Stone Energy Corp. (NYSE: SGY) said April 27 it had agreed to purchase the Ram Powell Unit in the U.S. Gulf of Mexico from Shell Offshore Inc., ExxonMobil Corp. (NYSE: XOM) and Anadarko US Offshore LLC.

The acquisition includes 100% working interest in the Ram Powell Unit, which is located in 3,200 ft of water in the Viosca Knoll Area, Block 956, and is capable of processing 60,000 barrels per day (bbl/d) of oil and 200 million cubic feet per day of gas. The terms of the transaction weren't disclosed.

The assets comprise six lease blocks and the Ram Powell tension leg platform. Production for the Ram Powell Field averaged roughly 6,100 bbl/d during 2017.

The transaction is subject to customary closing conditions and is expected to close in early May, with an effective date of Oct. 1, 2017. Additionally, under the terms of the merger agreement between Stone and Talos Energy LLC announced in November 2017, this acquisition is subject to Talos's written consent, which Stone said Talos has provided.

Interim CEO and President James M. Trimble stated, "We are very excited to announce that we have reached an agreement to purchase the Ram Powell Field. The additional scale and diversification this acquisition provides support the strategies associated with the previously announced combination with Talos Energy. These assets will add meaningful reserves, production volumes, and cash flow to the combined company. I appreciate the efforts of the entire Stone team that contributed to this success."

[Editor's note: This transaction closed May 1.]

Offshore