DENVER, Nov. 09, 2017 (GLOBE NEWSWIRE) — 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 email@example.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 firstname.lastname@example.org.
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.