Stone Energy Wins 16 Blocks in Central GOM Lease Sale

Stone Energy was the high bidder on 16 offshore blocks in the central Gulf of Mexico at the OCS sale 205, held by the MMS.

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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