders of Common Stock, whether
     for cash, shares of capital stock of the Company, other securities of the
     Company, evidences of indebtedness of the Company or any other person or
     any other property (including, without limitation, shares of capital stock,
     other securities or evidences of indebtedness of a subsidiary of the
     Company), or any combination thereof, effected while this Warrant is
     outstanding; provided, however, that "Pro Rata Repurchase" shall not
     include any purchase of shares by the Company or any Affiliate thereof made
     in accordance with the requirements of Rule 10b-18 as in effect under the
     Exchange Act. The "Effective Date" of a Pro Rata Repurchase shall mean the
     date of acceptance of shares for purchase or exchange under any tender or
     exchange offer which is a Pro Rata Repurchase or the date of purchase with
     respect to any Pro Rata Repurchase that is not a tender or exchange offer.

     "Purchase Agreement" means the Purchase Agreement, dated as of December 22,
     1998, among the Company and the purchasers named therein, including all
     schedules and exhibits thereto.

     "Rights Agreement" means the Rights Agreement dated as of September 10,
     1996 between the Company and Harris Trust Company of New York, a New York
     trust company, as amended.

     "Rights" is defined in Section 14.

     "Securities Act" means the Securities Act of 1933, as amended, or any
     successor statute, and the rules and regulations promulgated thereunder.

     "Shares" is defined in Section 2.

     "Stated Value" is an amount equal to $100.00 per share of Preferred Stock.

     "Statement of Resolution" means the Statement of Resolution relating to the
     Preferred Stock filed with the Secretary of State of the State of Texas on
     January _____, 1999.

                                       4
<PAGE>
 
     "Subsidiary" of a Person means (i) a corporation, a majority of whose stock
     with voting power, under ordinary circumstances, to elect directors is at
     the time of determination, directly or indirectly, owned by such Person or
     by one or more Subsidiaries of such Person, or (ii) any other entity (other
     than a corporation) in which such Person or one or more Subsidiaries of
     such Person, directly or indirectly, at the date of determination thereof
     has at least a majority ownership interest.

     "Shares" has the meaning given to it in Section 2.

     "TBCA" means the Texas Business Corporation Act, as amended, or any
     successor statute or other legislation.

     "Tender Offer" means any transaction to which Regulation 14D of the
     Exchange Act applies.

     "Voting Stock" of a Person means Capital Stock of such Person of the class
     or classes pursuant to which the holders thereof have the general voting
     power under ordinary circumstances to vote in the election of the board of
     directors, managers or trustees of such Person.

     "Warrantholder" has the meaning given to it in Section 2.

     "Warrants" means collectively this Warrant, the ten year warrants to
     purchase an aggregate 10,500,000 shares and the seven-year warrants to
     purchase an aggregate 8,000,000 shares, all of which were issued to the
     purchasers named in the Purchase Agreement pursuant to the Purchase
     Agreement.

2.   Number of Shares; Exercise Price. This certifies that, for value received,
     [NAME OF WARBURG, PINCUS ENTITY] or its registered assigns (the
     "Warrantholder") is entitled, upon the terms and subject to the conditions
     hereinafter set forth, to acquire from the Company, in whole or in part, up
     to an aggregate of [2,500,000] fully paid and nonassessable shares of
     Common Stock, par value $0.01 per share, (the "Shares") of the Company, at
     a purchase price of $12.00 per Share (the "Exercise Price"). The number of
     Shares and the Exercise Price are subject to adjustment as provided herein,
     and all references to "Shares", "Common Stock" and "Exercise Price" herein
     shall be deemed to include any such adjustment or series of adjustments.

