Stone Completes Gulf of Mexico Acquisition

Stone Energy Corporation announced that the acquisition of interests in eight producing oil and gas properties and related assets located in the Gulf of Mexico was completed on December 31, 2001. The final aggregate purchase price, as previously announced, was $299.7 million and was financed with net proceeds from Stone's recently completed offering of $200 million of 8.25% senior subordinated notes due 2011 and borrowings under its bank credit facility.

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