Stone Energy Corporation Wednesday announced the start of a registered underwritten public offering of 5 million shares of its common stock.
The NYSE-traded (SGY) independent oil and gas producer intends to grant the underwriters a 30-day option to purchase 750,000 additional shares of common stock. In a press release, Stone confirms it will use the net proceeds from the offering for general corporate purposes, which may include potential development of the Amethyst discovery, potential drilling of a second well at Cardona South, potential Utica Shale development and the acquisition of additional Appalachian acreage.
Barclays Capital Inc. is acting as the sole book-running manager of the offering.
Stone’s stock price, which has been steadily climbing, is up $1.06 today, to $44.29.