Stone Energy Acquires Add'l Stake in Ewing Bank 305 Field
|Tuesday, March 11, 2003
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.