STONE ENERGY CORPORATION (NYSE:SGY) Files An 8-K Other Events
Item 8.01. Other Events.
only disclosures related to going concern uncertainty, and does not
in any way restate or revise the consolidated balance sheets as of
December 31, 2016 and 2015, and the related consolidated statements
of operations, comprehensive income (loss), cash flows, and changes
in stockholders’ equity for each of the three years in the period
ended December 31, 2016 (the “2016 Financial Statements”) of
Stone Energy Corporation (the “Company”) contained in the
Company’s Annual Report on Form 10-K for the year ended December
31, 2016 (the “2016 Form 10-K”) filed on February 23, 2017.
Neither this Form 8-K nor the Exhibit hereto reflect any events
occurring after February 23, 2017, other than the events
surrounding the alleviation of the going concern uncertainty, or
modify or update the disclosures in the 2016 Form 10-K that may be
affected by subsequent events. Accordingly, this Form 8-K should be
read in conjunction with the 2016 Form 10-K and the Companys
filings made with the Securities and Exchange Commission subsequent
to the filing of the 2016 Form 10-K, including any amendments to
such filings.
23, 2017, the Company had previously disclosed in the 2016 Form
10-K that there was substantial doubt about the ability of the
Company to continue as a going concern. Similarly, the report of
the Company’s independent registered public accounting firm, Ernst
Young LLP, relating to the Company’s 2016 Financial Statements,
contained an explanatory paragraph regarding the Company’s ability
to continue as a going concern. On February 28, 2017, the Second
Amended Joint Prepackaged Plan of Reorganization (the Plan) became
effective and the Company emerged from bankruptcy. As a result of
the execution of the Plan and the Companys emergence from
bankruptcy, there is no longer substantial doubt about the Companys
ability to continue as a going concern.
Financial Statements to reflect the alleviation of the going
concern uncertainty as described above. The updated financial
statements are consistent with the 2016 Financial Statements
contained within the Companys 2016 Form 10-K, except that (i) the
report of Ernst Young LLP accompanying the 2016 Financial
Statements has been updated to include an emphasis paragraph
disclosing that the conditions that raised substantial doubt about
whether the Company will continue as a going concern no longer
exist and (ii) Note 3 to the 2016 Financial Statements has been
updated to reflect the alleviation of the going concern
uncertainty. The updated financial statements do not represent a
restatement of previously issued financial statements.
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99.1
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Financial Statements and Supplementary Data
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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. STONE ENERGY CORPORATION (NYSE:SGY) Recent Trading Information
STONE ENERGY CORPORATION (NYSE:SGY) closed its last trading session down -0.62 at 21.34 with 204,206 shares trading hands.
