EXHIBIT 99



[Stone Energy Logo]                                             [Basin Logo]








                    STONE ENERGY TO ACQUIRE BASIN EXPLORATION
                         IN STOCK-FOR-STOCK TRANSACTION
                          CREATES $1.5 BILLION COMPANY

Lafayette,  LA and Denver,  CO,  October 30,  2000 -- Stone  Energy  Corporation
(NYSE:  SGY) and Basin  Exploration,  Inc.  (NASDAQ:  BSNX) today announced that
their boards of directors have approved a definitive merger agreement to combine
the  two  companies  in  a  tax-free,  stock-for-stock  transaction.  Under  the
agreement, Basin stockholders will receive 0.3974 shares of Stone for each Basin
share.  Based upon Stone's closing price of $54.16 on Friday,  October 27, 2000,
this represents  $21.52 for each Basin share, a premium of 10%. The total equity
value of the transaction is approximately $410 million. In addition,  Stone will
assume  approximately $48 million of Basin debt.  Stone's  stockholders will own
approximately  71% of the  combined  company and Basin's  stockholders  will own
approximately  29%. The combination is expected to be accounted for as a pooling
of interests and is anticipated to be immediately accretive on a per share basis
to cash flow, earnings, and reserves. The companies expect the transaction to be
completed early in 2001.

The  combined  company,  to  be  called  Stone  Energy   Corporation,   will  be
headquartered in Lafayette,  LA. It will have a total market  capitalization  of
approximately  $1.5 billion ($1.4  billion in equity;  $100 million in net debt)
and a 23% pro forma total debt-to-book capitalization.

On a pro forma basis, the merger is anticipated to:

     Increase  Stone's proved reserves by  approximately  54% from 387.4 Bcfe to
596.9 Bcfe as of year end 1999;

     Increase  Stone's current daily  production by 50% from  approximately  200
Mmcfe per day to approximately 300 Mmcfe per day; and

     Expand Stone's significant drilling prospect inventory by approximately 50%
and  increase  prospective  undeveloped  acreage  from  approximately  74,000 to
approximately 267,000 acres.








D.  Peter  Canty,   president  and  chief  operating  officer  of  Stone  Energy
Corporation,   said,  "This   transaction  is  consistent  with  Stone's  growth
philosophy  since we first became a public  company in 1993.  Basin will provide
Stone  with  identified  reserves  and  significant,   defined  upside  drilling
potential. We are confident that our combined cash flow, along with the enhanced
inventory of high quality drilling  opportunities this combination creates, will
yield impressive growth. In addition,  the combined company will have one of the
strongest  balance  sheets in the  industry to support  future  development  and
acquisition opportunities."

Mr. Canty  continued,  "We are also pleased to welcome Basin's  employees to our
combined  company.  Their  expertise will enhance our already solid platform for
continued  profitable  growth. The transaction will bring together Stone's focus
on detailed field  analysis and  exploration of mature fields with the new lease
prospect  generation  expertise of Basin,  creating an entity with complementary
technical  skills  and a  common  appreciation  for  low-cost  operations.  This
integration of core talents will enable us to significantly enhance the value of
our combined  current and prospective  asset base. We believe the combination of
our  respective  strengths  will create the premier Gulf of  Mexico-focused  E&P
company."

Additional benefits expected from the transaction:

     Increase Stone's financial  strength,  critical mass and scope,  which will
allow  the  company  to  aggressively  compete  for  and  secure  future  growth
opportunities in the Gulf of Mexico;

     Expand Stone's  existing  high-impact  prospect  portfolio with a number of
geologically  opportunistic,  multiple-well targets distributed uniformly across
the Gulf of Mexico,  an area where both  companies  have  achieved high rates of
return;

     Enhance  Stone's  growth  reserve  potential  beyond its  current  prospect
inventory by adding 22 producing properties and 47 unexplored primary term lease
blocks in the Gulf of Mexico;

     Provide  predictable  cash  flows  from a hedge  program,  locking  in high
commodity  prices on volume from  existing  producing  properties,  and from the
long-lived production from Basin's Rocky Mountain property base;

     Leverage   Stone's  existing   technical  and  operational   expertise  and
infrastructure across combined operations in the Gulf of Mexico; and

     Utilize Basin's  extensive  inventory of 3-D seismic  databases  across the
Gulf of Mexico.

