Acquisition

of

Stone Energy Corporation

Acquisition

of

Stone Energy Corporation

Conference Call

June  23, 2006

Energy Partners, Ltd.

Filed by Energy Partners, Ltd.

Pursuant to Rule 425 under the Securities Act of 1933

and deemed filed pursuant to Rule 14a-12

under the Securities Exchange Act of 1934

Subject Company: Stone Energy Corporation

Commission File No.: 1-12074

2

Richard A. Bachmann

Chairman and Chief Executive Officer

Phillip A. Gobe

President and Chief Operating Officer

John H. Peper

Executive Vice President

General Counsel and

Corporate Secretary

Principal Corporate Office

201 St. Charles Ave.

Suite 3400

New Orleans, LA  70170

Phone: (504) 569-1875

Web     www.eplweb.com

Investor Relations Contacts

T.J. Thom

tthom@eplweb.com

Al Petrie

alpetrie@eplweb.com

Corporate Information

3

Forward Looking Statements & Additional Information

This

presentation

contains

forward-looking

information

regarding

EPL

that

is

intended

to

be

covered

by

the

safe

harbor

“forward-

looking statements”

provided by the Private Securities Litigation Reform Act of 1995. All statements included in this press release that

address activities, events or developments that EPL expects, believes or anticipates will or may occur in the future are forward-looking

statements. These include statements regarding:

•

completion of the proposed merger,

•

effective integration of the two companies,

•

reserve and production estimates,

•

oil and gas prices,

•

the impact of derivative positions,

•

production expense estimates,

•

cash flow estimates,

•

future financial performance,

•

planned capital expenditures, and

•

other matters that are discussed in EPL’s

filings with the SEC.

These statements are based on current expectations and projections about future events and involve known and unknown risks,

uncertainties, and other factors that may cause actual results and performance to be materially different from any future results or

performance

expressed

or

implied

by

these

forward-looking

statements.

Please

refer

to

EPL’s

filings

with

the

SEC,

including

its

Form

10-K for the year ended December 31, 2005, for a discussion of these risks.

EPL AND STONE WILL FILE A JOINT PROXY STATEMENT/PROSPECTUS AND OTHER DOCUMENTS WITH THE SECURITIES AND

EXCHANGE

COMMISSION.

INVESTORS

AND

SECURITY

HOLDERS

ARE

URGED

TO

READ

CAREFULLY

THE

DEFINITIVE

JOINT

PROXY

STATEMENT/PROSPECTUS WHEN IT BECOMES AVAILABLE BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION REGARDING

EPL, STONE AND THE ACQUISITION. A DEFINITIVE JOINT PROXY STATEMENT/PROSPECTUS WILL BE SENT TO SECURITY HOLDERS

OF EPL AND STONE SEEKING THEIR APPROVAL OF THE ACQUISITION.

The

documents

filed

with

the

SEC

by

EPL

may

be

obtained

free

of

charge

from

EPL’s

website

at

www.eplweb.com

or

by

directing

a

request

to:

Energy

Partners,

Ltd.,

201

St.

Charles

Avenue,

Suite

3400,

New

Orleans,

Louisiana

70170,

Attn:

Secretary,

(504)

569-1875.

In

addition,

the

documents

filed

with

the

SEC

by

Stone

may

be

obtained

free

of

charge

from

Stone

website

at

www.stoneenergy.com.

Investors

and

security

holders

are

urged

to

read

the

joint

proxy

statement/prospectus

and

the

other

relevant

materials

when

they

become

available

before

making

any

voting

or

investment

decision

with

respect

to

the

proposed

acquisition.

EPL,

Stone

and

their

respective

executive

officers

and

directors

may

be

deemed

to

be

participants

in

the

solicitation

of

proxies

from

the

stockholders

of

EPL

and

Stone

in

favor

of

the

acquisition.

Information

about

the

executive

officers

and

directors

of

EPL

and

their

direct

or

indirect

interests,

by

security

holdings

or

otherwise,

in

the

acquisition

will

be

set

forth

in

the

proxy

statement-prospectus

relating

to

the

acquisition

when

it

becomes

available.

Information

about

the

executive

officers

and

directors

of

Stone

and

their

direct

or

indirect

interests,

by

security

holdings

or

otherwise,

in

the

acquisition

will

be

set

forth

in

the

proxy

statement-prospectus

relating

to

the

acquisition

when

it

becomes

available.

