904080--2/27/2009--STONE_ENERGY

related topics

{gas, price, oil}

{operation, natural, condition}

{loss, insurance, financial}

{acquisition, growth, future}

{competitive, industry, competition}

{capital, credit, financial}

{cost, regulation, environmental}

{tax, income, asset}

{personnel, key, retain}

{debt, indebtedness, cash}

test write-downs and other impairments of our asset carrying values. We may not be able to replace production with new reserves. Our actual recovery of reserves may substantially differ from our proved reserve estimates. We require substantial capital expenditures to conduct our operations and replace our production, and we may be unable to obtain needed financing on satisfactory terms necessary to fund our planned capital expenditures. The continuing financial crisis may impact our business and financial condition. We may not be able to obtain funding in the capital markets on terms we find acceptable, or obtain funding under our current bank credit facility because of the deterioration of the capital and credit markets and our borrowing base. Our debt level and the covenants in the current and any future agreements governing our debt could negatively impact our financial condition, results of operations and business prospects. We have experienced significant shut-ins and losses of production due to the effects of hurricanes in the Gulf of Mexico The marketability of our production depends mostly upon the availability, proximity and capacity of oil and natural gas gathering systems, pipelines and processing facilities. We may not receive payment for a portion of our future production. Lower oil and gas prices and other factors have resulted and in the future may result, in ceiling test write-downs and other impairments of our asset carrying values. There are uncertainties in successfully integrating our acquisitions. Part of our strategy includes drilling in new or emerging plays. As a result, our drilling in these areas is subject to greater risk and uncertainty. Our operations are subject to numerous risks of oil and gas drilling and production activities. Our industry experiences numerous operating risks. We may not be insured against all of the operating risks to which our business in exposed. Terrorist attacks aimed at our facilities could adversely affect our business. Competition within our industry may adversely affect our operations. Our oil and gas operations are subject to various U.S. federal, state and local governmental regulations that materially affect our operations. The loss of key personnel could adversely affect our ability to operate. Hedging transactions may limit our potential gains or become ineffective.

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904080--2/27/2009--STONE_ENERGY_CORP