LAFAYETTE, La., April 24, 2018 /PRNewswire/ -- Stone Energy
Corporation (NYSE: SGY) ("Stone" or the "Company") today announced
that the Derbio exploration well (Mississippi Canyon Block 72 #3
well) reached total depth and encountered reservoir-quality sands
in the targeted objective that did not contain commercial
saturations of hydrocarbons. The partners are now evaluating
the possible development of the Rampart Deep well as a single-well
tieback. Working interest partners in the Derbio prospect are
Stone with 40%, Deep Gulf Energy III, LLC with 30%, and two
entities managed by Ridgewood Energy Corporation, Ridgewood
Rampart, LLC and ILX Prospect Rampart, LLC, each owning 15%.
Forward-Looking Statements
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 or results 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 and
completion of wells, and future financial or operating results are
forward-looking statements. All forward-looking numbers
are approximate. Important factors that could cause
actual results to differ materially from those in the
forward-looking statements herein include, but are not limited to,
the timing, extent, and volatility of changes in commodity prices
for oil and gas; operating risks; liquidity risks, including risks
relating to our bank credit facility and the Company's ability to
access the capital markets; political and regulatory developments
and legislation, including developments and legislation relating to
our operations in the Gulf of
Mexico basin; risks related to our previously announced
combination with Talos; and other risk factors and known trends and
uncertainties as described in Stone's Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K as
filed with the Securities and Exchange Commission ("SEC").
For a more detailed discussion of risk factors, please see Part I,
Item 1A, "Risk Factors" of the Company's most recent Annual Report
on Form 10-K. 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. Stone
assumes no obligation and expressly disclaims any duty to update
the information contained herein, except as required by law.
Stone Energy is an independent oil and natural gas
exploration and production company headquartered in Lafayette,
Louisiana with an additional office in New Orleans.
Stone is engaged in the acquisition, exploration,
development, and production of properties in the Gulf of Mexico basin. For additional
information, contact Kenneth H. Beer, Chief Financial Officer,
at 337-521-2210 phone, 337-521-9880 fax or via e-mail at
CFO@StoneEnergy.com
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SOURCE Stone Energy Corporation