Carrizo Oil & Gas Announces Public Offering of Common Stock
August 14 2018 - 4:06PM
Business Wire
Carrizo Oil & Gas, Inc. (Nasdaq: CRZO) today
announced that it has commenced, subject to market and other
conditions, an underwritten public offering of 9,500,000 shares of
its common stock. The underwriters may offer the shares of common
stock from time to time for sale in one or more transactions on the
NASDAQ Global Select Market, in the over-the-counter market,
through negotiated transactions or otherwise at market prices
prevailing at the time of sale, at prices related to prevailing
market prices or at negotiated prices.
Carrizo intends to use the net proceeds from the offering to
fund the purchase price for the pending acquisition of assets from
Devon Energy Production Company, L.P., as described in Carrizo’s
Current Report on Form 8-K filed with the Securities and Exchange
Commission on August 14, 2018, that is due at closing, and for
general corporate purposes, including funding future potential
acquisitions or a portion of its 2018 capital expenditure plan.
Pending such uses, Carrizo intends to use the net proceeds from the
offering to reduce borrowings under its revolving credit facility.
If the pending acquisition is not consummated, Carrizo intends to
use net proceeds from the offering for general corporate purposes,
including funding future potential acquisitions or a portion of its
2018 capital expenditure plan.
In connection with the offering, Citigroup and Goldman Sachs
& Co. LLC are serving as the joint book-running managers. The
offering is being made pursuant to an effective shelf registration
statement filed with the Securities and Exchange Commission on
October 25, 2017. Copies of the preliminary prospectus for the
offering may be obtained from the offices of Citigroup Global
Markets Inc., via telephone: (800) 831-9146 or standard mail c/o
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood,
New York 11717; or Goldman Sachs & Co. LLC, Attention:
Prospectus Department, 200 West Street, New York, New York 10282,
phone: (866) 471-2526, facsimile: (212) 902-9316, email:
prospectus-ny@ny.email.gs.com.
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities nor shall there be
any sale of any securities in any state or jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
Carrizo Oil & Gas, Inc. is a Houston-based energy company
actively engaged in the exploration, development, and production of
oil and gas from resource plays located in the United States.
Carrizo’s current operations are principally focused in proven,
producing oil and gas plays primarily in the Eagle Ford Shale in
South Texas and the Permian Basin in West Texas.
Statements in this news release that are not historical facts,
including but not limited to those relating to the proposed public
offering, the use of proceeds from the proposed public offering and
other matters relating to the public offering, the consummation of
the pending acquisition and other statements that are not
historical facts, are forward-looking statements that are based on
current expectations. Although Carrizo believes that its
expectations are based on reasonable assumptions, it can give no
assurance that these expectations will prove correct. Important
factors that could cause actual results to differ materially from
those in the forward-looking statements include satisfaction of
closing conditions of the pending acquisition, failure of the
pending acquisition to close, effects of purchase price
adjustments, failure to realize the anticipated benefits of any
acquisition, including the pending acquisition, market conditions,
integration and other acquisition risks, other factors affecting
Carrizo’s ability to reach agreements or complete acquisitions or
dispositions, actions by the seller in the pending acquisition,
results of operations, capital needs and uses and other risks and
uncertainties that are beyond Carrizo’s control, including those
described in the prospectus, Carrizo’s Form 10-K for the year ended
December 31, 2017 and its other filings with the Securities and
Exchange Commission. Any forward-looking statement speaks only as
of the date on which such statement is made and Carrizo undertakes
no obligation to correct or update forward-looking information.
Carrizo may not consummate the pending acquisition and the closing
of the offering is not conditioned upon the consummation of the
pending acquisition.
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version on businesswire.com: https://www.businesswire.com/news/home/20180814005703/en/
Carrizo Oil & Gas, Inc.Jeffrey P. Hayden,
CFAVP - Investor Relations(713)
328-1044orKim PinyopusarerkManager - Investor
Relations(713) 358-6430
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