3.   Exercise of Warrant; Term.  The right to purchase the Shares represented by
     this Warrant are exercisable, in whole or in part by the Warrantholder, at
     any time or from time to time after the earlier of August 31, 1999 and the
     occurrence of an Early Exercise Event but in no event later than 11:59 p.m.
     Central Time, on January ___, 2006 (the "Expiration Time"), by (a) the
     surrender of this Warrant and Notice of Exercise annexed hereto, duly
     completed and executed on behalf of the Warrantholder, at the office of the
     Company in Houston, Texas (or such other office or agency of the Company in
     the United States as it may designate by notice in writing to the
     Warrantholder at the address of the Warrantholder appearing on the books of
     the Company), and (b) payment of the Exercise Price for the Shares thereby
     purchased at the election of the Warrantholder in one of the following
     manners:

          (i) by tendering in cash, by certified or cashier's check or by wire
       transfer payable to the order of the Company; or

          (ii) by having the Company withhold shares of Common Stock issuable
       upon exercise of the Warrant equal in value to the aggregate Exercise
       Price as to which this Warrant is so exercised based on the Market Price
       of the Common Stock on the trading day prior to the date on which this
       Warrant and the Notice of Exercise are delivered to the Company; or

                                       5
<PAGE>
 
          (iii) by tendering to the Company that number of shares of Preferred
       Stock rounded to the nearest whole share equal to the aggregate Exercise
       Price as to which this Warrant is so exercised divided by the sum of (1)
       the Stated Value of the Preferred Stock plus (2) any accrued but unpaid
       dividends thereon.

     If the Warrantholder does not exercise this warrant in its entirety, the
     Warrantholder will be entitled to receive from the Company within a
     reasonable time, not exceeding three (3) business days, a new warrant in
     substantially identical form for the purchase of that number of Shares
     equal to the difference between the number of Shares subject to this
     Warrant and the number of Shares as to which this Warrant is so exercised.
     Notwithstanding the foregoing, if the Company fails to obtain the approval
     of the Company's shareholders of the issuance of Common Stock pursuant to
     this Warrant as contemplated by Section 5.9 of the Purchase Agreement, the
     Warrantholder may only exercise this Warrant in the manner permitted by
     Section 3(b)(ii) and upon any such exercise receive, in lieu of the shares
     of Common Stock, cash in an amount equal to the product of (i) the number
     of shares of Common Stock that would have been otherwise issuable and (ii)
     the Market Price of the Common Stock on the trading day prior to the date
     on which this Warrant and the Notice of Exercise are delivered to the
     Company, such amount being paid by certified or cashiers check or by wire
     transfer in same day funds on the fourth business day following such
     exercise.

4.   Issuance of Shares; Authorization; Listing.  Certificates for Shares issued
     upon exercise of this Warrant will be issued in such name or names as the
     Warrantholder may designate and will be delivered to such named Person or
     Persons within a reasonable time, not to exceed three (3) business days
     after the date on which this Warrant has been duly exercised in accordance
     with the terms of this Warrant. The Company hereby represents and warrants
     that any Shares issued upon the exercise of this Warrant in accordance with
     the provisions of Section 3 will, upon such exercise, be duly and validly
     authorized and issued, fully paid and nonassessable and free from all
     taxes, liens and charges (other than liens or charges created by or imposed
     upon the Warrantholder or taxes in respect of any transfer occurring
     contemporaneously therewith).  The Company agrees that the Shares so issued
     will be deemed to have been issued to the Warrantholder as of the close of
     business on the date on which this Warrant and payment of the Exercise
     Price are delivered to the Company in accordance with the terms of this
     Warrant, notwithstanding that the stock transfer books of the Company may
     then be closed or certificates representing such Shares may not be actually
     delivered on such date.  The Company will at all times reserve and keep
     available, out of its authorized but unissued Common Stock, solely for the
     purpose of providing for the exercise of this Warrant, the aggregate number
     of shares of Common Stock issuable upon exercise of this Warrant. The
     Company will (i) procure, at its sole expense, the listing of the Shares
     and other securities issuable upon exercise of this Warrant, subject to
     issuance or notice of issuance on all stock exchanges on which the Common
     Stock or such other securities are then listed or traded and (ii) maintain
     the listing of such Shares or such other securities after issuance.  The
     Company will take all action as may be necessary to ensure that the Shares
     may be issued without violation of any applicable law or regulation or of
     any requirement of any securities exchange on which the Shares are listed
     or traded.

5.   No Fractional Shares or Scrip.  No fractional Shares or scrip representing
     fractional Shares shall be issued upon any exercise of this Warrant.  In
     lieu of any fractional Share to which the Warrantholder would otherwise be
     entitled, the Warrantholder shall be entitled to receive a cash payment
     equal to the Market Price of the Common Stock less the Exercise Price for
     such fractional share.

