Stone Energy Eyes Anadarko’s Stakes In Various GOM Interests

To buy 25% WI in 5-block deepwater GOM Pompano Field in Mississippi Canyon, 22% WI in Mississippi Canyon Block 29 & 10% WI in portions of MC 72, gaining 1,000 BO/d & 3 MMcf/d & 5.9 MMBOE proved.

Stone Energy Corp., Lafayette, La., (NYSE: SGY) has entered a deal to buy various offshore interests in the Gulf of Mexico from Anadarko Petroleum Corp., The Woodlands, Texas (NYSE: APC) for $67 million in cash and the assumption of asset retirement obligations.

The deal includes 25% working interest in the five-block deepwater Pompano Field in Mississippi Canyon, a 22% working interest in Mississippi Canyon Block 29, and a 10% working interest in portions of MC 72.

Current net production from Pompano Field attributable to this deal is approximately 1,000 barrels of oil per day and 3 million cubic feet of natural gas per day. Stone's estimate of proved reserves attributable to this acquisition is approximately 5.9 million barrels of oil equivalent at Dec. 31, 2011.

The acquisition is subject to preferential rights (MC 29 and MC 72 only). It is expected to close by late second quarter.