Stone Energy Corporation Provides Production Update
Stone Energy reports that as of Monday, September 19, 2005, approximately 75% of the 260 million cubic feet of natural gas equivalent (MMcfe) of average net daily production (both offshore and Gulf Coast onshore) previously shut-in as a result of Hurricane Katrina was back on line. The majority of the remaining production is awaiting repairs to mid-stream assets not owned by Stone. Two outside-operated properties representing daily production of approximately 8 MMcfe net to Stone were damaged and are expected to be off line into 2006. Daily production of approximately 20 MMcfe from the Stone's Denver district has been unaffected.
However, with Hurricane Rita entering the Gulf of Mexico, Stone initiated
its evacuation program yesterday, shutting in its offshore Gulf of Mexico
production. Before Rita entered the Gulf, Stone was poised to re-affirm its
2005 production guidance of 260-280 MMcfe per day. Stone plans to provide an
update of production guidance after the effects of Hurricane Rita are assessed