                                       6
<PAGE>
 
6.   No Rights as Shareholders; Transfer Books. This Warrant does not entitle
     the Warrantholder to any voting rights or other rights as a shareholder of
     the Company prior to the date of exercise hereof. The Company will at no
     time close its transfer books against transfer of this Warrant in any
     manner which interferes with the timely exercise of this Warrant.

7.   Charges, Taxes and Expenses. Certificates for shares issued upon exercise
     of this Warrant shall be issued in the name of the Warrantholder. Issuance
     of certificates for shares upon the exercise of this Warrant shall be made
     without charge to the Warrantholder for any issue or transfer tax or other
     incidental expense in respect of the issuance of such certificates, all of
     which taxes and expenses shall be paid by the Company.

8.   Transfer/Assignment. This Warrant and any rights hereunder are not
     transferable by the Warrantholder, in whole or in part, in the absence of
     any effective registration statement related to this Warrant or an opinion
     of counsel, satisfactory in form and substance to the Company, that such
     registration is not required under the Securities Act and any applicable
     state securities laws. Subject to compliance with the preceding sentence,
     this Warrant and all rights hereunder are transferable, in whole or in
     part, upon the books of the Company by the registered holder hereof in
     person or by duly authorized attorney, and a new warrant shall be made and
     delivered by the Company, of the same tenor and date as this Warrant but
     registered in the name of the transferee, upon surrender of this Warrant,
     duly endorsed, to the office or agency of the Company described in Section
     2. All expenses, taxes (other than stock transfer taxes) and other charges
     payable in connection with the preparation, execution and delivery of the
     new warrants pursuant to this Section 8 shall be paid by the Company. The
     restrictions imposed by the first sentence of this Section 8 shall
     terminate as to the Warrant (i) when such security has been effectively
     registered under the Securities Act and disposed of in accordance with the
     registration statement covering such security, or (ii) when, in the opinion
     of counsel for the Company, such restrictions are no longer required in
     order to achieve compliance with the Securities Act.

9.   Exchange and Registry of Warrant.  This Warrant is exchangeable, upon the
     surrender hereof by the Warrantholder at the office or agency of the
     Company described in Section 2, for a new warrant or warrants of like tenor
     and date representing the right to purchase in the aggregate a like number
     of shares. The Company shall maintain at the office or agency described in
     Section 2 a registry showing the name and address of the Warrantholder as
     the registered holder of this Warrant.  This Warrant may be surrendered for
     exchange or exercise, in accordance with its terms, at the office of the
     Company, and the Company shall be entitled to rely in all respects, prior
     to written notice to the contrary, upon such registry.

10.  Loss, Theft, Destruction or Mutilation of Warrant.  Upon receipt by the
     Company of evidence reasonably satisfactory to it of the loss, theft,
     destruction or mutilation of this Warrant, and in the case of any such
     loss, theft or destruction, of an indemnity letter (reasonably satisfactory
     to the Company) by an institutional Warrantholder, or in other cases,
     indemnity or security reasonably satisfactory to it, and in the case of
     such mutilation, upon surrender and cancellation of this Warrant, the
     Company will make and deliver a new warrant or warrants of like tenor and
     date, in lieu of this Warrant.

11.  Saturdays, Sundays, Holidays, etc.  If the last or appointed day for the
     taking of any action or the expiration of any right required or granted
     herein shall not be a Business Day, then such action may be taken or such
     right may be exercised on the next succeeding day that is a Business Day.


12.  Rule 144 Information. The Company covenants that it will file the reports
     required to be filed by it under the Securities Act and the Exchange Act
     and the rules and regulations promulgated thereunder (or, if the Company is
     not required to file such reports, it will, upon

                                       7
<PAGE>
 
     the request of any Warrantholder, make publicly available such
     information), and it will take such further action as any Warrantholder may
     reasonably request, all to the extent required from time to time to enable
     such holder to sell the Warrants without registration under the Securities
     Act within the limitation of the exemptions provided by (i) Rule 144 under
     the Securities Act, as such Rule may be amended from time to time, or (ii)
     any similar rule or regulation hereafter adopted by the Securities and
     Exchange Commission. Upon the request of any Warrantholder, the Company
     will deliver to such Warrantholder a written statement that it has complied
     with such requirements.

