Stone Energy Enters Bankruptcy, Sells Marc/Utica Assets for $350M

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 April MDN told you Stone was (in our opinion) inching toward bankruptcy (see Stone Energy Appoints Special Liaison, Inches Toward Bankruptcy?). 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). Both bits of news have come true. Last Thursday Stone issued an announcement that the company, like others before it, has cut a deal to file a “prepackaged” bankruptcy AND sell its Marcellus/Utica assets to Tug Hill for $350 million…

Please Login to view this content. (Not a member? Join Today!)
You do not have permission to view the comments.

Please Login to post a comment