Home » ipo market. stock » Sanchez Energy IPO prices range dec 14 2011

Wednesday, December 14, 2011

Sanchez Energy IPO prices range dec 14 2011

Sanchez Energy IPO prices range dec 14 2011 : Sanchez Energy 0M-Share IPO Prices At $22, Below Range," published at 6:49 a.m. EST gave the incorrect number of shares in the headline. The corrected version appears above, Fuel company Sanchez Energy Corp.'s initial public offering of at least 10 million shares priced at $22 each Tuesday, below with the expected range of $24 to $26.

The company was recently formed to focus on exploration and production of unconventional oil and natural gas resources, largely in the Eagle Ford Shale in Texas. Nearly all the company's drilling locations are in its Eagle Ford Shale acreage, though it also has substantial acreage in northern Montana that it believes may be prospective for the Heath, Three Forks and Bakken Shales. Most of its capital expenditure budget through 2013 will focus on its Eagle Ford Shale acreage and operations, though.

With proceeds from the IPO, it plans to use $50 million to help take over a subsidiary of Sanchez Energy Partners I LP that has interests in unconventional oil and gas assets like undeveloped leasehold, reserves and related equipment. Because the deal includes both cash and stock, the limited partnership Sanchez Energy Partners will be Sanchez Energy Corp.'s largest stockholder following the IPO with a 67% stake.

The Sanchez Energy Partners limited partnership is controlled by members of the Sanchez Group, which has operated oil and gas businesses since 1972.

The company going public, Sanchez Energy Corp., also will use $89 million of proceeds to help buy 54,900 undeveloped acres in south Texas from Ross Exploration Inc.For the latest updates on the stock market, visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today

Related Post:

Posted by at
Labels:

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)