Michael S. Smith,  chief executive  officer of Basin  Exploration,  Inc.,  said,
"This transaction  represents a compelling  opportunity for our stockholders and
our  employees  alike.  Stone is the  right  fit for us in every  way,  from the
location  and the  scope  of their  exploration  projects,  to  their  long-term
strategic  objectives,  and a corporate  culture with values that we share.  Our
combined  drilling  programs  include  several  high-impact  projects  that  are
currently underway.  Through working together and drawing on Stone's operational
expertise and our enhanced  reserve and production  base, we will be better able
to commercialize these discoveries and accelerate our growth potential."

As previously  announced,  D. Peter Canty will become chief executive officer of
Stone  effective  January  2001.  He will  continue in that role in the combined
company. Upon completion of the transaction,  Michael Smith, the chief executive
officer of Basin, will join Stone's board of directors.

Proved  Reserves.  The combined  company had pro forma proved  reserves of 596.9
Bcfe as of December 31, 1999.  The pro forma proved  reserves were  comprised of
approximately  65% gas and 35% oil and were divided between the Gulf Coast Basin
and the Rocky Mountains, 87% and 13%, respectively.

Production.  On a pro forma basis, the combined company produced 91 Bcfe for the
fiscal year ended December 31, 1999 and an estimated 73 Bcfe for the nine months
ended  September 30, 2000.  Based on the 1999 year-end pro forma proved reserves
and  production,   the  pro  forma  combined  company  had  a  reserve  life  of
approximately  6.6 years,  consistent  with the high  proportion of shorter-life
Gulf Coast basin reserves.  In 2000, Stone estimates that the pro forma combined
company will produce  approximately  101 Bcfe, or an 11% increase over pro forma
production in 1999. Stone expects to grow pro forma combined  production by over
15% in 2001.

Exploration.  The merger combines  exploration  projects underway in a number of
high  potential  areas in the Gulf of Mexico.  These include over 179 identified
prospects on the  combined  company's  lease hold,  or a 47% increase in Stone's
prospect inventory.  These prospects are located on 43 producing  properties and
52  unexplored  primary term lease blocks.  The combined  company will have cash
flow beyond that necessary to drill these prospects.

Development.  Stone recently  announced an important  discovery at Eugene Island
Block 243 on the  Narwhal  Prospect,  which is  expected  to be  brought on full
production  in May  2001.  In  addition,  Stone  announced  the  development  of
discoveries  at Weeks Island,  West Cameron Block 176 and East Cameron Block 64,
which are  expected to begin  production  before  year-end,  and a discovery  at
Vermilion Block 267, which is part of a multi-well exploratory drilling program.
Basin has logged pay in new wells at West Delta  Block 58,  South  Marsh  Island
Block 235, South  Timbalier Block 107, and Vermilion Block 329, all of which are
expected to begin producing by the first quarter of 2001.

Pro Forma Cash Flow. On a pro forma basis, the combined  company  generated $153
million of  discretionary  cash flow for the fiscal year ended December 31, 1999
and an  estimated  $204 million for the nine months  ended  September  30, 2000.
Stone  estimates  that if the companies  were combined for the year 2000,  total
discretionary cash flow would be in excess of $300 million (approximately $11.50
per pro forma share outstanding). The companies each plan to implement a hedging
program to lock in the cash flow value associated with approximately  25%-30% of
the combined  production  from total proved reserves over the next two years. In
2001,  based on the  current  outlook  for  commodity  prices  and the  security
provided by these hedges,  the combined company is expected to generate a growth
rate in discretionary cash flow in excess of 20%.

The  transaction is  conditioned,  among other things,  upon the approval of the
stockholders  of both  companies and customary  regulatory  approvals.  James H.
Stone,  chairman and chief executive  officer of Stone Energy  Corporation,  who
beneficially owns 8% of the outstanding  shares of Stone, has agreed to vote his
shares in favor of the transaction. Michael S. Smith, chief executive officer of
Basin Exploration,  Inc., who beneficially owns 15% of the outstanding shares of
Basin, has agreed to vote his shares in favor of the transaction.

