Stone Energy to sell non-core Gulf of Mexico properties in $337M deal

• Stone Energy (SGY) agrees to sell its non-core Gulf of Mexico conventional shelf properties to Talos Energy Offshore for $200M in cash plus assumed future undiscounted abandonment liabilities estimated at $117M.
• Production volumes from the properties totaled ~57M cfe/day during Q1; estimated proved reserves represented ~ 9% of SGY's year-end 2013 estimated proved reserves.
• SGY will retain an option for a 50% working interest in the deep drilling rights on the properties.