Stone Energy Corporation Announces Early Success in New Basin
Stone Energy announced success on its initial well drilled in the Williston Basin. The Bonnie 1-5H Well, Stone's first dual horizontal Bakken well, has been drilled and placed on production. The Bakken pay at 10,370 feet was encountered in two open hole laterals. Each horizontal lateral in the wellbore was successfully drilled to a total measured depth of 15,000 feet with average gross production flowing at approximately 890 barrels of oil equivalent per day. Stone has a 50% working interest and 41.7% net revenue interest in this well.
"This success confirms our investment in the Williston Basin and our efforts toward diversification of our asset base," stated David H. Welch, president and chief executive officer.
Stone's second well, the Charles Nevin 1-12H, is currently drilling at
10,355 feet with the first of two Bakken laterals to be commenced in June.
Stone expects to drill approximately 22 gross wells in the Williston Basin
during 2005 with the utilization of two additional rigs by August 2005 as it
continues to explore its Williston Basin acreage position that currently
totals approximately 155,000 net acres.