Remington Issues 3 Million Shares
Remington Oil and Gas Corporation has issued three million shares of its common stock in an offering consummated after the close of the market on March 21, 2002. These shares were sold to the public for $18.50 per share. Prior to this offering, Remington had 22.8 million shares outstanding. Jefferies & Company, Inc. was the company's sole underwriter for this transaction. The transaction is expected to close on March 27, 2002.
Remington will realize approximately $53 million from this transaction after deducting the underwriting fees and expenses. This capital will allow the company to increase its capital budget for 2002 to drill additional offshore projects currently in inventory, to pursue opportunistic property acquisitions, and to reduce indebtedness.
James A Watt, President and Chief Executive Officer, stated, "This additional capital will allow us to more aggressively drill our extensive offshore prospect inventory and pursue other acquisition opportunities as appropriate to add to shareholder value."