4

Powerful Strategic Rationale

•

Accelerates diversification and growth within GOM

•

Adds proved reserves at an attractive price

•

Ideal overlap of Shelf assets

-

Provides inherent operational efficiencies

-

Operating and G&A savings

-

Ability to expand and high grade exploratory program

•

High operated status of combined assets

•

Balanced gas/oil production ratio (65% gas/35% oil)

Strengthens

Strengthens

GOM Presence

GOM Presence

(1)

(1)

Enhances

Enhances

Ability to Compete

Ability to Compete

Establishes Meaningful

Establishes Meaningful

Position in Rocky Mountains

Position in Rocky Mountains

and Williston Basin

and Williston Basin

•

Diversification onshore

•

Low cost entry

•

Continue active E&P program

-

Acquisition of exploration and exploitation acreage

-

Exploration and exploitation drilling

-

Reserve and production growth

•

Experienced team in place

(1) Includes impact of Stone’s proposed Amberjack acquisition (Mississippi Canyon 109/108)

Augments

Augments

Employee Base

Employee Base

•

People already in place to execute operating strategy  

•

Experienced operating, technical, financial and

administrative staff

•

Provides increased scale, scope and cash flow to pursue

wide range of opportunities

-

GOM Shelf, deepwater and deep Shelf

-

Onshore Louisiana, Rocky Mountains and Williston Basin

-

International

5

Transaction Overview

•

Fully financed by Bank of America

•

Committed to an immediate debt reduction plan

•

Anticipate hedging a substantial percentage of production

in 2007 and 2008

•

$1.4 billion equity value

•

$2.2 billion enterprise value

•

SEC fillings and other customary regulatory approvals

•

EPL & Stone shareholder approval

•

Closing expected in early Q4 2006

Price

Price

Consideration

Consideration

Financing

Financing

Path Forward

Path Forward

•

$51 per share: cash or stock

•

Subject to a collar and other limitations

•

Number of EPL shares issued for each Stone share under

a stock election will range from 2.525 to 2.066

•

Maximum number of EPL shares to be issued: ~35 million

6

Thorough Due Diligence Review

Covered key functions and operating groups

Focused on:

•

Reserves

•

Storm losses and related insurance coverage

•

Shareholder litigation/SEC inquiry

•

Potential cost savings and operational/administrative synergies

Upside potential identified:

•

Numerous Shelf exploitation and exploration opportunities

•

Proposed acquisition of additional interest in Amberjack

(Mississippi Canyon 109/108)

•

Deepwater and deep Shelf portfolio

•

Growing Rocky Mountains and Williston Basin acreage position

•

Bohai

Bay, China concessions

7

Pro Forma Reserves

(1,2)

94%

Gulf of

Mexico

72%

Rocky Mountain &

Williston Basins

22%

Onshore

6%

Gulf of

Mexico

Onshore

6%

EPL Reserve Profile

EPL Reserve Profile

Stone Reserve Profile

Stone Reserve Profile

Pro Forma Reserve Profile

Pro Forma Reserve Profile

80%

6%

Gulf of

Mexico

Onshore

Rocky Mountain &

Williston Basins

14%

(1)

As of 12/31/05; includes reserve adds from Stone’s proposed Amberjack acquisition

(2)

All

of

Stone’s

reserves

expected

be

fully

engineered

by

independent

engineering

firms

prior

to

closing;

all

of

EPL’s

reserves

fully

engineered by independent engineering firms

59.3 Mmboe

108.1 Mmboe

167.4 Mmboe

8

Transaction expected to be immediately cash flow accretive

Assumes $55 million in annual pre-tax cost savings from synergies

2007 capital

budget estimated at $625 million

Combined

cash

flow

will

facilitate

substantial

reduction

of

debt

to

approximately 50% of book capitalization by end of 2008

Financial Highlights

Balanced drilling program and committed debt reduction plan

9

Attractive acquisition cost

Comparison with Recent Transactions (2005-2006)

Stone

Acquisition

(1)

Corporate

Transactions*

Asset

Transactions*

$20.63

$ 25.48

$26.98

$24.57

$ 22.48

$0.00

$10.00

$20.00

$30.00

(1)

Based

on

pro

forma

reserves

of

108.1

Mmboe

at

12/31/05

which

includes

Stone’s

proposed

Amberjack

acquisition

and

assumes

$51.00

per

share

purchase

price.