13.  Adjustments and Other Rights. The Exercise Price and the number of Shares
     issuable upon exercise of this Warrant shall be subject to adjustment from
     time to time as follows:

          (A) Common Stock Issued at Less than Market Value.  If the Company
     issues or sells any Common Stock other than Excluded Stock without
     consideration or for consideration per share less than the Market Price of
     the Common Stock, on the last trading day immediately preceding such
     issuance, the Exercise Price in effect immediately prior to each such
     issuance or sale will immediately (except as provided below) be reduced to
     the price determined by multiplying the Exercise Price, in effect
     immediately prior to such issuance or sale, by a fraction, (1) the
     numerator of which shall be (x) the number of shares of Common Stock
     outstanding immediately prior to such issuance or sale plus (y) the number
     of shares of Common Stock which the aggregate consideration received by the
     Company for the total number of such additional shares of Common Stock so
     issued or sold would purchase at the Market Price on the last trading day
     immediately preceding such issuance or sale and (2) the denominator of
     which shall be the number of shares of Common Stock outstanding immediately
     after such issue or sale. In such event, the number of shares of Common
     Stock issuable upon the exercise of this Warrant shall be increased to the
     number obtained by dividing (i) the product of (a) the number of Shares
     issuable upon the exercise of this Warrant before such adjustment, and (b)
     the Exercise Price in effect immediately prior to the issuance giving rise
     to this adjustment by (ii) the new Exercise Price determined in accordance
     with the immediately preceding sentence. For the purposes of any adjustment
     of the Exercise Price and the number of Shares issuable upon exercise of
     this Warrant pursuant to this Section 13(A), the following provisions shall
     be applicable:

               (i) In the case of the issuance of Common Stock for cash, the
          amount of the consideration received by the Company shall be deemed to
          be the amount of the cash proceeds received by the Company for such
          Common Stock before deducting therefrom any discounts or commissions
          allowed, paid or incurred by the Company for any underwriting or
          otherwise in connection with the issuance and sale thereof.

               (ii) In the case of the issuance of Common Stock (otherwise than
          upon the conversion of shares of Capital Stock or other securities of
          the Company) for a consideration in whole or in part other than cash,
          including securities acquired in exchange therefor (other than
          securities by their terms so exchangeable), the consideration other
          than cash shall be deemed to be the fair value thereof as determined
          by the Board, provided, however, that such fair value as determined by
          the Board shall not exceed the aggregate Market Price of the shares of
          Common Stock being issued as of the date the Board authorizes the
          issuance of such shares.

               (iii)  In the case of the issuance of (a) options, warrants or
          other rights to purchase or acquire Common Stock (whether or not at
          the time exercisable) or (b) securities by their terms convertible
          into or exchangeable for Common Stock (whether or not at the time so
          convertible or exchangeable) or options, warrants or rights to
          purchase such convertible or exchangeable securities (whether or not
          at the time exercisable):

                                       8
<PAGE>
 
                    (1)  the aggregate maximum number of shares of Common Stock
                         deliverable upon exercise of such options, warrants or
                         other rights to purchase or acquire Common Stock shall
                         be deemed to have been issued at the time such options,
                         warrants or rights are issued and for a consideration
                         equal to the consideration (determined in the manner
                         provided in Section 13(A)(i) and (ii), if any, received
                         by the Company upon the issuance of such options,
                         warrants or rights plus the minimum purchase price
                         provided in such options, warrants or rights for the
                         Common Stock covered thereby;

                    (2)  the aggregate maximum number of shares of Common Stock
                         deliverable upon conversion of or in exchange for any
                         such convertible or exchangeable securities, or upon
                         the exercise of options, warrants or other rights to
                         purchase or acquire such convertible or exchangeable
                         securities and the subsequent conversion or exchange
                         thereof, shall be deemed to have been issued at the
                         time such securities were issued or such options,
                         warrants or rights were issued and for a consideration
                         equal to the consideration, if any, received by the
                         Company for any such securities and related options,
                         warrants or rights (excluding any cash received on
                         account of accrued interest or accrued dividends), plus
                         the additional consideration (determined in the manner
                         provided in Section 13(A)(i) and (ii), if any, to be
                         received by the Company upon the conversion or exchange
                         of such securities, or upon the exercise of any related
                         options, warrants or rights to purchase or acquire such
                         convertible or exchangeable securities and the
                         subsequent conversion or exchange thereof;

