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Stone Energy to acquire stake in gulf assets from BP

Stone Energy Corp. agreed to acquire BP PLC’s 75% operated working interest in the deepwater Pompano field and other assets for a total of $204 million.

In addition, Stone plans to acquire a 51% operated working interest in the adjacent Mississippi Canyon Block 29, a 50% nonoperated working interest in Mica field that ties back to the Pompano platform, and interests in deepwater exploration leases near Pompano field.

Pompano platform is a four-leg, 12-pile fixed structure in 1,300 ft of water with 23 producing wells and production capacity of 60,000 b/d of oil and 135 MMcfd of gas.

The acquisition is subject to preferential rights, due diligence and other customary closing conditions, and is expected to close by early 2012.

Stone Energy is an independent producer based in Lafayette, La.


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