Riley Exploration Permian (REPX) plans to raise $100 million in an initial public offering on Wednesday, October 17th, IPO Scoop reports. The company plans to issue 6,700,000 shares at a price of $14.00-$16.00 per share.
In the last 12 months, Riley Exploration Permian generated $57.7 million in revenue and had a net loss of $17.4 million. Riley Exploration Permian has a market-cap of $354 million.
SunTrust Robinson Humphrey, Seaport Global Securities and Capital One Securities served as the underwriters for the IPO and Imperial Capital and Roth Capital Partners were co-managers.
Riley Exploration Permian provided the following description of their company for its IPO: ” We are a growth-oriented, independent oil and natural gas company focused on rapidly growing our reserves, production and cash flow through the acquisition, exploration, development and production of oil, natural gas, and natural gas liquids, or NGLs, reserves in the Permian Basin. This basin, which is one of the major producing basins in the United States, is characterized by an extensive production history, a favorable operating environment, established infrastructure, long reserve life, multiple producing horizons, significant oil in place and a large number of operators. Our activities are primarily focused on the San Andres Formation, a shelf margin deposit on the Central Basin Platform and Northwest Shelf, which accounts for approximately 24% of the nearly 30 billion barrels of oil historically produced from the Permian Basin and where horizontal production has increased by more than 425% since January 2014. “.
Riley Exploration Permian was founded in 1991 and has 38 employees. The company is located at 29 E. Reno Avenue, Suite 500, Oklahoma City, OK 73104, US and can be reached via phone at (405) 415-8699 or on the web at http://www.rileypermian.com.
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