Stone Energy outlines $400 million budget

By OGJ editors
HOUSTON, Jan. 14 -- Stone Energy Corp., Lafayette, La., announced a $400 million capital expenditure budget for 2010. The independent’s 2009 budget was $300 million.

Stone plans to spend $100 million on Appalachian drilling and acreage acquisition.

Another $100 million is allocated for the Gulf of Mexico shelf exploitation, and $15 million is earmarked for workover and recompletion projects in the gulf.

Stone expects to spend $15 million on deepwater gulf and deep-shelf projects. The remaining $170 million is planned for facilities, abandonments, and miscellaneous exploration projects.