Lafayette-based Stone Energy Corp. is selling its non-core Gulf of Mexico shallow-water properties to Talos Energy Offshore LLC.
The sale is for $200 million in cash and assuming future abandonment liabilities estimated at about $117 million.
The estimated proved reserves associated with the oil and gas properties represented about 9 percent of Stone’s year-end 2013 estimated proved reserves. Stone will retain an option for a 50 percent working interest in the deep-drilling rights on the properties.
“The sale of our non-core GOM (Gulf of Mexico) shelf properties will allow us to further focus our efforts on GOM deep water, Gulf Coast deep gas and Appalachian projects, which we have targeted for our growth,” said Stone Chairman, President and Chief Executive Officer David H. Welch.