Stone Energy Reports Drilling Operations On Rampart Deep Prospect - Quick Facts

(RTTNews) - Stone Energy Corp. (SGY) announced that drilling operations on its Rampart Deep Prospect in Mississippi Canyon Block 116 were initiated on June 3, 2017. The Stone generated prospect will be drilled and operated by Deep Gulf Energy III, LLC, and is expected to be tied back to Stone's 100% owned Pompano platform, if successful.

Stone Energy said the company expects the recently implemented additional workforce reductions to result in an approximate 25% decrease in salaries, general and administrative cash costs for the second half of 2017, translating into an expected quarterly cash SG&A outlay, before capitalization, of approximately $11 million to $12 million per quarter, excluding non-recurring and non-cash items. Stone Energy projects an overall SG&A reduction of approximately 50% from 2016.