UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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) February 18, 2014
STONE ENERGY CORPORATION
(Exact Name of Registrant as Specified in Charter)
Delaware | 1-12074 | 72-1235413 | ||
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
625 E. Kaliste Saloom Road Lafayette, Louisiana |
70508 | |
(Address of Principal Executive Offices) | (Zip Code) |
Registrants telephone number, including area code: (337) 237-0410
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e 4(c)) |
Item 7.01. Regulation FD Disclosure.
On January 18, 2014, we issued a press release announcing exploration discoveries at the deep water Amethyst and deep gas Tomcat prospects. The press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference into this Item 7.01.
In accordance with General Instruction B.2 of Form 8-K, the information in this report, including Exhibit 99.1, shall not be deemed filed for the purposes of Section 18 of the Securities Exchange Act of 1934 (the Exchange Act), or otherwise subject to the liabilities of that section, nor shall such information, including Exhibit 99.1, be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits:
99.1 | Press release dated February 18, 2014, Stone Energy Corporation Announces Exploration Discoveries. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, Stone Energy Corporation has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
STONE ENERGY CORPORATION | ||||
Date: February 19, 2014 |
By: | /s/ J. Kent Pierret | ||
J. Kent Pierret Senior Vice President, Chief Accounting Officer and Treasurer |
EXHIBIT INDEX
Exhibit |
Description | |
99.1 | Press release dated February 18, 2014, Stone Energy Corporation Announces Exploration Discoveries. |
Exhibit 99.1
STONE ENERGY CORPORATION
Announces Exploration Discoveries
LAFAYETTE, LA. February 18, 2014
Stone Energy Corporation (NYSE: SGY) today announced exploration discoveries at its deep water Amethyst and deep gas Tomcat prospects. Stone operates and owns a 100 percent working interest in both discoveries.
The deep water Amethyst exploration well in Mississippi Canyon block 26 encountered approximately 90 feet of net hydrocarbon pay in one interval which suggests a commercial discovery. Analysis of logging, coring and fluid data confirmed the existence of natural gas, condensate and natural gas liquids in the pay zone (an estimated yield of 60-80 barrels of liquids per million cubic foot of natural gas). The interval has been placed safely behind pipe for a future completion. A full evaluation, including seismic and subsurface data integration, is needed before hydrocarbon quantities can be estimated and a specific development plan is sanctioned. A single or multi-well tie-back to Stones 100 percent owned Pompano platform, located less than 5 miles from the discovery, is a likely development option.
The results at the deep gas Tomcat exploration prospect at West Cameron block 176 also suggest a commercial discovery with approximately 30 feet of net hydrocarbon pay in the Camerina interval. Well log analysis, combined with offset Camerina production history, would suggest the zone should produce rich natural gas with approximately 60 barrels of condensate per million cubic feet of natural gas as well as additional natural gas liquids volumes. Initial development plans call for a tie-back to a nearby Stone operated East Cameron block 64 production platform with production estimated to commence in second half of 2014.
Chairman, President and Chief Executive Officer David H. Welch stated, It is a great start to the year to make discoveries at Amethyst and Tomcat, our two 100 percent working interest exploratory prospects. The close proximity of both prospects to Stone platforms should provide us with attractive development options and enhance the economic value of the discoveries. The knowledge and information gained from the Amethyst well will also be helpful in evaluating our existing portfolio of prospects in the Mississippi Canyon area where we expect to be an active player for the next several years.
The rigs remain on location at both Amethyst and Tomcat to conduct operations to prepare the wells for future production.
Forward Looking Statements
Certain statements in this press release are forward-looking and are based upon Stones current belief as to the outcome and timing of future events. All statements, other than statements of historical facts, that address activities that Stone 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, liquidity risks, political and regulatory developments and
legislation, including developments and legislation relating to our operations in the Gulf of Mexico and Appalachia, and other risk factors and known trends and uncertainties as described in Stones Annual Report on Form 10-K and Quarterly Reports on Form 10-Q as filed with the SEC. Should one or more of these risks or uncertainties occur, or should underlying assumptions prove incorrect, Stones actual results and plans could differ materially from those expressed in the forward-looking statements.
Estimates for Stones future production volumes are based on assumptions of capital expenditure levels and the assumption that market demand and prices for oil and gas will continue at levels that allow for economic production of these products. The production, transportation and marketing of oil and gas are subject to disruption due to transportation and processing availability, mechanical failure, human error, hurricanes and numerous other factors. Stones estimates are based on certain other assumptions, such as well performance, which may vary significantly from those assumed. Delays experienced in well permitting could affect the timing of drilling and production.
Stone Energy is an independent oil and natural gas exploration and production company headquartered in Lafayette, Louisiana with additional offices in New Orleans, Houston and Morgantown, West Virginia. Stone is engaged in the acquisition, exploration, and development of properties in the Deep Water Gulf of Mexico, Appalachia, and the onshore and offshore Gulf Coast. For additional information, contact Kenneth H. Beer, Chief Financial Officer, at 337-521-2210 phone, 337-521-9880 fax or via e-mail at CFO@StoneEnergy.com