Scandinavian Oil-Gas Magazine

http://www.scandoil.com/moxie-bm2/news/stone-energy-to-sell-non-core-gom-shelf-properties.shtml

Stone Energy to sell non-core GOM shelf properties

Stone Energy Corporation has signed a definitive agreement to sell its non-core Gulf of Mexico (GOM) conventional shelf properties to

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Stone Energy Corporation

Stone Energy Corporation has signed a definitive agreement to sell its non-core Gulf of Mexico (GOM) conventional shelf properties to Talos Energy Offshore LLC for $200 million in cash and assumed future undiscounted abandonment liabilities estimated at approximately $117 million.

These properties represented production volumes of approximately 57 MMcfe per day for the first quarter of 2014 (58% natural gas). The estimated proved reserves associated with these properties represented approximately 9% of Stone's year end 2013 estimated proved reserves. Stone will retain an option for a 50% working interest in the deep drilling rights on the properties.

Tags: Stone Energy Corporation