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 included.
Credit Suisse Securities (USA) LLC and Barclays Capital Inc. were joint book-running managers, Emerald Oil said.
Denver-based Emerald Oil, an exploration and production (E&P) company, develops oil wells in the Williston Basin, specifically in the Bakken/Three Forks Shales.
Recommended Reading
TotalEnergies Cements Oman Partnership with Marsa LNG Project
2024-04-22 - Marsa LNG is expected to start production by first quarter 2028 with TotalEnergies holding 80% interest in the project and Oman National Oil Co. holding 20%.
Is Double Eagle IV the Most Coveted PE-backed Permian E&P Left?
2024-04-22 - Double Eagle IV is quietly adding leases and drilling new oil wells in core parts of the Midland Basin. After a historic run of corporate consolidation, is it the most attractive private equity-backed E&P still standing in the Permian Basin?
Brett: Oil M&A Outlook is Strong, Even With Bifurcation in Valuations
2024-04-18 - Valuations across major basins are experiencing a very divergent bifurcation as value rushes back toward high-quality undeveloped properties.
Marketed: BKV Chelsea 214 Well Package in Marcellus Shale
2024-04-18 - BKV Chelsea has retained EnergyNet for the sale of a 214 non-operated well package in Bradford, Lycoming, Sullivan, Susquehanna, Tioga and Wyoming counties, Pennsylvania.
Civitas, Prioritizing Permian, Jettisons Non-core Colorado Assets
2024-02-27 - After plowing nearly $7 billion into Permian Basin M&A last year, Civitas Resources is selling off non-core acreage from its legacy position in Colorado as part of a $300 million divestiture goal.