Stone raises 3Q production outlook, shares jump

LAFAYETTE, La. (AP) — Independent petroleum producer Stone Energy Corp. on Tuesday raised its third-quarter production outlook, sending shares climbing nearly 8 percent in premarket trading.

The company predicted production levels between 230 and 235 million cubic feet equivalent (MMcfe), which is in the upper end of its previous forecast of 215 to 235 MMcfe. For the full year, the company narrowed its full-year production outlook. It now expects production for 2009 between 210 and 220 MMcfe/d, compared with an earlier estimate between 205 and 225 MMcfe/d.

In a statement the company said that, as of the end of September, it had $106 million of available credit remaining on its $425 million credit facility.

Stone Energy shares rose $1.34 to $18.98 in trading before the opening bell.