UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
December 17, 2008
Date of report (Date of earliest event reported)
Date of report (Date of earliest event reported)
STONE ENERGY CORPORATION
(Exact Name of Registrant as Specified in Charter)
| Delaware | 1-12074 | 72-1235413 | ||
| (State or Other | (Commission File | (IRS Employer | ||
| Jurisdiction of | Number) | Identification No.) | ||
| Incorporation) | ||||
| 625 E. Kaliste Saloom Road | ||
| Lafayette, Louisiana | 70508 | |
| (Address of Principal Executive Offices) | (Zip Code) | |
Registrant’s telephone number, including area code: (337) 237-0410
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
| o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
| o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
| o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e 4(c)) |
Item 7.01. Regulation FD Disclosure.
On December 17, 2008, we issued a press release which announced our 2009 capital budget, updated production and reserve guidance, a possible year end full cost ceiling test write-down and our redetermined borrowing base. The press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference into this Item 7.01.
In accordance with General Instruction B.2 of Form 8-K, the foregoing information, including Exhibit 99.1, shall not be deemed “filed” for the purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, nor shall such information, including Exhibit 99.1, be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 8.01. Other Events.
In early December 2008, we received notice from our bank group that the borrowing base under our bank credit facility has been reduced from $700 million to $625 million. The borrowing base under the credit facility is redetermined periodically based on the bank group’s evaluation of the estimated proved oil and gas reserves of Stone and its direct and material indirect subsidiaries. Borrowings outstanding at December 17, 2008 under the facility totaled $425 million, and letters of credit totaling $46.1 million had been issued under the facility, leaving $153.9 million of borrowings available under the credit facility.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| 99.1 | Press release dated December17, 2008, “Stone Energy Corporation Announces 2009 Capital Budget, Updated Production and Reserve Guidance, Possible Year End Full Cost Ceiling Test Write-down and Affirmed Borrowing Base.” |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, Stone Energy Corporation has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| STONE ENERGY CORPORATION | ||||
| Date: December 19, 2008 | By: | /s/ J. Kent Pierret | ||
| J. Kent Pierret | ||||
| Senior Vice President, Chief Accounting Officer and Treasurer | ||||
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EXHIBIT INDEX
| Exhibit | ||||
| Number | Description | |||
| 99.1 | Press release dated December17, 2008, “Stone Energy Corporation Announces 2009 Capital Budget, Updated Production and Reserve Guidance, Possible Year End Full Cost Ceiling Test Write-down and Affirmed Borrowing Base.” | |||
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