DENVER, Dec. 7, 2016 /PRNewswire/ -- SM Energy
Company ("SM Energy") (NYSE: SM) announced today the closing of its
previously announced underwritten public offering of 10,925,000
shares of common stock, which includes the full exercise by the
underwriters of their option to purchase an additional 1,425,000
shares of common stock. Net proceeds from the sale of the shares of
common stock, including as a result of the option exercise, after
deducting fees and estimated expenses, were approximately
$403.0 million.
SM Energy intends to use the net proceeds from the offering
to acquire approximately 4,100 net acres of additional oil and gas
assets in the Midland Basin, to reduce indebtedness, and for
general corporate purposes.
J.P. Morgan, BofA Merrill Lynch, and Wells Fargo Securities are
acting as joint book-running managers for the offering.
INFORMATION ON FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements as
defined under the federal securities laws, including statements
regarding the intended use of offering proceeds. Although
management believes that expectations reflected in such
forward-looking statements are reasonable, no assurance can be
given that such expectations will prove to be correct. In
addition, these statements are subject to certain risks,
uncertainties and other assumptions that are difficult to predict
and may be beyond our control, including market conditions,
customary offering closing conditions and other factors described
in the prospectus and accompanying prospectus supplement for the
offering. If one or more of these risks or uncertainties
materialize, or if underlying assumptions prove incorrect, SM
Energy's actual results may vary materially from what management
anticipated, estimated, projected or expected.
Investors are encouraged to closely consider the disclosures and
risk factors contained in SM Energy's annual and quarterly reports
filed from time to time with the Securities and Exchange Commission
and in the prospectus and related prospectus supplement. The
statements herein speak only as of the date of this press
release. SM Energy undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
ABOUT SM ENERGY
SM Energy Company is an independent energy company engaged in
the acquisition, exploration, development, and production of crude
oil, natural gas, and natural gas liquids in onshore North
America. SM Energy routinely posts important information
about SM Energy on its website.
SM ENERGY CONTACTS:
Investors: Jennifer Martin
Samuels, jsamuels@sm-energy.com, 303-864-2507
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SOURCE SM Energy Company