STONE ENERGY CORPORATION (NYSE:SGY) Files An 8-K Other EventsItem 8.01.Other Events.
On November 8, 2017, Stone Energy Corporation (“Stone”) received notice from Bank of America, N.A., as administrative agent and issuing lender under the Fifth Amended and Restated Credit Agreement dated February 28, 2017 (the “Credit Agreement”), that its borrowing base under the Credit Agreement had been reduced to $100 million, effective November 8, 2017. Prior to the November 8, 2017 redetermination, available borrowings under the Credit Agreement were $150 million. The borrowing base under the Credit Agreement is redetermined semi-annually, in May and November, by the lenders, in accordance with the lenders’ customary practices for oil and gas loans. On November 8, 2017, Stone had no outstanding borrowings and $12.6 million in letters of credit outstanding, leaving $87.4 million of availability under the Credit Agreement.
About STONE ENERGY CORPORATION (NYSE:SGY)
Stone Energy Corporation is an independent oil and natural gas company. The Company is engaged in the acquisition, exploration, exploitation, development and operation of oil and gas properties. The Company operates in the Gulf of Mexico (GOM) basin. It has leveraged its operations in the GOM conventional shelf and has its reserve base in the prolific basins of the GOM deep water, Gulf Coast deep gas, and the Marcellus and Utica shales in Appalachia. Its estimated proved oil and natural gas reserves are over 60 million barrels of oil equivalents (MMBoe) or 340 billion cubic feet equivalent (Bcfe). Over 95 MMBoe or 570 Bcfe of its estimated proved reserves are revised downward. It has made investments in seismic data and leasehold interests, and has geological, geophysical, engineering and operational operations in deep water arena to evaluate potential exploration, development and acquisition opportunities. It holds over two deep water platforms, producing reserves and various leases.