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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): AUGUST 15, 1997
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STONE ENERGY CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 1-12074 72-1235413
(State or other jurisdiction (Commission File (I.R.S. employer
of incorporation or organization) Number) identification no.)
625 E. Kaliste Saloom Road
Lafayette, Louisiana 70508
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (318) 237-0410
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Item 2. Acquisition or Disposition of Assets
On August 1, 1997, Stone Energy Corporation (the "Company") closed
the purchase of certain interests in Vermilion Block 255 Field (the "Property")
from three entities for $36.6 million. The sellers were Aviara Energy
Corporation, Forest Oil Corporation and Total Minatome Corporation. The field
consists of interests in four Vermilion blocks (255, 256, 267 and 268), and the
working interests acquired range from 66.7% to 83.3%. The effective date of the
acquisition was April 1, 1997, and net cash flow from the Property for the
period from effectiveness to closing, estimated at $2.4 million, will be
recorded as a reduction of the investment in the Property.
Eight platforms and 48 wells exist on the field, with 10 wells
currently producing at aggregate daily rates of approximately 1,500 barrels of
oil and 18 million cubic feet of gas. Stone Energy is now the field operator,
and the remaining interests in the Property are owned by CNG Producing Company.
In addition to the purchase price, Stone Energy provided a bond in the amount of
$8.8 million to secure abandonment obligations.
The Company funded the purchase of the Property with an advance under
its line of credit with a bank group led by NationsBank of Texas, N.A.
Item 7. Financial Statements and Exhibits
(a) Financial Statements of Business Acquired
It is impracticable to provide the required financial
statements for the Property by the date this Report is
required to be filed with the Securities and Exchange
Commission (the "Commission") and none of the required
financial statements will be available on such date. The
Company will provide such statements under cover of Form 8-K/A
as soon as practicable, but in any event not later than 60
days after the date this Report is required to be filed with
the Commission.
(b) Pro Forma Financial Information
It is impracticable to provide the required pro forma
financial information by the date this Report is required to
be filed with the Commission and none of the required
information will be available on such date. The Company will
provide such information under cover of Form 8-K/A as soon as
practicable, but in any event not later than 60 days after the
date of this Report is required to be filed with the
Commission.
(c) Exhibits
None
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this Report to be signed on its behalf by the
undersigned thereunto duly authorized.
STONE ENERGY CORPORATION
Date: August 15, 1997 /s/ Michael L. Finch
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Michael L. Finch
Executive Vice President and
Chief Financial Officer
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