Targeted Strategies for Today's Evolving Markets

MissionIR Blog

Stone Energy Corp. (SGY) Reports Impact from Hurricane Gustav

Stone Energy (SGY) is an independent oil and natural gas company headquartered in Lafayette, Louisiana. The company’s business strategy is to increase shareholder value through the acquisition, exploration and development of oil and natural gas in mature and emerging fields. Stone currently operates in the Gulf of Mexico, onshore Louisiana, and is also engaged in an exploratory joint venture in Bohai Bay, China.

Stone recently provided an update on the impact of Hurricane Gustav on its operations. The adverse weather conditions associated with Hurricane Gustav resulted in the suspension of all offshore drilling and production activities in the Gulf of Mexico as of August 30. Stone safely evacuated all employee and contract personnel prior to the arrival of the storm. Net daily production of approximately 310 million cubic feet of natural gas equivalent (Mmcfe) was shut-in as a result of the hurricane.

Flyovers of company and certain outside operating properties have begun and based on an initial assessment, all facilities and infrastructure appear to have remained intact. Repairs will begin shortly, as all materials needed for anticipated repair were secured in advance of the approaching storm.

Stone has deployed personnel back to its Gulf of Mexico properties and is beginning to restore productions. None of the company’s four contracted rigs were damaged, and all are progressing towards resumption of operations.

Let us hear your thoughts below:

This entry was posted in Small Cap News. Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *