8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K
CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): March 31, 2003

STONE ENERGY CORPORATION
(Exact name of registrant as specified in its charter)

                                      Delaware                                         1-12074                              72-1235413
                        (State or other jurisdiction                  (Commission File                    (I.R.S. Employer
                     of incorporation or organization)                  Number)                          Identification No.)

                              625 E. Kaliste Saloom Road                                                                        70508
                                    Lafayette, Louisiana                                                                             (Zip code)
                   (Address of principal executive offices)

Registrant's telephone number, including area code:  (337) 237-0410

ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS

(c)	Exhibits.
99.1	Press Release dated March 31, 2003, "Stone Energy Corporation Announces Significant Gulf of Mexico Discovery and Updated 2003 Production Guidance"

ITEM 9. REGULATION FD DISCLOSURE

        In accordance with General Instruction B.2 of Form 8-K, the following information, including Exhibit 99.1, shall not be deemed filed for the purposes of Section 18 of the Securities Exchange Act of 1934, nor shall such information and Exhibit be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such a filing.

        The registrant issued a press release dated March 31, 2003, which is attached to this Form 8-K as Exhibit 99.1.

SIGNATURE

        Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

STONE ENERGY CORPORATION

Date: April 1, 2003	By:                          /s/ James H. Prince
	James H. Prince Senior Vice President, Chief Financial Officer and Treasurer

EXHIBIT INDEX
Exhibit Number	Description
99.1	Press Release dated March 31, 2003, "Stone Energy Corporation Announces Significant Gulf of Mexico Discovery and Updated 2003 Production Guidance"

EX-99

Exhibit 99.1

STONE ENERGY CORPORATION

Announces Significant Gulf of Mexico Discovery and Updated 2003 Production Guidance

NYSE — SGY
LAFAYETTE, LA. March 31, 2003

        Stone Energy Corporation today announced successful drilling operations on a deep exploratory prospect on South Pelto Block 22. The South Pelto Block 22 OCS-G 18054 No. 2 Well logged 435 net feet of pay in nine sands. Protective casing has been run across the productive interval and drilling operations are ongoing to a planned depth of approximately 18,800 feet MD. After deepening, completing and testing the No. 2 Well, we will determine the number of future delineation wells and the size of production facilities necessary to develop this significant discovery. Drilling and completion costs for the No. 2 Well are expected to total $3.5 million net to Stone. Stone has a 50% WI and a 40.7% NRI in this well.

        As previously announced, Stone expects first quarter 2003 average daily production to total 270-280 MMcfe. Additionally, based on our current capital expenditure budget of $240 million, excluding acquisitions, Stone expects 2003 production to grow 7-10% over 2002’s record annual production of 104.4 Bcfe.

        Stone will be presenting at the Howard Weil Energy Conference in New Orleans, Louisiana on March 31, 2003 at 2:10 pm CST. D. Peter Canty, President and Chief Executive Officer of Stone Energy, will be discussing the Company’s plans and goals for 2003.

        Stone Energy is an independent oil and gas company headquartered in Lafayette, Louisiana, and is engaged in the acquisition, exploitation, development and operation of oil and gas properties located in the Gulf Coast Basin and Rocky Mountains. For additional information, contact James H. Prince, chief financial officer at 337-237-0410-phone, 337-237-0426-fax or via e-mail at princejh@stoneenergy.com.

        Certain statements in this press release are forward-looking and are based upon Stone Energy’s current belief as to the outcome and timing of future events. All statements, other than statements of historical facts, that address activities that Stone Energy plans, expects, believes, projects, estimates or anticipates will, should or may occur in the future, including future production of oil and gas, future capital expenditures and drilling of wells and future financial or operating results, are forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements herein include the timing and extent of changes in commodity prices for oil and gas, operating risks and other risk factors as described in Stone Energy’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission. Should one or more of these risks or uncertainties occur, or should underlying assumptions prove incorrect, Stone Energy’s actual results and plans could differ materially from those expressed in the forward-looking statements.