Finance - Equity
CorEnergy intends to use the net proceeds for the acquisition of the ownership and operations of the MoGas Pipeline System.
The selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 4,500,000 shares of common stock.
The shares to be sold in the offering will be sold by certain entities controlled by Wexford Capital LP and by Gulfport Energy Corp.
Net proceeds will fund part of the purchase price for the Eastern Shelf acquisition in the Permian Basin.
The company will not sell any shares or receive any proceeds.
The company expects to use the net proceeds from this offering for general corporate purposes, including continuing to develop its industry-leading position in the Spraberry/Wolfcamp play.
ExL’s management formerly helped grow Henry Petroleum, a successful independent oil and gas company.
Net proceeds will fund part of the purchase price for the Nuevo Midstream LLC acquisition, the company said.
The shares, listed on the New York Stock Exchange under the ticker “SHLX,” will start trading Oct. 29.
The units were approved to list on the New York Stock Exchange under the ticker 'AM.'
Warburg Pincus Energy LP started gathering money in November 2013.
The company expects its initial assets will include well connections, gathering pipelines and disposal wells in the Midcontinent.
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