Seeking Alpha

Emerald Oil adds Williston acreage; announces public offering, private placement

  • Emerald Oil (EOX) says it has added 33,851 net operated acres in the Williston Basin for $24.7M, bringing total operated Williston net acreage to ~60K, and will add a third rig during 2014 to develop the newly leased acreage.
  • Sets its preliminary 2014 drilling budget at ~$182M to drill 18.2 net wells, plus a separate land budget of ~$25M for operated acreage acquisitions and leasing in the Williston Basin.
  • Announces a public offering of 15M shares of common stock, plus a private placement with affiliates of White Deer Energy to issue and sell EOX common stock equaling 19.9% of shares outstanding.
  • EOX intends to use the proceeds to accelerate development and growth plans, finance the cost of acquisitions and leasing, and finance capex and/or general corporate purposes.
  • Shares -1.4% AH.
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