Stone Energy Delays Filing Financial Statements

Stone Energy Corporation (NYSE: SGY) reports that the filing of its 2005 third quarter 10-Q and the restated financial statements for 2004 and prior periods will be delayed until March 2006. The delay will enable Stone to have its reserves audited by nationally recognized reserve consulting firms as of December 31, 2005, including a majority of the reserves being fully engineered by these third party firms. Stone believes that it will be in a position to file its financials in March 2006, but no assurance can be given as to the actual filing date.

As a result of this delay in filing, Stone has asked the lenders under its bank credit facility for an extension for the filing of these financials. During this period, until the filing of the restated financial statements, Stone will still provide operational updates and selected financial information to investors.

As previously announced, Stone has concluded that because of its downward revision of proved reserves, a restatement of the financial statements will be required for the periods from 2001 to 2004 and for the first six months of 2005. Accordingly, the 2004 financial statements and the independent registered public accounting firm's report related to the fiscal 2004 period contained in Stone's prior filings with the Securities and Exchange Commission should no longer be relied upon.
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