Stone Energy Corporation, an independent oil and natural gas company, engages in the acquisition, exploration, exploitation, development, and operation of oil and gas properties. The company expanded its reserve base into the more prolific basins of the Gulf of Mexico (the ‘GOM’) deep water, Gulf Coast deep gas, and the Marcellus Shale in Appalachia. As of December 31, 2014, the company’s estimated proved oil and natural gas reserves were approximately 153 Mmboe or 915 billion cubic feet of gas equivalent. As of February 24, 2015, the company’s property portfolio consisted of 12 active properties and 99 primary term leases in the GOM Basin (onshore and offshore), 3 active properties in the Appalachia region and undeveloped acreage in Canada and the Rocky Mountain region. The company serves as operator on 88% of its active properties. GOM Basin GOM — Deep Water: The company has made two major acquisitions that included two deep water platforms, producing reserves and various leases. The company has a portfolio of deep water projects ranging from low risk development tie-backs to higher risk exploration prospects that would require a new production facility. The company has utilized subsea tie-backs in the deep water on new drill wells that require less capital and time than new deep water facilities. Gulf Coast — Deep Gas: The company has made two onshore, south Louisiana, deep gas discoveries and a GOM shelf deep gas discovery. Additionally, it has identified other deep gas opportunities in south Louisiana and the GOM shelf. GOM — Conventional Shelf: In January 2014 and July 2014, the company completed the sale of its interests in certain non-core properties in the GOM conventional shelf to allow for more focus on its targeted growth areas, primarily the GOM deep water, Gulf Coast deep gas, and Appalachia. Appalachia As of December 31, 2014, the company held leasehold interests in approximately 90,000 net acres. During 2014, the company drilled a total of 38 horizontal Marcellus Shale wells and had 102 operated wells on production in 2014. Additionally, the company’s Utica Shale exploration well in Wetzel County, West Virginia was successful and began producing in December 2014. Business Development As of December 31, 2014, the company held leasehold interests in approximately 170,000 net acres (including 131,000 undeveloped acres in Canada). Customers Shell Trading (US) Company and Phillips 66 Company accounted for approximately 32% and 31%, respectively, of the company’s oil and natural gas revenue generated during the year ended December 31, 2014. Business Strategy The company’s strategy is to improve net asset value through acquiring, discovering, developing and operating a focused set of margin advantaged properties while appropriately managing financial, exploration and operational risk. Regulation Certain operations that the company conducts are on the U.S. federal oil and gas leases, which are administered by the Bureau of Land Management and the Bureau of Ocean Energy Management. History Stone Energy Corporation was founded in 1993. The company was incorporated in 1993 as a Delaware corporation.
stone energy corp (SGY:New York)
625 East Kaliste Saloom Road
Lafayette, LA 70508
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