Stone Energy is an independent oil and natural gas company engaged in the acquisition, exploration, exploitation, development and operation of oil and gas properties. We have been operating in the Gulf of Mexico (the "GOM") Basin since our incorporation in 1993 and have established technical and operational expertise in this area. We leveraged our experience in the GOM conventional shelf and expanded our reserve base into the more prolific plays of the GOM deep water, Gulf Coast deep gas and the Marcellus and Utica shales in Appalachia. At December 31, 2016, we had producing properties and acreage in the Marcellus and Utica Shales in Appalachia. In connection with our restructuring efforts, we determined that a sale of the Appalachia Properties (as defined below) would be a beneficial way to maximize value for all stakeholders. We completed the sale of the Appalachia Properties on February 27, 2017 for net cash consideration of approximately $522.5 million. See "Reorganization and Emergence from Voluntary Chapter 11 Proceedings" below for additional information. As of December 31, 2017, our estimated proved oil and natural gas reserves were approximately 32.5 MMBoe.
We were incorporated in 1993 as a Delaware corporation. Our corporate headquarters are located at 625 E. Kaliste Saloom Road, Lafayette, Louisiana 70508. We have an additional office in New Orleans, Louisiana.
Our long-term strategy is to grow net asset value through acquiring, discovering, developing and operating a focused set of margin-advantaged properties while appropriately managing financial, exploration and operational risk. Oil and natural gas prices significantly declined in the second half of 2014, and sustained lower prices continued throughout 2015, 2016 and early 2017, with a modest recovery in late 2017. In response to that decline and the uncertainty regarding future commodity prices, we adjusted our near-term strategy and focused on maintaining maximum liquidity. We structured a plan of reorganization to improve our financial position and liquidity and filed voluntary petitions under Chapter 11 of Title 11 ("Chapter 11") of the United States Bankruptcy Code (the "Bankruptcy Code") on December 14, 2016 (the "Petition Date"). On February 28, 2017, we emerged from bankruptcy, and in April 2017, our board of directors retained a financial advisor to assist them in determining the Company's strategic direction. See "Strategic Review and Pending Combination with Talos" below for additional details.