Stone Energy Corporation Provides Cardona Drilling Update
LAFAYETTE, La., Feb. 24, 2014
LAFAYETTE,La., Feb. 24, 2014 /PRNewswire/ -- Stone Energy Corporation (NYSE:
SGY) today announced success on the development segment of the deep water
Cardona well at Mississippi Canyon 29. Stone operates and owns a 65% working
interest in the well.
The Cardona well (MC 29 #4 well) encountered 84 feet of net oil pay in the
development section of the well. The company is currently running casing to
protect this zone while drilling the exploration section of the well. The
Cardona success extends the productive zone of the Mississippi Canyon 29 TB-9
well to the adjacent fault block to the north. Plans are to flow the Cardona
well to the Stone owned and operated Pompano platform with first production in
early 2015. The current well is expected to complete drilling operations in
Chairman, President and Chief Executive Officer David H. Welch stated, "The
Cardona success is very exciting because it is expected to generate production
and cash flow in early 2015, less than a year from drilling the well. The
combination of the Cardona success with the recent Amethyst discovery should
allow us to leverage our infrastructure position at our Pompano platform by
significantly increasing production with minimal increase in cost."
After drilling the Cardona well, the rig is scheduled to move to the Cardona
South prospect (MC 29 #5 well), which currently has surface pipe set at 4,903
feet. The well will test the same development interval in the adjacent fault
block to the south of the Mississippi Canyon 29 TB-9 well. Current plans for
the Cardona South prospect do not include the drilling of an exploration
tail. If successful, the Cardona South prospect would also flow to the
Pompano platform. The Cardona South prospect is expected to reach total depth
in the second quarter.
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
Stone Energyis an independent oil and natural gas exploration and production
company headquartered inLafayette, Louisianawith additional offices inNew
Orleans,HoustonandMorgantown, West Virginia. Stone is engaged in the
acquisition, exploration, and development of properties in the Deep Water Gulf
of Mexico, Appalachia, and the onshore and offshore Gulf Coast.For additional
information, contactKenneth H. Beer, Chief Financial Officer, at 337-521-2210
phone, 337-521-9880 fax or via e-mail atCFO@StoneEnergy.com.
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SOURCE Stone Energy Corporation
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