                    (3)  on any change in the number of shares of Common Stock
                         deliverable upon exercise of any such options, warrants
                         or rights or conversion or exchange of such convertible
                         or exchangeable securities or any change in the
                         consideration to be received by the Company upon such
                         exercise, conversion or exchange, but excluding changes
                         resulting from the anti-dilution provisions thereof (to
                         the extent comparable to the anti-dilution provisions
                         contained herein), the Exercise Price and the number of
                         Shares issuable upon exercise of this Warrant as then
                         in effect shall forthwith be readjusted to such
                         Exercise Price and number of Shares as would have been
                         obtained had an adjustment been made upon the issuance
                         of such options, warrants or rights not exercised prior
                         to such change, or of such convertible or exchangeable
                         securities not converted or exchanged prior to such
                         change, upon the basis of such change;

                    (4)  on the expiration or cancellation of any such options,
                         warrants or rights (without exercise), or the
                         termination of the right to convert or exchange such
                         convertible or exchangeable securities (without
                         exercise), if the Exercise Price and the number of
                         Shares issuable upon exercise of this Warrant shall
                         have been adjusted upon the issuance thereof, the
                         Exercise Price and the number of Shares issuable upon
                         exercise of this Warrant shall forthwith be readjusted
                         to such

                                       9
<PAGE>
 
                         Exercise Price and number of Shares as would have been
                         obtained had an adjustment been made upon the issuance
                         of such options, warrants, rights or such convertible
                         or exchangeable securities on the basis of the issuance
                         of only the number of shares of Common Stock actually
                         issued upon the exercise of such options, warrants or
                         rights, or upon the conversion or exchange of such
                         convertible or exchangeable securities; and

                    (5)  if the Exercise Price and the number of Shares issuable
                         upon exercise of this Warrant shall have been adjusted
                         upon the issuance of any such options, warrants, rights
                         or convertible or exchangeable securities, no further
                         adjustment of the Exercise Price and the number of
                         Shares issuable upon exercise of this Warrant shall be
                         made for the actual issuance of Common Stock upon the
                         exercise, conversion or exchange thereof; provided,
                         however, that no increase in the Exercise Price shall
                         be made pursuant to subclauses (1) or (2) of this
                         Section 13(A) (iii).

          (B) Stock Splits, Subdivisions, Reclassifications or Combinations. If
     the Company shall (1) declare a dividend or make a distribution on its
     Common Stock in shares of Common Stock, (2) subdivide or reclassify the
     outstanding shares of Common Stock into a greater number of shares, or (3)
     combine or reclassify the outstanding Common Stock into a smaller number of
     shares, the number of Shares issuable upon exercise of this Warrant at the
     time of the record date for such dividend or distribution or the effective
     date of such subdivision, combination or reclassification shall be
     proportionately adjusted so that the Warrantholder after such date shall be
     entitled to purchase the number of shares of Common Stock which such holder
     would have owned or been entitled to receive after such date had this
     Warrant been exercised immediately prior to such date. Successive
     adjustments in the Exercise Price shall be made whenever any event
     specified above shall occur. In such event the Exercise Price in effect at
     the time of the record date for such dividend or distribution or the
     effective date of such subdivision, combination or reclassification shall
     be adjusted to the number obtained by dividing (i) the product of (a) the
     number of Shares issuable upon the exercise of this Warrant before such
     adjustment and (b) the Exercise Price in effect immediately prior to the
     issuance giving rise to this adjustment by (ii) the new number of shares
     issuable upon exercise of the Warrant determined pursuant to the
     immediately preceding sentence.