     Merrill  Lynch & Co.  acted as  financial  advisor and  provided a fairness
opinion to Stone and Vinson & Elkins,  LLP  served as legal  advisors.  Goldman,
Sachs & Co. acted as financial advisor to Basin and Brobeck, Phleger & Harrison,
LLP provided legal counsel to Basin.

Basin is engaged in the exploration, acquisition, and development of oil and gas
properties in the United States, both onshore and in the Gulf of Mexico.

Stone is an independent oil and gas company headquartered in Lafayette,  LA, and
is  engaged  in the  acquisition,  exploitation  and  operation  of oil  and gas
properties located in the Gulf Coast Basin.

         PRIVATE SECURITIES LITIGATION REFORM ACT SAFE HARBOR STATEMENT
Except for the historical and present factual information  contained herein, the
matters set forth in this press release, including statements as to the expected
benefits of the merger such as  efficiencies,  cost savings,  market profile and
financial  strength,  and the  competitive  ability and position of the combined
company, and other statements identified by words such as "expects," "projects,"
"plans,"  and similar  expressions  are  forward-looking  statements  within the
meaning of the "safe  harbor"  provisions of the Private  Securities  Litigation
Reform Act of 1995.  These  forward-looking  statements are subject to risks and
uncertainties that may cause actual results to differ materially,  including the
possibility  that the  anticipated  benefits  from the  merger  cannot  be fully
realized,  the possibility that costs or difficulties related to the integration
of our businesses  will be greater than expected,  the impact of competition and
other risk  factors  relating to our  industry as detailed  from time to time in
each of Stone's and Basin's reports filed with the SEC. Stone and Basin disclaim
any responsibility to update these forward-looking statements.

                             ADDITIONAL INFORMATION
Stone  and  Basin  will file a proxy  statement/prospectus  and  other  relevant
documents concerning the proposed merger transaction with the SEC. INVESTORS ARE
URGED TO READ THE PROXY  STATEMENT/PROSPECTUS  WHEN IT BECOMES AVAILABLE AND ANY
OTHER RELEVANT  DOCUMENTS FILED WITH THE SEC BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION.  You will be able to  obtain  the  documents  free of charge at the
website  maintained  by the SEC at  www.sec.gov.  In  addition,  you may  obtain
documents  filed  with the SEC by Stone  free of  charge by  requesting  them in
writing from Stone Energy Corporation,  625 East Kaliste Saloom Road, Lafayette,
Louisiana  70508,  Attention:  Corporate  Secretary,  or by  telephone  at (337)
237-0410. You may obtain documents filed with the SEC by Basin free of charge by
requesting them in writing from Basin  Exploration,  Inc., 1670 Broadway,  Suite
2800, Denver, Colorado, 80202, or by telephone, (303) 685-8000.

Stone and Basin, and their respective directors and executive officers,  many be
deemed to be participants in the  solicitation of proxies from the  stockholders
of Stone  and  Basin  in  connection  with the  merger.  Information  about  the
directors and executive  officers of Stone and their ownership of Stone stock is
set  forth  in  the  proxy   statement  for  Stone's  2000  Annual   Meeting  of
stockholders.  Information  about the directors and executive  officers of Basin
and their  ownership  of Basin  stock is set forth in the  proxy  statement  for
Basin's 2000 Annual  Meeting of  stockholders.  Investors may obtain  additional
information  regarding the interests of such  participants  by reading the proxy
statement/prospectus when it becomes available.

Investors should read the proxy  statement/prospectus  carefully when it becomes
available before making any voting or investment decisions.

     There will be a financial analyst  teleconference  call on Monday,  October
30, 2000 at 9:45 AM EST.  Domestic  callers  may  participate  by dialing  (888)
849-9214 and requesting the Stone/Basin  conference call;  international callers
may dial (212)  271-4559.  The call can also be monitored via the World Wide Web
at www.stoneenergy.com and www.streetfusion.com.

Note to Editors:  Today's  news  release,  along with other news about Stone and
Basin, is available on the Internet at www.stoneenergy.com.


Contact for Stone:                                   Contact for Basin:

Jim Prince                                           Neil Stenbuck
Vice President                                       Vice President
and Chief Financial Officer                          and Chief Financial Officer
(318) 237-0410                                                (303) 685-8000