S&P: Stone Energy unchanged

Standard & Poor's said Stone Energy Corp.'s (BB-/Watch negative) announcement that it would be restating previous periods and that the SEC would be conducting an informal inquiry into the company's recent revision of proved hydrocarbon reserves, will not immediately affect the company's ratings, which remain on CreditWatch with negative implications.

The company announced in early October that it would have a negative reserve revision of about 171 billion cubic feet equivalent, S&P noted.

The potential restatements could arise from Stone Energy's review of whether portions of the revision should be applied to previous years, which could result in a restatement of previous years' financial statements and related supplemental oil and gas reserve disclosures, the agency added.

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