Stone Energy to buy Bois d'Arc for $1.65 billion

Stone Energy will acquire and then merge with Bois d'Arc Energy in a cash and stock deal valued at $1.65 billion, the Lafayette, La.-based independent reported.

By OGJ editors
HOUSTON, May 1 -- Stone Energy Corp. will acquire and then merge with Bois d'Arc Energy Inc. of Houston, in a cash and stock deal valued at $1.65 billion, the Lafayette, La.-based independent reported. Including debt, the companies value the deal at $1.8 billion.

Bois d'Arc Energy is a 49% subsidiary of Comstock Resources Inc., Frisco, Tex., which has entered into a stockholder agreement to vote in favor of the deal.

Stone said the acquisition and merger will create one of the largest oil and gas companies in the US, with operations focused mainly in the Gulf of Mexico.

When the deal closes, expected in the third quarter, Stone expects to produce about 300 MMcfd of gas equivalent and have more than 700 bcf of gas equivalent in proved reserves.

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