Emerald Oil Inc. (NYSE MKT: EOX) priced $140 million, in aggregate principal amount, of convertible senior notes due 2019 in a private offering, the company said March 17.

Net proceeds should be about $166.8 million if purchasers exercise their monthlong option to purchase up to an additional $32.5 million in notes, Emerald Oil said.

Without the option exercised, net proceeds should be about $135.3 million, the company added, noting that proceeds will be used to repay all outstanding revolving credit facility borrowings, and also for general purposes, including the drilling and development program and potential acquisitions.

The notes’ initial conversion rate is 113.9601 common shares per $1,000 principal amount of the notes, the company said. The notes are scheduled to mature on April 1, 2019, Emerald Oil added.

The offer is scheduled to close March 24, Emerald Oil said.

Credit Suisse Securities (USA) LLC and Barclays Capital Inc. are joint book-running managers, the company 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.