Stone sells assets

Ray Tyson

Petroleum News Houston correspondent

Stone Energy has sold interests in 21 non-core properties in various regions of the Rocky Mountains for about $8 million, Stone said July 12.

The properties make up about 1 percent of the firm’s total estimated proved reserves at year-end 2003 and include approximately 28 percent of the company’s well count in the Rockies. Stone did not disclose the buyers. At the time of the July 6 sale, Stone estimated that average net daily production from the 21 fields was less than 2 million cubic feet of natural gas equivalents: “Even though this divestiture will cause a slight decrease in proved reserves and production, the divestiture is strategically important to Stone enabling a more intense focus on projects that have a more material impact on our long-term reserves and production profiles,” said David Welch, Stone’s CEO.