SEC Form 4

FORM 4
[ ] Check this box if no longer
subject to Section 16. Form 4 or Form
5 obligations may continue.
See Instruction 1(b).

(Print or Type Responses) UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility
Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person^*   Stone                     James                      H. (Last)                      (First)                      (Middle)
  909 Poydras Street, Suite 2650 (Street)   New Orleans     Louisiana     70112 (City)                      (State)                      (Zip)
2. Issuer Name and Ticker or Trading Symbol
    Stone Energy Corporation  (SGY) 3. I.R.S. Identification
    Number of Reporting
     Person, if an entity
    (voluntary)

     4. Statement for
    (Month/Day/Year)
    April 17, 2003
5. If Amendment,
    Date of Original
     (Month/Year)     _______ 6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
             X        Director                           10% Owner              X        Officer                             Other (specify below) (give title below)
Officer/Other Description           Chairman of the Board of Directors 7. Individual or Joint/Group
    Filing (Check Applicable Line)
X   Individual Filing       Joint/Group Filing

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1. Title of Security     (Instr. 3)	2. Transaction Date     (Month/Day/Year)	3. Transaction     Code     and     Voluntary     Code     (Instr. 8) Code  |  V	4. Securities Acquired (A) or Disposed of (D)     (Instr. 3, 4, and 5)         Amount      |         (A)/(D)         |         Price	5. Amount of Securities     Beneficially Owned at     End of Month     (Instr. 3 and 4)	6. Ownership Form:     Direct (D) or     Indirect (I)     (Instr. 4)	7. Nature of      Indirect      Beneficial      Ownership     (Instr. 4)
Common Stock	04/17/03	S(1)   |	5,000              |             D              |      $35.21	1,185,734	D
Common Stock		|	|                              |	3,810	I	Held by Son
Common Stock		|	|                              |	3,810	I	Held by Daughter
Common Stock		|	|                              |	192,950	I	(2)
Common Stock		|	|                              |	81,168	I	(3)
Common Stock		|	|                              |	1,045	I	(4)
		|	|                              |

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

(over)
SEC 1474 (3-99)

Stone, James

Form 4 (continued)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned

(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security     (Instr. 3)	2. Conver-     sion or     Exercise     Price of     Deri-     vative     Security	3. Transaction     Date     (Month/     Day/     Year)	4. Transaction     Code     and     Voluntary (V)     Code     (Instr.8) Code | V	5. Number of Derivative     Securities Acquired (A)      or Disposed of (D)     (Instr. 3,4 and 5)   (A)      |      (D)	6. Date Exercisable(DE) and     Expiration Date(ED)     (Month/Day/Year)   (DE)     |     (ED)	7. Title and Amount of     Underlying Securities      (Instr. 3 and 4)   Title     |     Amount or                               Number of Shares	8. Price     of     Derivative     Security     (Instr.5)	9. Number of     Derivative     Securities     Beneficially     Owned     at End of     Month     (Instr.4)	10. Owner- ship Form of Deriv- ative Security: Direct (D) or Indirect (I) (Instr.4)	11. Nature of       Indirect       Beneficial       Ownership       (Instr.4)
Employee Stock Option (Right to Buy)	$32.96	12/06/02	|	|	(5)     |   12/06/12	Common Stock    |   40,000		40,000	D
Employee Stock Option (Right to Buy)	$58.15625	05/18/00	|	|	(5)     |   05/18/10	Common Stock    |   50,000		50,000	D
Employee Stock Option (Right to Buy)	$20.3125	08/20/96	|	|	(5)     |   08/20/06	Common Stock    |   24,000		24,000	D

Explanation of Responses :
(1)	Sale made pursuant to a Sales Plan dated February 20, 2003 between the reporting person and Bear, Stearns & Co. Inc.
(2)	By James H. Stone Interests Partnership, reporting person disclaims beneficial ownership of 59,226 shares.
(3)	By James H. Stone Interests II Partnership, reporting person disclaims beneficial ownership of 16,234 shares.
(4)	By Stone Family Fund, L.L.C.; represents reporting person's 4% beneficial interest in shares held by L.L.C.
(5)	Option to buy exercisable in annual increments of 20% beginning on the first anniversary of the date of grant

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations.
        See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note:   File three copies of this Form, one of which must be manually signed. If space is insufficient,
            See Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not
required to respond unless the form displays a currently valid OMB number. By: /s/ James H. Stone                         April 17, 2003          
________________________________         __________________
** Signature of Reporting Person                         Date
     Name:  James H. Stone



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SEC 1474 (3-99)