Stone Energy Corporation has announced the execution of an agreement to purchase a 100% working interest in the Ram Powell Unit, and related assets, from Shell Offshore Inc., Exxon Mobil Corporation, and Anadarko US Offshore LLC.

On April 27, 2018, Stone entered into an Asset Purchase Agreement with Shell, ExxonMobil, and Anadarko to acquire a 100% working interest in the Ram Powell Unit, including six lease blocks in the Viosca Knoll Area, the Ram Powell tension leg platform, and related assets. Production for the Ram Powell field averaged approximately 6,100 barrels of oil equivalent per day during 2017. The Ram Powell TLP is located in 3,200 feet of water in Viosca Knoll Area, Block 956, and is capable of processing 60,000 barrels of oil per day and 200 million cubic feet of gas per day. The acquisition is subject to customary closing conditions, and is expected to close in early May 2018, with an effective date of October 1, 2017. Additionally, under the terms of the previously announced Transaction Agreement between Stone and Talos Energy LLC ("Talos"), this acquisition is subject to Talos's written consent, which Talos has provided.

Interim Chief Executive Officer and President James M. Trimble stated, 
"We are very excited to announce that we have reached an agreement to purchase the Ram Powell field. The additional scale and diversification this acquisition provides support the strategies associated with the previously announced combination with Talos Energy. These assets will add meaningful reserves, production volumes, and cash flow to the combined company. I appreciate the efforts of the entire Stone team that contributed to this success."