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) October 6, 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) |
Registrant’s 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 October 6, 2014, we issued a press release announcing that we entered into an agreement to contract a deep water drilling rig for our multi-year, deep water drilling program in the Gulf of Mexico. 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 October 6, 2014, “Stone Energy Corporation Announces Deep Water Rig Contractual Agreement.” |
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: October 6, 2014 | By: | /s/ Lisa S. Jaubert | ||||
| Lisa S. Jaubert Senior Vice President, General Counsel and Secretary | ||||||
EXHIBIT INDEX
| Exhibit |
Description | |
| 99.1 | Press release dated October 6, 2014, “Stone Energy Corporation Announces Deep Water Rig Contractual Agreement.” | |
Exhibit 99.1
STONE ENERGY CORPORATION
Announces Deep Water Rig Contractual Agreement
LAFAYETTE, LA. October 6, 2014
Stone Energy Corporation (NYSE: SGY) announced today that it has entered into an agreement to contract the ENSCO 8503 dynamically positioned deep water drilling rig for Stone’s multi-year deep water drilling program in the Gulf of Mexico. The primary contract term is for 30 months and is expected to commence during the second quarter of 2015 at a rate of approximately $350,000 per day. The contract permits Stone to exercise options to extend the term up to an additional 12 months. Subject to notification no later than March 31, 2015, Stone may reduce the 30 month primary term contract by up to six months. The ENSCO 8503 deep water drilling rig, which will be modified to include mooring capabilities prior to the commencement of the contract, can reach a maximum drill depth of 35,000 feet in up to 8,500 feet of water and holds the record for the deepest well drilled in the Gulf of Mexico.
Chairman, President and CEO David Welch stated, “We are excited to execute our first Stone-operated multi-year deep water drilling contract. Over the past five years, with great effort and diligence, we have developed a robust deep water prospect inventory and the signing of the ENSCO 8503 allows us to further harvest the potential of these prospects. This contract will allow Stone to better control the pace of execution of our deep water drilling plans, which includes both development and exploration projects. We look forward to having Ensco, a premier deep water drilling contractor, as our partner in this multi-year program.”
“We are very pleased to expand our relationship with Stone Energy, a repeat customer of our ENSCO 8500 Series semisubmersibles,” said ENSCO’s, CEO and President Carl Trowell. “ENSCO 8503 has an excellent safety and operating record, and we look forward to supporting Stone Energy with their deepwater drilling program.”
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
Forward Looking Statements
Certain statements in this press release are forward-looking and are based upon Stone’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 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 weather, 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 Stone’s 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, Stone’s actual results and plans could differ materially from those expressed in the forward-looking statements.