Published On: Tue, Jun 9th, 2009

Stone Energy to offer additional shares to pay debt

Independent oil and gas company Stone Energy Corp (SGY.N) said it has commenced a public offering of 6 million shares of its common stock, the proceeds of which it may use to reduce debt under its credit facility.

The company added the underwriters will have a 30-day option to buy up to 0.9 million additional shares.

Shares of the company closed at $8.37 Tuesday on Nasdaq. It fell 6.5 percent to $7.82 after market close.