Magnolia Oil & Gas wavers as EnerVest cuts stake

Magnolia Oil & Gas

04/11/2022 13:19

** Magnolia Oil & Gas Corp's  MGY.N  shares trading around
the flat line premarket after secondary block trade prices
    ** South Texas E&P co announces 7.5 mln Class A shares sold
by affiliates of PE firm EnerVest for $183 mln gross proceeds
with JP Morgan as sole bookrunner  urn:newsml:reuters.com:*:nBw4G9bdWa
    ** Offering prices at $24.40, 3.9% discount to stock's last
close
    ** MGY also to purchase 2 mln Class B shares from EnerVest
    ** Post offering and stock purchase, EverVest owns ~14% of
MGY's ~216 mln total shares outstanding
    ** YTD, shares up 34.6% but ~16% off their Jun record high
    ** Oil prices climbing $4/barrel early Fri as dollar eased,
with an EU ban on Russian oil looming large and investors weigh
potential easing of China's COVID curbs  O/R 
 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))