LAFAYETTE, La., April 11, 2017 /PRNewswire/ -- Stone Energy
Corporation (NYSE: SGY) today announced that its Board of Directors
has retained Petrie Partners LLC to assist the Board in its
determination of the Company's strategic direction, including
assessing its various strategic alternatives. The Board's decision
to retain Petrie follows the successful completion of the Company's
financial restructuring and emergence from Chapter 11
reorganization. "We are committed to increasing stockholder value,"
said Neal Goldman, Chairman of the
Board of the Company, "and, as a newly appointed board of
directors, we believe that engaging a financial advisor to help us
assess the Company and its strategic alternatives will best enable
us to establish an appropriate course." The Board intends to
explore all potential avenues to increase stockholder value, which
may include the acquisition of additional assets, accessing
external capital, a business combination, or another strategic
transaction. No decision has been made with regard to any
alternatives, and there can be no assurance that this assessment
will result in any transaction.
Forward Looking Statements
Certain statements in this press release are forward-looking and
are based upon Stone's current belief as to the outcome and timing
of future events. All statements, other than statements of
historical fact, that address activities or results that Stone
plans, expects, believes, projects, estimates or anticipates will,
should or may occur in the future are forward-looking
statements. Important factors that could cause actual results
to differ materially from those in the forward-looking statements
herein include, but are not limited to, the timing, extent and
volatility of changes in commodity prices for oil and gas,
operating risks, liquidity risks, our ability to access capital
markets, political and regulatory developments and legislation,
including developments and legislation relating to our operations
in the Gulf of Mexico, and other
risk factors and known trends and uncertainties as described in
Stone's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q
and Current Reports on Form 8-K as filed with the Securities and
Exchange Commission. For a more detailed discussion of risk
factors, please see Part I, Item 1A, "Risk Factors" of the
Company's most recent Annual Report on Form 10-K. Should one
or more of these risks or uncertainties occur, or should underlying
assumptions prove incorrect, Stone's actual results and plans could
differ materially from those expressed in the forward-looking
statements. Stone assumes no obligation and expressly
disclaims any duty to update the information contained herein
except as required by law.
Stone Energy is an independent oil and natural gas
exploration and production company headquartered in Lafayette, Louisiana with additional offices
in New Orleans and Houston.
Stone is engaged in the acquisition, exploration, development and
production of properties in the Gulf of
Mexico basin.
Contact:
Kenneth H. Beer
Chief Financial Officer
337-521-2210
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SOURCE Stone Energy Corporation