Stone Energy reports borrowing, production
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Lafayette-based Stone Energy Corp. today announced that its borrowing base will remain at $425 million.
As of Sept. 30, Stone had $250 million in borrowings outstanding on its credit facility and another $69 million in outstanding letters of credit, leaving $106 million available. Stone had approximately $97 million in cash available as of Sept. 30.
Stone also announced that for the third quarter net daily production is expected to average the equivalent of 230 million cubic feet to 235 million cubic feet of natural gas. The company expects its 2009 average daily production to be in the 210 million cubic feet
Stone now expects its full year 2009 average daily production to be in the range of the equivalent of 210 million to 220 million cubic feet compared to the previous annual guidance of 205 million to 225 million cubic feet.
Stone’s stock was at $17.88 per share, up 24 cents, in early trading today.
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