LAFAYETTE, La. (AP) - Lafayette-based Stone Energy Corp. plans to sell 5 million shares of stock and use the proceeds for general corporate purposes that include developing a deepwater natural gas discovery in the Gulf of Mexico known as the Amethyst prospect.
At Wednesday’s closing price, The Advocate reports (https://bit.ly/1jDYcXO) Stone would generate $221.5 million before expenses.
In February, Stone said the Amethyst prospect had a reservoir of recoverable natural gas 90 feet thick. The reservoir has an estimated yield of 60 to 80 barrels of natural gas liquids per million cubic feet of natural gas.
Stone is also giving underwriters a 30-day option to buy 750,000 additional shares in case investors buy more than 5 million shares. The additional shares could generate $33.2 million before expenses.
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Information from: The Advocate, https://theadvocate.com
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