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Stone Energy Corporation announces Mt. Providence drilling success

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Oilfield Technology,

Stone Energy Corporation (NYSE: SGY) yesterday announced drilling success at the deep-water Mt. Providence development well at Mississippi Canyon Block 28.  Stone generated the prospect and owns a 100% working interest in the well.

The Mt. Providence well (the MC 28 #4 well) encountered approximately 153 net ft of high quality, primarily oil pay in one Miocene interval with no visible water level, which exceeded pre-drill expectations.  Completion operations on the Mt. Providence well will commence in the second quarter of 2018 with first production expected early in the third quarter of 2018.  The well is expected to have an initial production rate of approximately 3000 to 5000 barrels of oil equivalent per day and will be tied back to the 100% Stone owned Pompano platform through existing subsea infrastructure.

Interim CEO and President James M. Trimble stated, "We are excited about the Mt. Providence drilling results.  This successful well will quickly generate additional production and cash flow with minimal incremental operating cost since we can capitalise on existing subsea infrastructure and available capacity at our Pompano platform.  I appreciate the efforts of the entire Stone team that contributed to this success."

Separately, the Derbio well (the MC 72 #3 well) is now expected to spud in late January 2018 with results expected early in the second quarter of 2018.  Derbio is a Stone-generated prospect and follows the Rampart Deep success announced in September 2017.  If successful, the Rampart Deep/Derbio project could be a multi-well tie back to the Stone 100% owned Pompano platform, with first production expected by late 2019.  Working interest partners in the Derbio prospect are Stone with 40%, Deep Gulf Energy III, LLC with 30% (Operator) and entities managed by Ridgewood Energy Corporation (including Riverstone Holdings, LLC and its portfolio company ILX Holdings III, LLC) with 30%.

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