Stone Energy Corporation announced the results of its participation in the Outer Continental Shelf Sale 206 held yesterday by the Minerals Management Service ("MMS") in New Orleans covering available blocks in the central Gulf of Mexico. Stone submitted the apparent high bid ("AHB") on twenty-five offshore blocks. Stone's share of the lease bonuses for the twenty-five AHBs totaled approximately $43 million.
The lease acquisitions will add approximately 140,511 gross acres and 79,338 net acres to Stone's leasehold inventory. The AHBs are subject to a review process by the MMS before they can be awarded.
Richard L. Smith, Vice President of Exploration stated, "We are now well positioned to execute our strategy of participating in a portfolio of deep water projects which will complement our attractive shelf opportunities. Our plan in the deep water is to maintain a lower working interest over a larger number of prospects. We are impressed with the quality of these prospects and look forward to working with our partners. With deep water leases having 10-year terms, we will have a multi-year inventory of projects to evaluate. We are also pleased with our additions on the shelf as these prospects will provide us with lower risk projects with a shorter term impact."
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