Stone Energy plans to offer 5 million shares

(Image 1)

LAFAYETTE, La. (AP) – Stone Energy Corp. has filed notice with the Securities Exchange Commission of its intent to sell 5 million shares of common stock.

New Orleans CityBusiness reports the Lafayette-based oil and gas company says it expects to raise more than $216 million from the offering.

In a prepared statement, Stone said it would use the money for general purposes. Those could include developing its Amethyst discovery in the Gulf of Mexico, drilling of a second well at the Cardona South site in the Gulf, the Utica Shale development in the Appalachian basin in the eastern United States and for acquisition of more acreage in the shale tract.

CEO David Welch said Stone will begin drilling its first Utica Shale exploration well shortly.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s