Sanchez Energy Announces Exercise of Over Allotment Option and Closing of Stock Offering
HOUSTON, Sept. 18, 2013 /PRNewswire/ -- Sanchez Energy Corporation (NYSE: SN) ("Sanchez Energy" or the "Company") announced today that it has completed its previously announced underwritten public offering of shares of common stock. Including the overallotment option, which was exercised in full by the underwriters, the Company sold a total of 11,040,000 shares of common stock at a price to the public of $23.00 per share.
Total net proceeds from the offering, after deducting underwriting discounts and commissions and estimated offering expenses, were approximately $241.6 million. Sanchez Energy intends to use the net proceeds from this offering to partially fund the previously announced Wycross acquisition, to fund a portion of its 2013 and preliminary 2014 capital budget, which is primarily focused on the Eagle Ford Shale, and for general corporate purposes, including working capital.
Johnson Rice & Company L.L.C. and RBC Capital Markets acted as joint book-running managers of the offering. Copies of the final prospectus supplement and accompanying base prospectus relating to this offering may be obtained from Johnson Rice & Company L.L.C., Corporate Finance Department, 639 Loyola Avenue, Suite 2775, New Orleans, LA 70113, phone 1-800-433-5924 and also, at no charge, at the Securities and Exchange Commission's website at http://www.sec.gov.
This press release does 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 would be unlawful. The offering is being made pursuant to an effective registration statement on Form S-3 previously filed by the Company with the Securities and Exchange Commission.
ABOUT SANCHEZ ENERGY CORPORATION
Sanchez Energy Corporation is an independent exploration and production company focused on the acquisition and development of unconventional oil resources in the onshore U.S. Gulf Coast, with a current focus on the Eagle Ford Shale, where the company has assembled approximately 140,000 net acres. The Company also has approximately 40,000 net acres targeting the Tuscaloosa Marine Shale.
Michael G. Long
Senior Vice President and Chief Financial Officer
Sanchez Energy Corporation
SOURCE Sanchez Energy Corporation