Louisiana-based independent oil and gas explorer,
Stone Energy Corporation
) announced that it has contracted a dynamically positioned
deepwater drilling rig from
) ENSCO 8500 series. The rig would be used for Stone Energy's
Cardona oil development program at Mississippi Canyon 29. The
newly contracted rig would allow Stone Energy to further develop
the reserves around the Pompano platform.
CONTL RESOURCES (CLR): Free Stock Analysis
ENSCO PLC (ESV): Free Stock Analysis Report
RANGE RESOURCES (RRC): Free Stock Analysis
STONE ENERGY CP (SGY): Free Stock Analysis
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Drilling on the first Cardona well is expected to commence during
the second half of 2013 followed by the drilling of the Cardona
South well. Stone Energy plans to tie back both wells to its
wholly owned Pompano platform with production projected for late
2014. Stone is the operator of the Cardona wells with a 65%
Based on its track record of sustaining volume growth, Stone
Energy currently expects net daily production of 230−240 million
cubic feet of gas equivalent per day (MMcfe/d) during the first
quarter of 2013. The company also expects liquids to represent
approximately 50% of overall volumes in the first quarter.
Stone Energy is an independent oil and natural gas exploration
and production company headquartered in Lafayette, Louisiana with
additional offices in New Orleans, Houston and Morgantown, West
Stone Energy is well placed in the industry with a widespread and
high-yielding inventory. The company boasts an extensive capital
project inventory and generates surplus cash flow with no bank
debt. Although Stone Energy aims to apportion its capital across
its portfolio, the focus will be on the Gulf of Mexico shelf as
well as the Marcellus region.
Among the U.S. based oil exploration and production players,
Stone Energy and
Range Resources Corporation
) both Zacks Ranked #1 (Strong Buy) stocks are expected to
outperform the market over the next few months. Another promising
name in this space is Zacks Ranked #2 (Buy)
Continental Resources, Inc.