Stone Energy Corporation (Stone Energy), incorporated in 1993, is an independent oil and natural gas company engaged in the acquisition, exploration, exploitation, development and operation of oil and gas properties located primarily in the Gulf of Mexico (GOM). As of December 31, 2009, the Company’s estimated proved oil and natural gas reserves were approximately 410.7 billions of cubic feet equivalent (Bcfe). During the year ended December 31, 2009, it sold all of its Rocky Mountain Region properties to Newfield Exploration Company. In June 2009, the Company discovered on its deepwater Pyrenees Prospect, located on Garden Banks Block 293.
As of December 31, 2009, its proved undeveloped reserves (PUDs) totaled approximately 92 Bcfe, or 22%, of its total estimated proved oil and gas reserves. As of February 25, 2010, Stone Energy had leasehold interests in approximately 42,000 net acres, and had six vertical wells that were on production and another eight wells that were in various stages of drilling or completion waiting on hook-up. As of February 25, 2010, it had working interests in undeveloped plays in the Rocky Mountain Region, which totaled approximately 81,000 net acres. The Company’s oil and natural gas production is sold under short-term contracts. Shell Trading (US) Company, Conoco, Inc., Sequent Energy Management LP and Hess Corporation, each accounted for 11% to 34% of its oil and natural gas revenue generated during 2009.
As of February 25, 2010, Stone Energy’s property portfolio consisted of 71 active properties and 100 primary term leases in the Gulf Coast Basin and five active properties in the Appalachia region. It serves as operator on 83% of its active properties. In 2009, the properties that it operates accounted for 90% of its estimated proved reserves.
Stone Energy Corporation (NYSE:SGY), established in March 1993, is a Gulf Coast Basin-focused independent oil and gas company engaged in the acquisition and subsequent exploration, development, production and operation of oil and gas properties located in the conventional shelf of the Gulf of Mexico, the deep shelf of the Gulf of Mexico, the deepwater of the Gulf of Mexico, the Rocky Mountain Basins and the Williston Basin. Stone Energy is also involved in an exploratory joint venture in Bohai Bay, China. During the year ended December 2006, the company entered into an agreement to participate in the drilling of two exploratory wells on two offshore concessions in Bohai Bay, China. In April 2006, it entered into an Agreement and Plan of Merger with Plains Exploration & Production Company (PXP) – an independent oil and gas company based in Houston, Texas – and Plains Acquisition Corporation (Plains Acquisition), a wholly-owned subsidiary of PXP.
Stone Energy’s business strategy, which has remained the same since its implementation, is to increase production, cash flow and reserves through the acquisition and development of mature properties primarily located in the Gulf Coast Basin, either onshore or in shallow waters offshore. The mission of the company is to provide its shareholders with superior rates of return through consistently profitable operations and prudent management of the risks inherent to the oil and gas industry while fostering a corporate character of business integrity, creativity, technical excellence, employee involvement, environmental awareness and community service.
Group or Branch:
BOIS D’ARC ENERGY, INC.
625, East Kaliste Saloom Road 70508, LAFAYETTE, LA, UNITED STATES OF AMERICA
+1 337 237 0410
+1 318 237 0426