NOG - Northern Oil & Gas to launch 6.65M-share public offering
2023-05-16 08:48:51 ET
Northern Oil & Gas ( NYSE: NOG ) -2.9% pre-market Tuesday after saying it launched a public offering of 6.65M common shares, with an underwriters option to purchase up to an additional 997.5K shares.
The company priced the offering for gross proceeds of ~$199M, which it plans to use to fund its pending acquisition of Delaware Basin oil and gas properties, and for general corporate purposes, which may include the repayment of part of the outstanding borrowings under its revolving credit facility.
More on Northern Oil & Gas:
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- Analysis: Northern Oil & Gas: Free Cash Flow Champion, A Compelling Valuation
- Stock price return: Up 10% YTD, up 14% in the past 12 months
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Northern Oil & Gas to launch 6.65M-share public offering