          (C) Other Distributions.  In case the Company shall fix a record date
     for the making of a distribution to all holders of shares of its Common
     Stock (i) of shares of any class other than its Common Stock or (ii) of
     evidence of indebtedness of the Company or any Subsidiary or (iii) of
     assets (excluding Ordinary Cash Dividends, and dividends or distributions
     referred to in Section 13(B)), or (iv) of rights or warrants (excluding
     those referred to in Section 13(B)), in each such case the Exercise Price
     in effect immediately prior thereto shall be reduced immediately thereafter
     to the price determined by dividing (x) an amount equal to the difference
     resulting from (1) the number of shares of Common Stock outstanding on such
     record date multiplied by the Exercise Price per share on such record date,
     less (2) the fair market value (as reasonably determined by the Board) of
     said shares or evidences of indebtedness or assets or rights or warrants to
     be so distributed, by (y) the number of shares of Common Stock outstanding
     on such record date; such adjustment shall be made successively whenever
     such a record date is fixed. In such event, the number of shares of Common
     Stock issuable upon the exercise of this Warrant shall be increased to the
     number obtained by dividing (i) the product of (a) the number of Shares
     issuable upon the exercise of this Warrant before such adjustment, and (b)
     the Exercise Price in effect immediately prior to

                                       10
<PAGE>
 
     the issuance giving rise to this adjustment by (ii) the new Exercise Price
     determined in accordance with the immediately preceding sentence. In the
     event that such distribution is not so made, the Exercise Price and the
     number of Shares issuable upon exercise of this Warrant then in effect
     shall be readjusted, effective as of the date when the Board determines not
     to distribute such shares, evidences of indebtedness, assets, rights or
     warrants, as the case may be, to the Exercise Price that would then be in
     effect and the number of Shares that would then be issuable upon exercise
     of this Warrant if such record date had not been fixed.

          (D) Certain Repurchases of Common Stock.  In case the Company effects
     a Pro Rata Repurchase of Common Stock, then the Exercise Price shall be
     reduced to the price determined by multiplying the Exercise Price in effect
     immediately prior to the effective date of such Pro Rata Repurchase by a
     fraction of which the numerator shall be  (i) the product of (x) the number
     of shares of Common Stock outstanding immediately before such Pro Rata
     Repurchase and (y) the Market Price of a share of Common Stock on the
     trading day immediately preceding the first public announcement by the
     Company or any of its Affiliates of the intent to effect such Pro Rata
     Repurchase, minus (ii) the aggregate purchase price of the Pro Rata
     Repurchase, and of which the denominator shall be the product of (i) the
     number of shares of Common Stock outstanding immediately prior to such Pro
     Rata Repurchase minus the number of shares of Common Stock so repurchased
     and (ii) the Market Price per share of Common Stock on the trading day
     immediately preceding the first public announcement of such Pro Rata
     Repurchase. In such event, the number of shares of Common Stock issuable
     upon the exercise of this Warrant shall be increased to the number obtained
     by dividing (i) the product of (a) the number of Shares issuable upon the
     exercise of this Warrant before such adjustment, and (b) the Exercise Price
     in effect immediately prior to the Pro Rata Repurchase giving rise to this
     adjustment by (ii) the new Exercise Price determined in accordance with the
     immediately preceding sentence.

          (E) Business Combinations.  In case of any Business Combination or
     reclassification of Common Stock (other than a reclassification of Common
     Stock referred to in Section 13(B)), any Shares issued or issuable upon
     exercise of this Warrant shall after the date of such Business Combination
     or reclassification be exchangeable for into the number of shares of stock
     or other securities or property (including cash) to which the Common Stock
     issuable (at the time of such consolidation, merger, sale, lease or
     conveyance) upon exercise of this Warrant immediately prior to such
     Business Combination or reclassification would have been entitled upon such
     Business Combination or reclassification; and in any such case, if
     necessary, the provisions set forth herein with respect to the rights and
     interests thereafter of the Warrantholder shall be appropriately adjusted
     so as to be applicable, as nearly as may reasonably be, to any shares of
     stock or other securities or property thereafter deliverable on the
     exercise of this Warrant.  In determining the kind and amount of stock,
     securities or the property receivable upon consummation of such Business
     Combination, if the holders of Common Stock have the right to elect the
     kind or amount of consideration receivable upon consummation of such
     Business Combination, then the Warrantholder shall have the right to make a
     similar election upon exercise of this Warrant with respect to the number
     of shares of stock or other securities or property which the Warrantholder
     will receive upon exercise of this Warrant.

