Stone Energy Corporation Announces Apparent High Bid on 26 Gulf of Mexico Blocks

abarrelfullabarrelfull wrote on 23 Jun 2012 08:07
Tags: gofm n-america stone-energy upstream usa

Latest News

{"module":"feed\/FeedModule","params":{"src":"http:\/\/\/feed\/pages\/pagename\/blog%3A_start\/category\/blog\/limit\/10\/t\/My+Blog","limit":"3","module_body":"* %%linked_title%%"}}
  • Want a weekly review of refining news?

Stone Energy Corporation (NYSE: SGY) today announced the results of its participation in the Outer Continental Shelf Sale 216/222 held Wednesday, June 20, 2012 by the Bureau of Ocean Energy Management ("BOEM") in New Orleans covering available blocks in the central Gulf of Mexico. Stone submitted the apparent high bid ("AHB") on 26 offshore blocks. Stone's share of the lease bonuses for the 26 AHBs totaled approximately $35.8 million. The lease acquisitions are expected to add approximately 148,240 gross acres and 81,519 net acres to Stone's leasehold inventory. The AHBs are subject to a review process by the BOEM before they can be awarded.

Stone has closed on its previously announced acquisition of Anadarko's 25% working interest in the five block deep water Pompano field in Mississippi Canyon, a 14.4% working interest in Mississippi Canyon Block 29, and a 10% working interest in portions of Mississippi Canyon Block 72. The announced purchase price of $67 million was adjusted for the effective date of July 1, 2011 as well as the exercise of a preferential right on Mississippi Canyon Block 29. The sale closing settlement amount was approximately $26.4 million. Stone's estimate of proved reserves attributable to this acquisition is approximately 5 million barrels of oil equivalent at December 31, 2011. Stone's reserves estimate is based on Netherland Sewell & Associates year-end reserve estimate for Stone's portion of the Pompano field, proportionately reduced for the different working interest.

Unless otherwise stated, the content of this page is licensed under Creative Commons Attribution-ShareAlike 3.0 License