EX-99.1 2 h55123exv99w1.htm PRESS RELEASE exv99w1
 

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.