Attached files
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| 8-K - FORM 8-K - STONE ENERGY CORP | h83583e8vk.htm |
Exhibit 99.1
STONE ENERGY CORPORATION
Announces LaPosada Prospect Discovery
LAFAYETTE, LA. July 18, 2011
Stone Energy Corporation (NYSE: SGY) announced today a discovery at its LaPosada Prospect (also
called La Cantera) located in Vermilion Parish, LA. Stone has an approximate 33% working interest
in the well, which reached a depth of 18,550 feet and logged 176 feet of highly resistive sand
within the primary Cris R Massive objective. As a result of stuck pipe in the bottom 550 feet of
the well, the operator (PetroQuest; NYSE: PQ) was only able to obtain porosity information in the
upper portion of the logged sands which confirmed 37 feet of net commercial pay. The operator is
preparing to side track the wellbore in order to fully evaluate the entire sand package and test
deeper objectives. The well has a proposed vertical depth of 19,300 feet and Stone expects to be
on production by early 2012.
The LaPosada well represents the second discovery Stone has made in the Deep Gas play of south
Louisiana, following the previously announced success at South Erath. Stone is also participating
in another onshore Deep Gas exploratory test at Lighthouse Bayou in Cameron Parish, Louisiana,
which is currently drilling at a depth of approximately 20,000 feet, with a planned total depth of
approximately 25,000 feet. In addition, Stone has identified Deep Gas prospects in the Gulf of
Mexico Shelf, where the company is the third largest lease owner and is maturing these prospects
for its 2012 and 2013 drilling program.
Stone Energy is an independent oil and natural gas exploration and production company
headquartered in Lafayette, Louisiana with additional offices in New Orleans, Houston and
Morgantown, West Virginia. Our business strategy is to leverage cash flow generated from existing
assets to maintain relatively stable GOM shelf production, profitably grow gas reserves and
production in price-advantaged basins such as Appalachia and the Gulf Coast Basin, and profitably
grow oil reserves and production in material impact areas such as the deep water GOM and the Rocky
Mountain region. 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.