On February 17, 1994, at 1155 eastern standard time, a Piper PA-34-200, N1247T, registered to Alan K. Clark, ditched in the Gulf of Mexico, about 70 nm west of St. Petersburg, Florida, following loss of engine power due to fuel exhaustion, while on a 14 CFR Part 91, business flight. Visual meteorological conditions prevailed at the time and no flight plan was filed. The aircraft was not recovered and is presumed to be destroyed and the airline transport pilot was not injured. The flight originated at Springfield, Kentucky on February 17, 1994, at 0615. The pilot stated that after departure from Springfield, Kentucky enroute to Crossville, Tennessee, he fell asleep due to not having had sufficient sleep. When he woke up about 1130 he was over the Gulf of Mexico, about 210 miles south of Panama City, Florida. The fuel quantity gauges showed almost empty. He transmitted a mayday on 121.5 mhz and reported that he was running out of fuel. Air Force and Coast Guard aircraft heard the mayday and they located and joined up with him, and directed him toward St. Petersburg, Florida, the closest airport. After flying 100 miles toward St. Petersburg, both engines stopped due to fuel exhaustion and he ditched. A Coast Guard helicopter arrived on scene and he was rescued.