Berry Petroleum Proposes Public Offering of Common Stock
Berry Petroleum intends to offer 7.0 million shares of its common stock in an underwritten public offering. Berry expects to grant the underwriters a 30-day option, solely to cover over-allotments, to purchase up to an additional 1.05 million shares of its common stock.
Net proceeds from the offering are expected to be used to fund the planned acquisition of certain properties in the Wolfberry trend of West Texas and for general corporate purposes. Pending the application of the proceeds for such purposes, Berry will use the net proceeds to reduce outstanding borrowings under its senior secured revolving credit facility.
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