Stone Energy, which is engaged in oil and gas exploration and production, has reported net income of $62.2 million, or $2.22 per share, for the first quarter of 2008, compared to $10.5 million, or $0.38 per share, for the same period of 2007.
Discretionary cash flow totaled $150.3 million during the first quarter of 2008, compared to $102.1 million during the same period of 2007.
Daily production during the first quarter of 2008 averaged 185 million cubic feet of gas equivalent (mmcfe) per day, or 21% less than the average daily production of 238mmcfe per day in the comparable period of 2007.
For the month of April 2008, production averaged over 200mmcfe per day as volumes from two exploitation wells at Ewing Bank 305 added approximately 20mmcfe per day.