Stone Energy to Buy Back $100 Million in Shares
Stone Energy (NYSE: SGY) has authorized a share repurchase program for an aggregate amount of up to $100 million. The shares may be repurchased from time to time in the open market or through privately negotiated transactions. The repurchase program is subject to business and market conditions, and may be suspended or discontinued at any time.
CEO David Welch stated, "Given our strong balance sheet and our excess cash flow from operations, the repurchase program provides us an opportunity to enhance stockholder value."
Stone Energy is an independent oil and natural gas company headquartered in Lafayette, Louisiana, and is engaged in the acquisition, exploration, exploitation, development and operation of oil and gas properties located primarily in the Gulf of Mexico. Stone is also engaged in an exploratory joint venture in Bohai Bay, China.
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