Bankers Reaffirm Stone Energy’s $500M Line of Credit

Stone Energy is one of the smaller drillers in the Marcellus/Utica, drilling 38 wells in the Marcellus and a single Utica test well in 2014. Early in 2015 Stone said they wouldn’t be drilling any new Marcellus/Utica wells beyond the first quarter (see Stone Energy Will Suspend Marcellus/Utica Drilling after 1Q15). Even though they aren’t currently active in the region, it’s still good to keep tabs on Stone, as we expect they will become active again at some point. For that reason, we’re reporting that Stone announced yesterday their bankers have “reaffirmed” the company may continue to borrow up to $500 million. That is, Stone continues to have a $500M line of credit, which is important for new drilling projects…