Stone Energy Corporation Announces Apparent High Bid on 11 Gulf of Mexico Blocks

  Stone Energy Corporation Announces Apparent High Bid on 11 Gulf of Mexico
                                    Blocks

PR Newswire

LAFAYETTE, La., March 21, 2013

LAFAYETTE, La., March 21, 2013 /PRNewswire/ -- Stone Energy Corporation (NYSE:
SGY) today announced the results of its participation in the Outer Continental
Shelf Lease Sale 227 held Wednesday, March 20, 2013 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 11
offshore blocks. Stone's share of the lease bonuses for the 11 AHBs totaled
approximately $38.4 million. The lease acquisitions are expected to add
approximately 62,732 gross acres and 46,796 net acres to Stone's leasehold
inventory. The AHBs are subject to a review process by the BOEM before they
can be awarded.

The AHB on each block is indicated below:



Block                    AHB         SGY WI%  SGY Share
Green Canyon 865*        $3,597,025  100%     $3,597,025
Green Canyon 991*        12,152,021  50%      6,076,011
Green Canyon 992*        8,152,021   50%      4,076,011
Mississippi Canyon 71*   5,905,021   100%     5,905,021
Mississippi Canyon 197*  689,970     100%     689,970
Mississippi Canyon 198*  689,970     100%     689,970
Mississippi Canyon 210*  3,955,555   100%     3,955,555
Mississippi Canyon 303*  2,755,000   50%      1,377,500
Mississippi Canyon 389*  2,605,555   33%      868,519
Ship Shoal 92            209,555     100%     209,555
Viosca Knoll 959*        27,309,190  40%      10,923,676
                                              $38,368,813
*Indicates deep water block



Forward Looking Statement

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, liquidity
risks, political and regulatory developments and legislation, including
developments and legislation relating to our operations in the Gulf of Mexico
and Appalachia, and other risk factors and known trends and uncertainties as
described in Stone's Annual Report on Form 10-K and Quarterly Reports on Form
10-Q as filed with the SEC. 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 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 oil 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 onshore oil. For additional information, contact
Kenneth H. Beer, Chief Financial Officer, at 337-521-2210 phone, 337-521-2072
fax or via e-mail at CFO@StoneEnergy.com.

SOURCE Stone Energy Corporation

Website: http://www.stoneenergy.com
 
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