Stone Energy Acquires Add'l Stake in Ewing Bank 305 Field

Stone exercised its preferential right to acquire additional working interests in Ewing Bank Block 306 and Mississippi Canyon Block 265 for approximately $12 million. The purchase closed on February 26, 2003 and increases Stone's working interest in Ewing Bank Block 306 and Mississippi Canyon Block 265 to 100%.

Stone has identified a number of opportunities in this field, which was acquired in December 2001. Ewing Bank Block 305 Field produced approximately 14% of Stone's 2002 net daily oil production.

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