BUZZ-Evolution Petroleum slides after beginning stock offering for acquisition
EPM•Shares fall after stock offering begins
- Independent energy company Evolution Petroleum's shares were down 11.2% at $3.40 in after-hours trading as it seeks an equity raise for an acquisition.
- Houston, Texas-based Evolution Petroleum has commenced a stock offering; the deal size was not disclosed.
- The company intends to use net offering proceeds to fund a $16 million purchase of oil and natural gas mineral and royalty interests located in the Permian Basin, and for general corporate purposes, including repayment of debt under its credit facility.
- Roth Capital is sole bookrunner.
- With about 35.9 million shares outstanding, the company has a market cap of nearly $140 million.
- The stock closed up 0.3% at $3.83 on Tuesday, and is up 8% year to date.
