Stone Energy Makes Two Gulf of Mexico Discoveries

Stone Energy has concluded drilling and completion operations on two exploratory discoveries in the Gulf of Mexico. Both wells were drilled from existing facilities and have been placed on production.

South Timbalier Block 166. Deep sand gas production was established on Stone's Maximus Prospect, our fifth deep shelf discovery of 2003. The OCS-G 1252 No. E-4 discovery well was drilled to a total measured depth (MD) of 17,935 feet and initial gross production flowed at 19 million cubic feet (MMcf) of gas and 432 barrels of condensate per day. Approximately 203 net feet MD of gas was logged in three sands beneath 16,750 feet. We believe the well meets the criteria for the new MMS regulations relative to Deep Gas Royalty Relief. Additional drilling on this non-operated prospect is under evaluation for operations later this year. Stone has a 40% working interest (WI) and 30.7% net revenue interest (NRI) in South Timbalier Block 166.

Main Pass Block 287. Drilling and completion operations concluded on the OCS-G 19869 A-5 Well on the Harding Prospect, which began producing in January 2004. The well drilled to total depth of 7,484 feet and logged 63 net feet MD of oil. The Harding Prospect was the fifth fault block successfully tested on the 2003 discovery. Production from the new platform began during December 2003 and the five wells are flowing at a combined daily rate of 2,074 barrels of oil and 4.8 MMcf of gas.

Including the No. A-5 Well, the Company has drilled nine wells in the Main Pass Block 288 Field, seven of which have been completed to date. Daily field production from the seven wells is approximately 2,850 barrels of oil and 7.4 MMcf of gas. The production rates are still being optimized as we balance the new platform at Main Pass Block 287 with the upgraded facilities on the Main Pass Block 288 A platform where we invested over $2.0 million to accommodate the success of our drilling program. Stone has a 100% WI and an 83.3% NRI in these wells.
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