Stone Approves $395 Million Capex Budget
The Stone Energy Board of Directors has authorized a capital expenditure budget of $395 million. This figure excludes acquisitions, capitalized SG&A and interest, and abandonment expenditures. Approximately 60% of the capital expenditure budget is scheduled to be spent on exploitation projects and supporting facilities. The remaining capital expenditures are projected for exploration drilling including shelf, onshore and deep water projects, the Central GOM lease sale in March 2008, seismic and reprocessing projects, drilling in Bohai Bay, China, and acreage acquisition and drilling in Appalachia.