Emerald Oil, Inc. (NYSE MKT: EOX) (the “Company”) announced today the launch of an underwritten public offering of the Company’s common stock with an aggregate public offering size of $150,000,000. The Company intends to use the net proceeds from this offering to fund the previously announced acquisition of certain assets in the Delaware Basin, to repay outstanding credit facility borrowings and for general corporate purposes. The Company has granted the underwriters a 30-day option to purchase additional shares of common stock with an aggregate offering size of approximately $22,500,000.
Credit Suisse, Johnson Rice & Company and Barclays are acting as bookrunners for this offering. The underwritten public offering will be made only by means of a prospectus supplement and accompanying base prospectus, copies of which may be obtained from Credit Suisse Securities (USA) LLC, Attn: Prospectus Department, One Madison Avenue, New York, New York 10010, phone (800) 221-1037, or Johnson Rice & Company L.L.C., Corporate Finance Department, 639 Loyola Avenue, Suite 2775, New Orleans, LA 70113, phone (504) 584-1231.
When available, an electronic copy of the preliminary prospectus supplement and accompanying base prospectus may also be obtained at no charge at the Securities and Exchange Commission’s website at http://www.sec.gov.
This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful. The offering is being made pursuant to an effective registration statement on Form S-3 previously filed by the Company with the Securities and Exchange Commission.
ABOUT EMERALD OIL, INC.
Emerald is an independent exploration and production operator that is focused on acquiring acreage and developing wells in the Delaware Basin of New Mexico and the Williston Basin of North Dakota and Montana, targeting the Avalon shale, Bone Spring sand and Wolfcamp shale in the Delaware Basin and the Bakken and Three Forks shale oil formations and Pronghorn sand oil formation in the Williston Basin. Emerald is based in Denver, Colorado. More information about Emerald can be found at www.emeraldoil.com.