Stone Energy Corp. (NYSE: SGY) provided an update on its first-quarter 2016 operations and its borrowing base redetermination on April 14. First-quarter results will be reported in early May, the company said.

Production for the first quarter was about 34 thousand barrels of oil equivalent (Mboe), which was above its first-quarter 2016 guidance set between 32 Mboe and 33 Mboe.

Gross volumes from the deepwater Gulf of Mexico benefited from about 17,400 boe/d from the four-well Cardona Field, in which Stone has a 65% working interest, and about 24 million cubic feet equivalent per day (MMcfe/d) from the new Amethyst well, in which Stone has a full working interest.

The fourth Cardona #7 well came on production on February 24 and currently produces about 4,800 boe/d. Stone has a 65% working interest in the Cardona #7.

Production from the Mary Field in Appalachia remained shut-in for the first quarter of 2016, while net production from other Appalachian fields averaged about 23 MMcfe/d.

Regarding finances, Stone was notified on April 13 that the borrowing base under its bank credit agreement was reduced to $300 million from $500 million.

Stone had outstanding borrowings of $457 million and letters of credit of $18.3 million under its credit agreement as of April 13, resulting in a borrowing base deficiency of $175.3 million. There is about $360 million in cash on hand.

Stone said it can repay the loan to eliminate the deficiency within 10 days, add collateral, or pay the deficiency within six months.

Stone Energy Corp. is based in Lafayette, La.