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Stone Energy Corporation Secures Deep Water Drilling Rig And Provides Operational Update

Stocks in this article: SGY

LAFAYETTE, La., April 8, 2013 /PRNewswire/ -- Stone Energy Corporation (NYSE: SGY) announced today that it has contracted an ENSCO 8500 series dynamically positioned deep water drilling rig for Stone's Cardona oil development program at Mississippi Canyon 29.  Drilling on the first Cardona well is expected to commence during the second half of 2013 followed by the drilling of the Cardona South well.  Stone plans to tie back both wells to the 100% owned Pompano platform with production projected for late 2014.  Stone holds a 65% working interest in the Cardona wells and will be the operator.

Chairman, President and CEO David Welch stated, "The signing of the Ensco contract allows us to move forward to more fully develop the reserves around the Pompano platform.  These Stone-operated deep water wells allow us to be in control of the planning and timing of the Cardona project.  After years of preparation, we look forward to progressing our deep water development and exploration efforts."  

Separately, the ENSCO 81 jack-up rig is expected to begin drilling on a three to four well conventional shelf/deep gas drilling program in May 2013.  Stone expects to drill the Hammerlock oil prospect located on South Timbalier 100, followed by the Taildancer oil prospect located on Ship Shoal 113.  The remaining one or two wells will follow Taildancer.   Also in May 2103, the Parker 50B inland barge rig is expected to spud an infield oil well prospect in the Stone-operated Clovelly field.  Stone holds a 94% working interest in Hammerlock and a 100% working interest in Taildancer and Clovelly.

At the La Cantera liquids-rich deep gas field, the third well was successfully drilled to 18,000 ft and is currently in completion operations with first production expected in June 2013.  Combined with the first two wells, gross production from this field is projected at over 100 MMcfe per day (over 25 MMcfe per day net) when the third well commences production.  Stone holds a 34.6% non-operated working interest in the field.

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