Based

on

EPL’s

closing

price

of

$18.02

on

June

22,

2006,

the

transaction

value

per

Boe

would

be

$19.92.

*

See

Appendix

for

listing

of

recent

transactions

used

in

both

comparisons

Transaction value per Boe

10

Strong EPL executive management team remains intact

•

Proven execution and integration capabilities

Headquarters remains in New Orleans

•

Maintain Lafayette and Denver office locations

•

Consolidate Houston offices in one location

Expand board from 11 to 14 to include three Stone directors

EPL shareholders retain majority ownership

Combined Company at a Glance

The right leadership and operating structure to capitalize

on future growth opportunities

Phillip Gobe

Energy Partners,Ltd

Acquisition

of

Stone Energy Corporation

Acquisition

of

Stone Energy Corporation

12

Stone and EPL:  Premier GOM Operator

Combined

Combined

Company

Company

Assets

Assets

as

as

of

of

12/31/05

12/31/05

(1)

(1)

1)

Key fields:

•

EPL: ST 41, ST 26, East Bay

•

Stone: EW 305, MP 288, PL 23, VR 255

Balanced program of low, moderate and

high potential projects

Reserves

•

89% operated

•

48% oil and 52% gas

Eastern

Western

Central

(1)

Includes Stone’s proposed Amberjack acquisition

(2)

Assumes restoration of Amberjack production at pre-Katrina rates

Expanded scale and scope of GOM operations offer

increased opportunities for growth

Combined Company GOM

Combined Company GOM

Production Diversification

Production Diversification

(1,2)

(1,2)

13

EPL Shelf

EPL Onshore

EPL Deepwater

Stone Shelf

Stone Onshore

Stone Deepwater

Gulf of Mexico Blocks

EPL 120       Stone 151

Premier Combined GOM Position

AlaminosCanyon

Area

KeathleyCanyon

Area

Walker Ridge

Area

East Breaks

Area

Garden Banks

Area

Green Canyon

Area

Atwater

Galveston Area

South

Galveston Area

High Island

Area South

High Island

Area

High Island

East Area

High Island East

Area South

West Cameron

Area West

West Cameron

Area

West Cameron

Area South

East Cameron

Area South

East Cameron

Area

Vermilion

Area South

Vermilion Area

South

Marsh

Island

Area

South

Marsh

Island

Area

South

Eugene Island

Area

Eugene Island

Area South

Ship Shoal Area

Ship Shoal

Area South

South

Pelto

Area

South Timbalier

Area

South Timbalier

Area South

Grand

Isle

Area

Grand Isle

Area South

West Delta

Area

West Delta

Area South

Ewing Bank

Area

Mississippi Canyon

Area

VioscaKnoll

Area

VioscaKnoll

Area

Main Pass Area

South & East

Main Pass

Area

Breton Sound

Area

South Pass

Area South

South Pass

Area South

Mobile Area

Chandeleur

Sound

Area

Chandeleur

Sound

Area Addition

Chandeleur

Sound

Area

14

Premier Combined GOM 3D Seismic Coverage

15

Stone’s Proposed Amberjack (MC 109/108) Acquisition

Attractive deepwater opportunity

•

$191 million purchase price

•

Comparable to the overall cost per Boe

of the Stone acquisition

•

Upside potential in booked reserves

•

Four moderate risk prospects identified

•

Use

of

infrastructure

for

future

subsea

tie-backs

•

Acquired

net

production

of

5,000

Boe

per

day

(pre-Katrina)

•

Obtain operatorship

at closing

Transaction highlights

•

Stone exercised its preferential right to purchase an

additional interest

•

Subject to execution of purchase and sale agreement

•

Expect closing by early third quarter

•

Estimated restoration of production by year-end 2006

•

Working interest resulting from acquisition:

-

MC 109: 100% WI  (Up from 33.3%)

-

MC 108: 24.8% WI (Up from 16.5%)

16

Active Offshore Drillers -

Shelf

Source:  James K. Dodson Company, based on number of operated wells drilled per year

