FORT WORTH, Texas, Dec. 16, 2016 /PRNewswire/ — Lonestar Resources US Inc. (NASDAQ: LONE) (including its subsidiaries, “Lonestar,” “we,” “us,” “our” or the “Company”) announced today the pricing of an underwritten public offering of 12,000,000 shares of Class A Voting Common Stock (“Common Stock”). The total gross proceeds of the offering (before underwriters’ discounts and commissions and estimated offering expenses) will be $69 million. The underwriters have a 30-day option to purchase from the Company up to 1,800,000 additional shares of Common Stock. Shares of the Common Stock trade on the NASDAQ Global Select Market under the ticker symbol “LONE.”
The Company intends to use the net proceeds from the offering, including any proceeds from any exercise of the underwriters’ option to purchase additional shares of Common Stock, to reduce amounts drawn under our revolving credit facility, redeem a portion of our outstanding Second Lien Notes and to repay Seaport Global Securities LLC, who has provided the Company gap financing in connection with the previously announced Facilitation Agreement. Any remaining proceeds will be used for general corporate purposes. The offering is expected to close on December 22, 2016, subject to customary closing conditions.
Lonestar is an independent oil and natural gas company, focused on the development, production and acquisition of unconventional oil, natural gas liquids (“NGLs”) and natural gas properties in the Eagle Ford Shale in Texas, where we accumulated approximately 38,242 gross (33,951 net) acres in what we believe to be the formation’s crude oil and condensate windows, as of December 31, 2015. We also held a portfolio of conventional, long‐lived, crude oil‐weighted onshore assets in Texas and are conducting resource evaluation on approximately 44,084 gross (28,655 net) acres in the West Poplar area of the Bakken‐Three Forks trend in Roosevelt County, Montana, as of December 31, 2015.
Seaport Global Securities LLC and Johnson Rice & Company L.L.C. are serving as joint book-running managers for the offering, and Canaccord Genuity Inc., Cowen and Company, LLC, Northland Securities, Inc., Roth Capital Partners, LLC and Wunderlich Securities, Inc. are serving as co-managers for the offering. The offering of these securities will be made only by means of a prospectus. When available, a written prospectus that meets the requirements of Section 10 of the Securities Act of 1933, as amended, may be obtained from: