Whiting Petroleum Prices Stock Offering
Whiting Petroleum Corp. said that its public offering of 5,000,000 shares of common stock was priced at $40.50 per share to the public.
Whiting expects the delivery of the shares to occur on July 3, 2007. Whiting has granted to the underwriters a 30-day option to purchase up to 750,000 additional shares of common stock at the same price per share solely to cover over allotments, if any.
Assuming no exercise of the over allotment option, Whiting expects to receive net proceeds from this offering of approximately $193.9 million after deducting underwriting discounts and commissions and estimated expenses of the offering. Whiting intends to use all of the net proceeds that it will receive from the offering to initially repay a portion of the debt currently outstanding under its credit agreement and thereafter to use the increased credit availability to pay for capital expenditures related to accelerated drilling and completion of wells and construction of processing facilities primarily at its Boies Ranch and Jimmy Gulch prospect areas in the Piceance Basin and Robinson Lake prospect area in the Williston Basin.
Merrill Lynch & Co. and J.P. Morgan Securities Inc. acted as joint book-running managers for the offering.
- Whiting Petroleum Slashes 2017 Budget After Quarterly Loss (Jul 26)
- Whiting to Lay Off More Than 100 Workers in Texas (Sep 08)
- Whiting Petroleum Loss More Than Doubles (Jul 27)