USA: Stone Buys Anadarko’s Pompano Field Stake

USA: Stone Buys Anadarko's Pompano Field Stake

Stone Energy Corporation has acquired Anadarko’s 25% working interest in the five block deep water Pompano field in Mississippi Canyon, a 22% working interest in Mississippi Canyon Block 29, and a 10% working interest in portions of MC 72.

The purchase price under the agreement is $67 million in cash plus the assumption of asset retirement obligations, subject to customary closing adjustments. Current net production from the Pompano field attributable to this acquisition is approximately 1,000 barrels of oil per day and 3 million cubic feet of natural gas per day.

Stone’s estimate of proved reserves attributable to this acquisition is approximately 5.9 million barrels of oil equivalent at December 31, 2011.

In late December 2011, Stone Energy also bought BP’s 75% operated working interest in the Gulf of Mexico located field.

Offshore Energy Today Staff, May 11, 2012