          (F) Rounding of Calculations; Minimum Adjustments.  All calculations
     under this Section 13 shall be made to the nearest one-tenth (1/10th) of a
     cent or to the nearest one-hundreth (1/100th) of a share, as the case may
     be.  Any provision of this Section 13 to the contrary notwithstanding, no
     adjustment in the Exercise Price or the number of Shares into which this
     Warrant is exercisable shall be made if the amount of such adjustment would
     be less than $0.01 or one-tenth (1/10th) of a share of Common Stock,
     respectively, but any such amount shall be carried forward and an
     adjustment with respect thereto shall be made at the time of and together
     with any subsequent adjustment which, together with such

                                       11
<PAGE>
 
     amount and any other amount or amounts so carried forward, shall aggregate
     $0.01 or 1/10th of a share of Common Stock, respectively, or more.

          (G) Timing of Issuance of Additional Common Stock Upon Certain
     Adjustments. In any case in which the provisions of this Section 13 shall
     require that an adjustment shall become effective immediately after a
     record date for an event, the Company may defer until the occurrence of
     such event (i) issuing to the Warrantholder of this Warrant exercised after
     such record date and before the occurrence of such event the additional
     shares of Common Stock issuable upon such exercise by reason of the
     adjustment required by such event over and above the shares of Common Stock
     issuable upon such exercise before giving effect to such adjustment and
     (ii) paying to such Warrantholder any amount of cash in lieu of a
     fractional share of Common Stock; provided, however, that the Company upon
     request shall deliver to such Warrantholder a due bill or other appropriate
     instrument evidencing such Warrantholder's right to receive such additional
     shares, and such cash, upon the occurrence of the event requiring such
     adjustment.

          (H) Statement Regarding Adjustments. Whenever the Exercise Price or
     the number of Shares into which this Warrant is exercisable shall be
     adjusted as provided in Section 13, the Company shall forthwith file, at
     the principal office of the Company a statement showing in reasonable
     detail the facts requiring such adjustment and the Exercise Price that
     shall be in effect and the number of Shares into which this Warrant shall
     be exercisable after such adjustment and the Company shall also cause a
     copy of such statement to be sent by mail, first class postage prepaid, to
     each Warrantholder at the address appearing in the Company's records.

          (I) Notices.  In the event that the Company shall propose to take any
     action of the type described in this Section 13 (but only if the action of
     the type described in this Section 13 would result in an adjustment in the
     Exercise Price or the number of Shares into which this Warrant is
     exercisable or a change in the type of securities or property to be
     delivered upon exercise of this Warrant), the Company shall give notice to
     the Warrantholder, in the manner set forth in Section 13(H), which notice
     shall specify the record date, if any, with respect to any such action and
     the approximate date on which such action is to take place.  Such notice
     shall also set forth the facts with respect thereto as shall be reasonably
     necessary to indicate the effect on the Exercise Price and the number, kind
     or class of shares or other securities or property which shall be
     deliverable upon exercise of this Warrant. In the case of any action which
     would require the fixing of a record date, such notice shall be given at
     least 10 days prior to the date so fixed, and in case of all other action,
     such notice shall be given at least 15 days prior to the taking of such
     proposed action.  Failure to give such notice, or any defect therein, shall
     not affect the legality or validity of any such action.

          (J) No Impairment.  The Company will not, by amendment of its Articles
     or through any reorganization, transfer of assets, consolidation, merger,
     dissolution, issue or sale of securities or any other voluntary action,
     avoid or seek to avoid the observance or performance of any of the terms to
     be observed or performed hereunder by the Company, but will at all times in
     good faith assist in the carrying out of all the provisions of this Warrant
     and in taking of all such action as may be necessary or appropriate in
     order to protect the rights of the Warrantholder.

