Finance & Investing | Capital Markets | Capital Expenditure
Stone Energy Sets Marcellus Shale 2013 Capital Budget
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STONE ENERGY CORPORATION announced that its Board of Directors has authorized a 2013 capital expenditure budget of $650 million, which excludes acquisitions and capitalized SG&A and interest.
The Marcellus Shale capital budget provides for development drilling, infrastructure investments and acquisition of additional lease-hold interests. The budget includes funds for a one horizontal rig program and the drilling and fracturing of 26-32 wells. This increase from 2012 is driven by operational efficiencies realized this past year. These Marcellus wells will be drilled in the liquids rich Mary and Heather areas as well as potentially performing a well test on the Upper Devonian formation.
The remainder of the capital budget is focused on Onshore Exploration projects and new venture…
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