Riley Exploration Permian slumps on $50 mln equity offering

Riley Exploration Permian

30/06/2021 13:58

** Riley Exploration Permian  REPX.A  shares down ~20%
premarket after follow-on prices
    ** O&G producer sells ~1.7 mln shares at $30, raises $50 mln
with Truist Securities as sole bookrunner  urn:newsml:reuters.com:*:nPn3cs6hJa
    ** Offering prices at 19.3% discount to stock's last sale
    ** Co plans to use $25 mln of net proceeds to accelerate
enhanced oil recovery (EOR) pilot program in 960-acre project
area in Yoakum County, Texas, remainder for general corp
purposes
    ** Co has ~18 mln shares outstanding and ~7.8 mln of free
float, per Refinitiv data
    ** REPX up 150% YTD through Tues close. Stock hit 2021 peak
of $79.20 on Jan 28

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))