Stone Energy Corp. (SGY) announced that net daily production for the third quarter is expected to average between 230-235 MMcfe, which is in the upper end of the prior range of 215-235 Mmcfe.
Stone now expects its full year 2009 average daily production to be in the range of 210-220 MMcfe per day compared to its previous annual guidance of 205-225 MMcfe per day.
The company announced that its semi-annual borrowing base re-determination process has been completed and the borrowing base will remain at $425 million. As of September 30, 2009, Stone had $250 million in borrowings outstanding on its credit facility and another $69 million in outstanding letters of credit, leaving $106 million in availability on the facility. Stone's cash position as of September 30, 2009 was approximately $97 million.
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