Stone Energy Corporation Announces Borrowing Base Redetermination

LAFAYETTE, La., April 29 /PRNewswire-FirstCall/ -- Stone Energy Corporation
(NYSE: SGY) today announced that its borrowing base has been unanimously
approved by its bank group at $425 million on its $700 million credit facility
maturing in 2011. As of April 29, 2009, Stone had $356 million in borrowings
outstanding on its credit facility and another $69 million in outstanding
letters of credit. Although this leaves no availability on the facility,
Stone's current cash position is $90 million. In connection with this
redetermination, Stone agreed to a 75 basis point increase on its borrowing
base grid which now ranges from LIBOR plus 2.25% to LIBOR plus 3.00% depending
on the outstanding borrowings. Stone has been and remains in compliance with
all of the financial covenants under the credit facility and the next
borrowing base redetermination is expected by November 1, 2009.

The bank group includes Bank of America, N.A. as administrative agent; BNP
Paribas, Natixis, and the Bank of Nova Scotia as syndication agents; Capital
One, N.A. and Toronto Dominion LLC as documentation agents; and Allied Irish
Banks p.l.c., Barclays Bank PLC, Regions Bank, U.S. Bank, Whitney National
Bank, JPMorgan Chase Bank, N.A. and Sumitomo Mitsui Banking Corporation as
participating banks.

President and Chief Executive Officer David Welch stated, "We are pleased to
have our borrowing base confirmed and appreciate the efforts of the bank group
during this process. We consider the bank group as an important partner and
appreciate their support and confidence in Stone."

Stone Energy is an independent oil and natural gas company headquartered in
Lafayette, Louisiana, and is engaged in the acquisition, exploration,
exploitation, development and operation of oil and gas properties located
primarily in the Gulf of Mexico. Stone is also active in the Appalachia
region. For additional information, contact Kenneth H. Beer, Chief Financial
Officer, at 337-521-2210-phone, 337-237-0426-fax or via e-mail at
CFO@StoneEnergy.com.

Certain statements in this press release are forward-looking and are based
upon Stone's current belief as to the outcome and timing of future events. All
statements, other than statements of historical facts, that address activities
that Stone plans, expects, believes, projects, estimates or anticipates will,
should or may occur in the future, including future production of oil and gas,
future capital expenditures and drilling of wells and future financial or
operating results are forward-looking statements. Important factors that could
cause actual results to differ materially from those in the forward-looking
statements herein include the timing and extent of changes in commodity prices
for oil and gas, operating risks, liquidity risks, and other risk factors and
known trends and uncertainties as described in Stone's Annual Report on Form
10-K and Quarterly Reports on Form 10-Q as filed with the Securities and
Exchange Commission ("SEC"). Should one or more of these risks or
uncertainties occur, or should underlying assumptions prove incorrect, Stone's
actual results and plans could differ materially from those expressed in the
forward-looking statements.

SOURCE Stone Energy Corporation

Kenneth H. Beer, Chief Financial Officer of Stone Energy Corporation,
+1-337-521-2210, fax, +1-337-237-0426, CFO@StoneEnergy.com