Earthstone Energy Inc. (NYSE: ESTE) said on Oct. 18 it has priced an underwritten public offering of 4.5 million shares of its Class A common stock to the public at $9.25 per share.

The total net proceeds to Earthstone will be about $39.2 million after deducting underwriting discounts, commissions and estimated offering expenses. The company said it plans to use proceeds from the offering to repay outstanding debt under its revolving credit facility.

Earthstone has also granted the underwriters a 30-day option to purchase up to an additional 675,000 shares of Class A common stock from the company. The company expects to close the sale on Oct. 23, subject to customary closing conditions.

Credit Suisse Securities USA LLC and Wells Fargo Securities LLC are joint book-running managers for the offering.