Stone Energy provides gas drilling update

Source:Stone Energy Corporation

Stone Energy provides gas drilling update Stone Energy Corporation (NYSE: SGY) today provided an update on its three deep water/deep gas wells being drilled. Drilling operations at the deep water San Marcos prospect, located on Mississippi Canyon 983, have been completed, and the rig is in the process of being released. The well was drilled to approximately 28,500 feet without encountering commercial hydrocarbons and will be plugged and abandoned. Stone holds a 25% non-operated working interest in the project.

The deep water Amethyst prospect, located on Mississippi Canyon 26, continues to drill and is currently at approximately 15,300 feet with a targeted depth of approximately 20,000 feet. Stone holds a 100% working interest in the project. At the deep gas Tom Cat prospect, located on West Cameron 176, drilling continues and is currently at approximately 14,000 feet with a targeted depth of approximately 16,000 feet. Stone holds a 100% working interest in the project. Both the Amethyst and Tom Cat wells are expected to encounter the targeted objectives in late January 2014.

Additionally, the Ensco 8502 rig for the Cardona project (Mississippi Canyon 29) will be moving to location and is expected to spud early January 2014. Stone holds a 65% working interest and is the operator of the project. Finally, Stone expects to spud its Mica Deep prospect (Mississippi Canyon 211) in the first quarter of 2014. Stone holds a 50% non-operated working interest in the prospect.

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