14.  Rights. Whenever the Company shall issue shares of Common Stock upon
     exercise of this Warrant, the Company shall issue, together with each such
     share of Common Stock, one right to purchase Series A Junior Participating
     Preferred Stock of the Company (or other securities in lieu thereof)
     pursuant to the Rights Agreement, or any similar rights issued to holders
     of Common Stock in addition thereto or in the replacement therefor (such
     rights, together with any additional or replacement rights, being
     collectively referred to as the "Rights"), whether or not such Rights shall
     be exercisable at such time, but only if such Rights are issued and
     outstanding and held by the other holders of Common Stock (or 

                                       12
<PAGE>
 
     evidenced by outstanding share certificates representing Common Stock) at
     such time and have not expired or been redeemed.

15.  Governing Law. This Warrant shall be binding upon any successors or assigns
     of the Company. This Warrant shall constitute a contract under the laws of
     Texas and for all purposes shall be construed in accordance with and
     governed by the laws of Texas, without giving effect to the conflict of
     laws principles.
 
16.  Attorneys' Fees. In any litigation, arbitration or court proceeding between
     the Company and the Warrantholder as the holder of this Warrant relating
     hereto, the prevailing party shall be entitled to reasonable attorneys'
     fees and expenses incurred in enforcing this Warrant.

17.  Amendments. This Warrant may be amended and the observance of any term of
     this Warrant may be waived only with the written consent of the Company and
     the Warrantholder.


18.  Notice. All notices hereunder shall be in writing and shall be effective
     (a) on the day on which delivered if delivered personally or transmitted by
     telex or telegram or telecopier with evidence of receipt, (b) one Business
     Day after the date on which the same is delivered to a nationally
     recognized overnight courier service with evidence of receipt, or (c) five
     Business Days after the date on which the same is deposited, postage
     prepaid, in the U.S. mail, sent by certified or registered mail, return
     receipt requested, and addressed to the party to be notified at the address
     indicated below for the Company, or at the address for the Warrantholder
     set forth in the registry maintained by the Company pursuant to Section 9,
     or at such other address and/or telecopy or telex number and/or to the
     attention of such other person as the Company or the Warrantholder may
     designate by ten-day advance written notice.

19.  Prohibited Actions. The Company agrees that it will not take any action
     which would entitle the Warrantholder to an adjustment of the Exercise
     Price if the total number of shares of Common Stock issuable after such
     action upon exercise of this Warrant, together with all shares of Common
     Stock then outstanding and all shares of Common Stock then issuable upon
     the exercise of all outstanding options, warrants, conversion and other
     rights, would exceed the total number of shares of Common Stock then
     authorized by its Restated Articles of Incorporation.

20.  Entire Agreement. This Warrant and the forms attached hereto contain the
     entire agreement between the parties with respect to the subject matter
     hereof and supersede all prior and contemporaneous arrangements or
     undertakings with respect thereto.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
                                        

                                       13
<PAGE>
 
     IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by a
duly authorized officer.


Dated:  January ____, 1999


                                    EEX CORPORATION



                                    ____________________________________________
                                    J.T. Leary
                                    Vice President - Finance and Treasurer

                                       14
<PAGE>
 
                          [FORM OF NOTICE OF EXERCISE]
                                        

                             Date: _______________


TO:  EEX Corporation

RE:  Election to Subscribe for and Purchase Common Stock

          The undersigned, pursuant to the provisions set forth in the attached
Warrant, hereby agrees to subscribe for and purchase the number of shares of the
Common Stock set forth below covered by such Warrant.  The undersigned, in
accordance with Section 3 of the Warrant, hereby agrees to pay the aggregate
Exercise Price for such shares of Common Stock in the manner set forth below.  A
new warrant evidencing the remaining shares of Common Stock covered by such
Warrant, but not yet subscribed for and purchased, should be issued in the name
set forth below.  If the new warrant is being transferred, an opinion of counsel
is attached hereto with respect to the transfer of such warrant.


Number of Shares of Common Stock: ___________________________

Method of Payment of Exercise Price: ________________________

Name and Address of Person to be
Issued New Warrant: _________________________________________
 
                    _________________________________________

                    _________________________________________

                    _________________________________________
 
 

                                Holder: _________________________________

                                By:     _________________________________

                                Name:   _________________________________

                                Title:  _________________________________

                                       15