SRC Energy Inc. Announces Pricing of Common Stock Offering
November 09 2017 - 9:32AM
SRC Energy Inc. (NYSE Amex:SRCI) (“SRC” or the “Company”), a
U.S. oil and gas exploration and production company with operations
focused on the Wattenberg Field in the Denver-Julesburg
Basin, today announced that it has priced its previously
announced public offering of 35,000,000 shares of its common stock
for total gross proceeds (before estimated fees and expenses) of
approximately $280 million. Credit Suisse Securities (USA) LLC and
J.P. Morgan are acting as book-running managers for the
offering. SunTrust Robinson Humphrey and Citigroup are also
acting as book-running managers for the offering.
The Company has granted the underwriters an
option for 30 days to purchase up to an additional 5,250,000 shares
of the Company's common stock. The offering is expected to close on
or around November 13, 2017, subject to customary closing
conditions.
The Company intends to use the net proceeds from
the offering to finance a portion of the Company's previously
announced acquisition of an aggregate of approximately 30,200 net
acres in Weld County, Colorado, to pay related fees and expenses,
to redeem or repurchase its existing 9% senior notes due 2021, and
for general corporate purposes. If the contemplated acquisition is
not completed for any reason, the Company intends to use the net
proceeds from this offering for general corporate purposes.
The offering is being made pursuant to an
effective shelf registration statement of the Company previously
filed with the Securities and Exchange Commission (the “SEC”). The
offering may be made only by means of a prospectus supplement and
the accompanying prospectus. Copies of the preliminary prospectus
supplement for the offering and the accompanying prospectus may be
obtained on the SEC’s website at www.sec.gov, or by sending a
request to: Credit Suisse Securities (USA) LLC, Attention:
Prospectus Department, One Madison Avenue, New York, New York
10010, via telephone at 1-800-221-1037, or by e-mailing
newyork.prospectus@credit-suisse.com; or J.P. Morgan Securities
LLC, c/o Broadridge Financial Solutions, Attention: Prospectus
Department, 1155 Long Island Avenue, Edgewood, New York 11717, via
telephone at 1-866-803-9204, or by e-mailing
prospectus-eq_fi@jpmchase.com.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy, nor shall there be
any sale of these securities in any state or jurisdiction in which
such offer, solicitation or sale of these securities would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About SRC Energy Inc.
SRC Energy Inc. is a domestic oil and natural
gas exploration and production company. SRC's core area of
operations is in the Wattenberg Field of the Denver-Julesburg
Basin. The Company's corporate offices are located in Denver,
Colorado.
Important Cautions Regarding
Forward-Looking
Statements
Statements in this news release related to the
Company's public offering of common stock, and all other statements
other than statements of historical fact are forward-looking
statements that are made pursuant to the Safe Harbor Provisions of
the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are subject to a number of risks and
uncertainties that may cause actual results to differ materially
from the forward-looking statements. The Company urges you to
carefully review and consider the cautionary statements made in
this press release, the registration statement, the “Risk Factors”
section of the preliminary prospectus supplement for the offering
and the Company’s Annual Report on Form 10-K for the year ended
December 31, 2016 filed with the SEC on February 23, 2017, and
other filings with the SEC for further information on risks and
uncertainties that could affect the Company's business, financial
condition and results of operations. The Company cautions you not
to place undue reliance on forward-looking statements, which speak
only as of the date made.
The Company undertakes no obligation to
update any forward-looking statements in order to reflect any event
or circumstance occurring after the date of this release or
currently unknown facts or conditions or the occurrence of
unanticipated events. All forward-looking statements are qualified
in their entirety by this cautionary statement.
Company Contact:John Richardson (Investor Relations Manager)SRC
Energy Inc.Tel 720-616-4308E-mail: jrichardson@srcenergy.com
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