HELIS

EXXONMOBIL

LLOG EXPL

W & T

ARENA OFFSHORE

ENERGY PARTNERS

BOIS D`ARC

REMINGTON

CHEVRON

APACHE

2005

10

9

8

7

6

5

4

3

2

1

RANK

HELIS

W & T

ANADARKO

EXXONMOBIL

NEWFIELD EXPL

ENERGY PARTNERS

LLOG EXPL

ATP

DEVON ENERGY

W & T

ENERGY PARTNERS

APACHE

ARENA OFFSHORE

BOIS D`ARC

BOIS D`ARC

BOIS D`ARC

LLOG EXPL

REMINGTON

REMINGTON

STONE ENERGY

STONE ENERGY

ENERGY PARTNERS/STONE

REMINGTON

EL PASO

CHEVRON

APACHE

LLOG EXPL

APACHE

CHEVRONTEXACO

CHEVRONTEXACO

2005 Pro Forma

2004

2003

Federal & State waters =<600’

17

High grade prospect inventory of combined company to achieve

balanced drilling portfolio

Apply EPL’s

exploitation focus to Stone’s legacy fields

•

Initial review of GOM Shelf yielded 60+ low risk opportunities

Tap into exploration upside in Stone’s legacy fields and acreage

•

Large GOM acreage position in favorable exploration fairways

•

EPL has interests in three farm-outs on Stone-owned

blocks, one of which has been drilled and is successful

Extensive 3D seismic coverage and undeveloped acreage to work

•

Shelf, deepwater and deep Shelf

Expanded GOM Exploration & Exploitation Strategy

18

NEW ORLEANS

NEW ORLEANS

NEW ORLEANS

HOUSTON

HOUSTON

HOUSTON

GREATER BAY MARCHAND

EAST BAY

Update

on

EPL’s

2006

Exploratory

Program

–

Shelf

&

Onshore

SP 26 Denali

ST 23 #CC4 ST

WC 202 #1

ST 42 #2

ST 42 #3

WC 25 #1

GA 189 #1

EC 268 #1

ST 23 #SB-15

EI 312 #1

VR 101 #1

SP 39 #2

EC 34 #1

HI A315 #1

SMI 79 #1

SMI 79 #E-1

WC 312 #1

HI A306 #1

WC 2/3 #1

GI 66 #1

WC 176 #13

Exploratory Wells

Scheduled (15)

Successful Wells (5)

Drilling (4)

High Potential Wells (7)

Unsuccessful Wells (3)

2006 Leases Sale Awards (8)

EC 109 #A-6

EC 109 #5

Four Rivers

Lakeside

Barracuda

Little Lake

19

NEW ORLEANS

NEW ORLEANS

NEW ORLEANS

Update on EPL’s

Deepwater 2006 Exploratory Program

Acquired 25% working interest     

in 23 leases

13 identified prospects operated by

Noble Energy

First two wells drilled in 2006   

were discoveries

Minimum of two additional       

wells by 2008

Two additional leases awarded in

March 2006 Central Gulf Lease Sale

Redrock

& Raton

discoveries:

-

Multiple pay zones encountered

-

Currently under evaluation

-

Development plans being

formulated

Exploratory Wells

Successful Wells (2)

High Potential Wells (2)

Joint venture with Noble Energy, a proven deepwater operator

2006 Lease Sale Awards (2)

EPL Interests

Raton

Redrock

Amberjack

20

Rocky Mountains and Williston Basin

Low cost entry price

•

Rocky Mountain acquisition at GOM

multiple

Large acreage position

Active drilling program with good

exploration and exploitation

opportunities

•

Low risk

•

Includes Bakken, Pinedale Anticline

and Jonah

Includes both natural gas wells

(Rocky Mountains) and oil wells

(Williston Basin)

Net production as of 3/31/06:

•

Rocky Mountains: 22 Mmcfe/day

•

Williston Basin: 1,850 Boe/day

21

Significant Cost Savings Opportunities

$4.50

$6.78

$8.28

$4.76

$4.93

$6.08

$5.98

$11.94

$0.00

$5.00

$10.00

$15.00

2003

2004

2005

1Q06

Lease Operating Expense

(1)

Stone

EPL

(1) Numbers may include differing components

22

Pro forma 2007 current estimate of ~$55 million annualized savings

Synergies –

Estimated Cost Savings

Operational Synergies

Annualized Savings:

~$25 million

G&A Synergies

Annualized Savings:

~$30 million

•

Personnel

•

Shore bases

•

Procurement

•

Cost tracking

•

Transportation

•

Insurance

•

Consultants

•

Compensation

23

Boat Loop

Helicopter Base

Helicopter Loop

Synergies -

Transportation Optimization

7 Helicopters

9 Boats

Stone Current

Total potential savings: $9 million

2 Helicopters

2 Boats

1 Part time boat

EPL Current

8

12

Boats

5

9

Helicopters

Proposed

Current

Potential Combined Offshore

Transportation Loops

Rick Bachmann

Energy Partners,Ltd

Acquisition

of

Stone Energy Corporation

Acquisition

of

Stone Energy Corporation

25

RESERVE RANKINGS

Pro Forma Peer Comparisons

(1)

PRODUCTION RANKINGS

(1) 12/31/05 reserves and production, pro forma for any subsequent transactions. Source: Company filings and  Wall Street research.

