8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

March 20, 2008
Date of report (Date of earliest event reported)

STONE ENERGY CORPORATION

(Exact Name of Registrant as Specified in Charter)

Delaware	1-12074	72-1235413
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

625 E. Kaliste Saloom Road
Lafayette, Louisiana	70508
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code: (337) 237-0410

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e 4(c))

Section 7 –  Regulation FD

Item 7.01. Regulation FD Disclosure.

     On March 20, 2008, we issued a press release announcing the results of our participation in the Outer Continental Shelf Sale 206 held by the Minerals Management Service. The press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference into this Item 7.01.

     In accordance with General Instruction B.2 of Form 8-K, the foregoing information, including Exhibit 99.1, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 (“Exchange Act”) or otherwise subject to the liabilities of that section, nor shall such information and Exhibit be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Section 9 –  Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

99.1 Press release dated March 20, 2008, “Stone Energy Corporation Announces Apparent High Bid on Twenty-five Gulf of Mexico Blocks.”

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SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, Stone Energy Corporation has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	STONE ENERGY CORPORATION
Date: March 20, 2008	By:	/s/ J. Kent Pierret
		J. Kent Pierret
		Senior Vice President, Chief Accounting Officer and Treasurer

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EXHIBIT INDEX

Exhibit
Number		Description
	99.1	Press release dated March 20, 2008, “Stone Energy Corporation Announces Apparent High Bid on Twenty-five Gulf of Mexico Blocks.”

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EX-99.1

Exhibit 99.1

STONE ENERGY CORPORATION

Announces Apparent High Bid on Twenty-five Gulf of Mexico Blocks

LAFAYETTE, LA. March 20, 2008

     Stone Energy Corporation (NYSE: SGY) today announced the results of its participation in the Outer Continental Shelf Sale 206 held yesterday by the Minerals Management Service (“MMS”) in New Orleans covering available blocks in the central Gulf of Mexico. Stone submitted the apparent high bid (“AHB”) on twenty-five offshore blocks. Stone’s share of the lease bonuses for the twenty-five AHBs totaled approximately $43 million. The lease acquisitions will add approximately 140,511 gross acres and 79,338 net acres to Stone’s leasehold inventory. The AHBs are subject to a review process by the MMS before they can be awarded.

     Richard L. Smith, Vice President of Exploration stated, “We are now well positioned to execute our strategy of participating in a portfolio of deep water projects which will complement our attractive shelf opportunities. Our plan in the deep water is to maintain a lower working interest over a larger number of prospects. We are impressed with the quality of these prospects and look forward to working with our partners. With deep water leases having 10-year terms, we will have a multi-year inventory of projects to evaluate. We are also pleased with our additions on the shelf as these prospects will provide us with lower risk projects with a shorter term impact.”

     The AHB on each block is indicated below:

Block	AHB		SGY WI%			SGY Share		Partners
Atwater Valley388*	$	277,115		20	%	$	55,423	Eni
Garden Banks 121*		26,245,750		20	%		5,249,150	Anadarko
Garden Banks 122*		1,618,000		20	%		323,600	Anadarko
Garden Banks 293*		11,016,950		25	%		2,754,238	Newfield
Garden Banks 336*		4,016,950		25	%		1,004,238	Newfield
Garden Banks 337*		1,016,950		25	%		254,238	Newfield
Garden Banks 338*		12,026,950		16.67	%		2,004,893	Newfield
Green Canyon 451*		42,139,960		16	%		6,742,394	Newfield & Woodside
Main Pass 228		405,555		75	%		304,166	Houston Energy
Main Pass 234		137,135		60	%		82,281	Houston Energy & Helis
Main Pass 295		824,800		100	%		824,800	—
Mississippi Canyon 404*		315,000		100	%		315,000	—
Mississippi Canyon 405*		424,000		100	%		424,000	—
Mississippi Canyon 406*		315,000		100	%		315,000	—
Mississippi Canyon 448*		715,000		100	%		715,000	—
Mississippi Canyon 449*		715,000		100	%		715,000	—
Mississippi Canyon 450*		315,000		100	%		315,000	—
Mississippi Canyon 455*		418,000		100	%		418,000	—
Mississippi Canyon 456*		618,000		100	%		618,000	—
Vermilion 47		418,000		100	%		418,000	—
Walker Ridge 422*		31,715,555		20	%		6,343,111	Eni
Walker Ridge 423*		3,377,777		20	%		675,555	Eni
Walker Ridge 675*		5,115,207		20	%		1,023,041	Eni & Samson
Walker Ridge 719*		54,515,292		20	%		10,903,058	Eni & Samson
Walker Ridge 720*		1,113,292		20	%		222,658	Eni & Samson
						$	43,019,844

* Indicates deepwater block

     Stone Energy is an independent oil and natural gas company headquartered in Lafayette, Louisiana, and is engaged in the acquisition, exploration, exploitation, development and operation of oil and gas properties located primarily in the Gulf of Mexico. For additional information, contact Kenneth H. Beer, Chief Financial Officer, at 337-237-0410-phone, 337-237-0426-fax or via e-mail at CFO@StoneEnergy.com.

Certain statements in this press release are forward-looking and are based upon Stone’s current belief as to the outcome and timing of future events. All statements, other than statements of historical facts, that address activities that Stone plans, expects, believes, projects, estimates or anticipates will, should or may occur in the future, including future production of oil and gas, future capital expenditures and drilling of wells and future financial or operating results are forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements herein include the timing and extent of changes in commodity prices for oil and gas, operating risks and other risk factors as described in Stone’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission. Should one or more of these risks or uncertainties occur, or should underlying assumptions prove incorrect, Stone’s actual results and plans could differ materially from those expressed in the forward-looking statements.