18th February 2008
By Staff Writer
Stone Energy has reported that estimated year-end 2007 proved reserves were 403 billion cubic feet of natural gas equivalent, as compared with 591 billion cubic feet of natural gas equivalent at year-end 2006. The company has appointed Rich Pattarozzi as the non-executive chairman of the board.
The estimated year-end 2007 reserves included proved developed reserves of 323 billion cubic feet of natural gas equivalent (bcfe) and proved undeveloped reserves of 80bcfe, and the split between gas and oil reserves was 53% and 47%, respectively.
Stone estimates that average production for 2007 was 224 million cubic feet of natural gas equivalents per day (mmcfe/d) which exceeded the 211mmcfe/d produced in 2006. Excluding the volumes from the divested Rocky Mountain properties, 2007 production would have averaged approximately 205mmcfe/d, the company said.
Mr Pattarozzi was elected to the Stone Energy board in February 2000 and was formerly vice president of Shell Offshore, president and CEO of Shell Deepwater Development and Shell Deepwater Production. Mr Pattarozzi is currently on the boards of Tidewater, Superior Energy Services, Global Industries and FMC Technology.
http://www.energy-business-review.com/article_news.asp?guid=12852E03-7ECA-463F-9C19-FA27DA78C47C
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