DENVER, CO--(Marketwired - May 17, 2013) - Emerald Oil, Inc. (NYSE MKT: EOX) (the "Company") announced today that it has priced an underwritten public offering of 12,000,000 shares of the Company's common stock at $6.10 per share. The Company has granted the underwriters a 30-day option to purchase up to an additional 1,800,000 shares of common stock. The Company intends to use the net proceeds from this offering, along with cash on hand and the proceeds from its recently announced private placement with White Deer Energy, cash flow from operations, proceeds from the sale of assets and additional borrowings under the credit facility, to fund its capital budget in 2013. Any remaining net proceeds will be used for general corporate purposes, including working capital. The offering is expected to settle on May 22, 2013, subject to the satisfaction of customary closing conditions.
In connection with the common stock offering, Canaccord Genuity Inc. and Johnson Rice & Company L.L.C. are acting as joint book-running managers and Global Hunter Securities, LLC and SunTrust Robinson Humphrey, Inc. are acting as co-managers.
The public offering is being made only by means of a prospectus supplement and accompanying base prospectus, which will be filed with the Securities and Exchange Commission. Once filed, copies of the prospectus supplement and accompanying base prospectus may be obtained from Canaccord Genuity, Attn: Syndicate Department, 99 High Street, 12th Floor, Boston, MA 02110, phone: (800) 225-6201 or Johnson Rice & Company L.L.C., Corporate Finance Department, 639 Loyola Avenue, Suite 2775, New Orleans, LA 70113, phone (504) 584-1231.
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.
