Stone Energy Corporation Announces Cardona South Drilling Success
LAFAYETTE, La., April 28, 2014
LAFAYETTE,La., April 28, 2014 /PRNewswire/ --Stone Energy Corporation (NYSE:
SGY) today announced success on the deep water Cardona South well at
Mississippi Canyon 29. Stone operates and owns a 65% working interest in the
The Cardona South well (MC 29 #5 well) encountered over 275 feet of net oil
pay in three separate sections of the well. The Cardona South success extends
the productive zone of the Mississippi Canyon 29 TB-9 well to the adjacent
fault block to the south and sets up a potential second and third well in the
fault block. Plans are to flow the Cardona South well (and the previously
announced Cardona discovery) to the Stone owned and operated Pompano platform
with first production expected in early 2015.
Chairman, President and Chief Executive Officer David H. Welch stated, "The
success of the Cardona South well and the previously announced Cardona well
allows us to move forward with our accelerated development program. We
expect to begin production early in 2015, less than one year after spudding
the first Cardona well, and we expect volumes from these two wells to more
than double our deep water oil production. These two successful wells,
combined with the Amethyst and Tomcat discoveries in February, have provided a
great start to our 2014 exploration and development drilling program."
Production casing has been set and cemented in the Cardona South well and the
subsea tree equipment will be put in place. The rig will then move back to
the original Cardona well (MC 29 #4 well) to commence completion operations
before returning to complete the Cardona South well. Separately, the original
Cardona well was previously estimated to have approximately 84 feet of net oil
pay. After further evaluation, the estimated net oil pay for this well is now
approximately 96 feet.
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 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. 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, contact Kenneth H. Beer, Chief Financial Officer, at 337-521-2210
phone, 337-521-9880 fax or via e-mail at CFO@StoneEnergy.com.
Stone Energy Corporation Logo.
SOURCE Stone Energy Corporation
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