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Emerald Oil Closes Senior Notes

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March 24, 2014

Emerald Oil Inc. (NYSE MKT: EOX) closed its previously announced private offering of $172.5 million, in aggregate principal amount, of 2% convertible senior notes due 2019, the company said March 24.

Net proceeds were about $166.8 million with an exercised underwriters’ option, the company added, noting that the underwriters’ option allowed for an additional $32.5 million in notes to be purchased.

Net proceeds will repay outstanding revolving credit facility borrowings and also will support general corporate purposes, Emerald Oil said, noting that drilling and development programs and potential acquisitions are ...

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