Stone Energy Increases 2005 Capital Budget
Stone Energy announced the results of its 2005 Annual Meeting of Stockholders held on May 18, 2005 in New Orleans. At the meeting, the stockholders re-elected Robert A. Bernhard, James H. Stone and David H. Welch to serve as directors until the 2008 Annual Meeting of Stockholders. In addition to electing directors, the stockholders ratified the appointment of Ernst & Young LLP as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2005.
Also, the board of directors approved a revised 2005 capital spending
budget of $390 million, before acquisitions and capitalized overhead costs,
representing a $75 million, or 24%, increase over the prior budget of $315
million. The increase is expected to be allocated to further exploration and
development on Stone's newly acquired Williston Basin acreage and its
additional exploration opportunities in the Gulf of Mexico.