Emerald Oil Pitches $92.5 Million Of Stock
September 12, 2012
Emerald Oil, Inc. (EOX) announced an equity offering to raise $92.5MM.
The funds will be used to reduce $53.9MM of debt, finance a $14.3MM leasehold acquisition in McKenzie County, North Dakota and help fund a $100.6MM capital program over the next 18 months. We have assumed that the shares will price at $1.00/SHARE, resulting in an increase of 97.9MM shares for EOX.
The funds from the offering will allow EOX to de-lever its balance sheet and accelerate its transition from a non-operator to a more traditional operating E&P company. ...
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