Stone Energy plans to offer 5 million shares

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.

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