Lousiana based Stone Energy Corp is about to be bought by Talos Energy LLC. “The merged technological resources, balance sheet and expertise of the newly combined company will enable the acceleration of Talos’ already extensive project development inventory and give them the ability to strive for compelling explorational and transaction possibilities. Immediately after closing, the stakeholders of Talos will have 63 percent interest in the company, and Stone Energy’s shareholders will have the remaining 37 percent, per the report. The projected credit facility is a reported $1 billion with a total of $600 million initial funding capability and no maturities of long-term notes for the next four years.
Duncan has been named the new Chief Executive Officer of Talos and their legal boards members were Paul, Weiss, Rifkind, Wharton and Garrison LLP and Vinson – Elkins LLP while Feld LLP and Akin Gump Strauss Hauer acted as the legal committee of Stone Energy.Although Stone Energy claimed bankruptcy in Houston claiming to be $0.5 billion over their asset valuation in debt, this new agreement solidifies Stone’s road to revitalizing its financial situation, according to a press release statement by Neal Goldman.Also, during their 2013 buyout of Energy Resource Technology GOM Inc, Talos said they discovered nearly 2 billion barrels worth of oil in Mexico near the Gulf. An independent gas and oil corporation, Talos Energy, boasts an executive team with many years of familiarity with production and overseas exploration.
Their team is proficient at procuring active developed and shelf assets in deep waters in the Gulf of Mexico. Talos then examines, utilizes and optimizes their assets utilizing innovative methodology and tools.Operating for over ten years together, Talos’ group has a true background of success. In the year before Talos began, their group developed and then sold Mexican Gulf-based gas and oil companies Gryphon Exploration Co. and Phoenix Exploration Co. Both of which both provided a rather substantial return to the companies investors.Due to their firm establishment, Talos keeps developing and growing their world-class firm keeping their commitment to eco-friendly, compliant and safe operating methods. Talos is dedicated to maintaining their leading edge by always trying to find innovative and more effective modes of operation.