Stone Energy 3Q16: Drilled 2 M-U Wells, Sale to Tug Hill Progress

Stone EnergyStone Energy, an independent oil and natural gas exploration and production company (E&P) headquartered in Lafayette, Louisiana drills mainly in the Gulf of Mexico but also has a presence in the Marcellus/Utica Shale with 90,000 acres of leases. Last year Stone quit drilling in the northeast and actually shut-in part of their production due to low prices (see Stone Energy 3Q15: Shut Down 110 Mmcfe/d of Marcellus Production). In June Stone cut a new midstream gathering agreement with Williams to return some of their shut-in Marcellus wells to full production (see Stone Energy Opens Marcellus Spigots Again; New Midstream Deal). In August MDN tipped you off that Stone is looking to unload their Marcellus/Utica assets (see Stone Energy in Talks to Sell 90K Acres of Marcellus Leases/Wells). In October Stone issued an announcement that the company, like others before it, has cut a deal to file a “prepackaged” bankruptcy AND sell it’s Marcellus/Utica assets to Tug Hill for $350 million (see Stone Energy Enters Bankruptcy, Sells Marc/Utica Assets for $350M). Yesterday Stone issued its third quarter 2016 update with details on how the sale to Tug Hill is going, how the bankruptcy is going, and how a number of other issues are going for the company…

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