Stone to buy larger stake in GOM blocks

By OGJ editors
HOUSTON, June 23 -- Stone Energy Corp. exercised its preferential rights with BP PLC to acquire additional working interests in Mississippi Canyon Blocks 108 and 109 in the Gulf of Mexico for $190.5 million.

Stone anticipates closing the deal by early third quarter. Afterwards, Stone would hold a 100% working interest in MC Block 109 (up from 33%) and a 24.8% working interest in MC Block 108 (up from 16.5%), and would become operator of the field.

Currently, production from both blocks is shut awaiting repairs to an oil pipeline that was damaged during Hurricane Katrina. The pipeline transports oil from the Amberjack platform on MC Block 109. The repair is expected before yearend.

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