(2) As of 12/31/05; includes reserve adds from Stone’s proposed Amberjack acquisition.

Reserves

Company

(Mboe)

Annual Production

Company

(Mboe)

Petro-Canada

117

Kerr-Mcgee

112

Nexen

65

Noble Energy

53

Pioneer Natural Resources

42

Newfield Exploration

40

Murphy Oil

39

Energy Partners, Ltd. Pro Forma (2)

26

Plains E&P

24

W&T Offshore

22

Cimarex

22

Stone Energy Corp.

18

Forest Oil

17

Mariner Energy

16

St. Mary Land & Exploration

15

Range Resources

15

Cabot Oil & Gas

14

PetroHawk

/ KCS

13

Ultra Petroleum

12

Whiting

12

Denbury

Resources

12

Houston Exploration

11

Western Gas

10

Encore Acquisition Co.

10

Southwestern Energy

10

Swift Energy

10

Quicksilver Resources

9

Berry Petroleum

8

CNX Gas

8

Energy Partners, Ltd.

8

Comstock Resources

8

Bill Barrett Corporation

7

Unit Corp.

7

Rosetta Resources

5

Petro-Canada

1,005

Kerr-Mcgee

907

Pioneer Natural Resources

865

Noble Energy

847

Nexen

657

Plains E&P

401

Ultra Petroleum

337

Newfield Exploration

333

Whiting

264

Range Resources

234

Cimarex

232

Cabot Oil & Gas

222

Murphy Oil

220

Forest Oil

212

Encore Acquisition Co.

195

CNX Gas

188

Quicksilver Resources

186

Energy Partners, Ltd. Pro Forma (2)

167

Denbury

Resources

167

PetroHawk

/ KCS

163

Western Gas

153

W&T Offshore

142

Southwestern Energy

138

St. Mary Land & Exploration

132

Berry Petroleum

131

Swift Energy

127

Stone Energy Corp.

108

Mariner Energy

107

Houston Exploration

103

ATP Oil & Gas

88

Comstock Resources

84

Unit Corp.

69

Rosetta Resources

60

Energy Partners, Ltd.

59

Bill Barrett Corporation

59

Bois d'Arc

54

Bois d'Arc

4

ATP Oil & Gas

3

26

Strengthens and diversifies presence in GOM at attractive price

Creates operational and administrative synergies that will provide    

significant cost savings

Enhances ability to compete domestically and internationally

Augments EPL’s

experienced operating, technical, financial and

administrative staff

Provides

low

cost

entry

into

Rocky

Mountains

and

Williston

Basin

with

experienced team already in place

A Winning Combination

Combined company will have the scale and scope

to drive continued growth and value creation

27

Appendix

Recent Corporate Sales Transactions:

24.57

Gryphon Exploration Co.

Woodside Petroleum Ltd

9/01/05

21.90

Forest Oil (GOM spin-off)

Mariner Energy

9/12/05

41.69

Spinnaker Exploration

Norsk

Hydro ASA

9/19/05

30.04

Remington Oil & Gas Co

Helix Energy Solutions

1/23/06

16.72

Marlin Energy LLC

Energy XXI Gulf Coast Inc.

2/22/06

$/Boe

Target

Acquiror

Date

Recent Asset Sales Transactions:

22.19

Kerr-McGee Corp.

W&T Offshore Inc.

1/24/06

48.00

Pioneer Natural Resources

Marubeni Corp.

2/23/06

22.56

Houston Exploration

Merit, Nippon Oil, Norsk

2/28/06

19.03

Houston Exploration

Merit Energy Company

4/07/06

22.48

BP plc

Apache Corp.

4/19/06

20.96

Pogo Producing

Mitsui & Company

4/20/06

$23.15

Noble Energy

Coldren

Resources LP

5/16/06

$/Boe

Seller

Buyer

Date

201 St. Charles Avenue, Suite 3400

New Orleans, Louisiana 70170

(504) 569-1875

www.eplweb.com