Stone Energy hires advisor to explore strategic alternatives

|By:, SA News Editor

Stone Energy (NYSE:SGY) rose 2% in today's trade after saying it retained Petrie Partners to assist its board with determining the strategic direction of the company.

SGY says it will consider all potential avenues to increase stockholder value, including the acquisition of additional assets, accessing external capital, a business combination, or another strategic transaction.

Following SGY's exit from Chapter 11 bankruptcy in February, the company's portfolio now is focused on the deepwater Gulf of Mexico, where it has ~35M boe of estimated proved reserves as of year-end 2016.