Stone will have a 100% working interest on 10 of the 16 blocks, a 50% working interest on one and a 33% working interest on the remaining five. Stone's total share of all 16 lease blocks total approximately $12.9 million.
Stone has five joint bids with Anadarko and one with Samson. Subject to the MMS's review process, the lease acquisitions will add more than 63,000 net acres to Stone's inventory "These new leases will complement the existing Stone portfolio of assets and provide a foundation for growth for our company," said Richard L. Smith, Stone's vice president of Exploration and Business Development.
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