Stone Energy Corp News

The Chief Executive of offshore oil and gas driller Fieldwood Energy LLC, Matt McCarroll, says he is not scared of the hurricanes, geological risks and costs that keep some oil companies out of the Gulf of Mexico. Instead, he is doubling down. The private equity-backed company - already the largest operator on the U.S. outer continental shelf - announced on Thursday it is closing a $480 million acquisition of Noble Energy’s assets in the Gulf of Mexico that will add 25,000 barrels per day (bpd) to its current net production of 72,000 bpd of oil equivalent.

Talos Energy LLC and Stone Energy Corp, two U.S. exploration and production companies focused on the Gulf of Mexico, announced on Tuesday plans to merge and create a new company valued around $2.5 billion including debt, sending Stone's shares down nearly 13 percent. "The idea of a reverse merger works very well for us, as we get a lot of talented people into the company and also use a structure which gets us to the public equity markets", said Timothy Duncan, chief executive of Talos, who will retain the title under the combined company, to be named Talos Energy Inc. Stone shares will be exchanged for Talos stock on a one-for-one basis, while Talos' existing stockholders will be issued 34.2 million shares to give them 63 percent of the combined company, according to a statement.

The Bureau of Safety and Environmental Enforcement (BSEE) has completed the first unannounced oil spill drill since the reorganization of the former Minerals Management Service was completed on Oct. 1. The table-top drill, which took place last week, was led jointly by BSEE in conjunction with the U.S. Coast Guard and the State of Louisiana and tested Stone Energy Corporation’s ability to assess a subsea well control situation and mobilize the proper subsea containment/intervention equipment in a timely manner. A final evaluation will follow when analysis of all documentation is completed. “The Unannounced Spill Drill Program provides…