ARD » Topics » ARENA RESOURCES, INC. ANNOUNCES PRICING OF PUBLIC COMMON STOCK OFFERING
This excerpt taken from the ARD 8-K filed May 29, 2008.
ARENA RESOURCES, INC. ANNOUNCES PRICING OF PUBLIC COMMON STOCK OFFERING
OK May 29, 2008 Arena Resources, Inc. (NYSE-ARD)
(Company)(Arena) today announced that it has priced its sale of
2,175,000 shares of its common stock resulting in net proceeds of approximately
$100,750,000. On May 28, 2008, the closing price of the Companys common shares on
the New York Stock Exchange was $51.92 per share. Dahlman Rose & Company, LLC acted as
the bookrunning manager for the offering with Tudor, Pickering, Holt & Co. Securities
Inc. and Capital One Southcoast, Inc. as co-managers. The Company expects to close the
sale of the common shares on June 3, 2008, subject to customary closing conditions. The
Company has granted the underwriters a 30-day option to purchase up to 326,250 additional
shares to cover over-allotments.
common shares are being issued pursuant to the Companys effective shelf registration
statement previously filed with the Securities and Exchange Commission. Copies of the
final prospectus supplement relating to this offering may be obtained from Dahlman Rose
& Company, LLC, 142 West 57th Street, 18th Floor, New York, New
intends to use the net proceeds from the offering to repay existing debt and for capital
expenditures, which will include drilling and development of its properties and possible
acquisitions of additional properties.
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 in which such offer,
solicitation or sale would be unlawful prior to registration or qualification under the
securities laws of any such state.
About Arena Resources, Inc.
Arena Resources, Inc. is an oil and gas exploration, development and production company with current operations in Texas, Oklahoma,
Kansas, and New Mexico.
This release contains forward-looking
statements within the meaning of the safe-harbor provisions of the Private
Securities Litigation Reform Act of 1995 that involve a wide variety of risks and
uncertainties, including, without limitations, statements with respect to the
Companys strategy and prospects. Readers and investors are cautioned that the
Companys actual results may differ materially from those described in the
forward-looking statements due to a number of factors, including, but not limited to, the
Companys ability to acquire productive oil and/or gas properties or to successfully
drill and complete oil and/or gas wells on such properties, general economic conditions
both domestically and abroad, and the conduct of business by the Company, and other
factors that are more fully described in the prospectus supplement relating to the
offering under the headings Cautionary Note Regarding Forward-Looking
Statements and Risk Factors, and in additional documents the Company has
filed with the Securities and Exchange Commission.
For further information contact: Bill Parsons, VP and Manager Investor Relations (480) 947-1589