Petroleum Development (PETD) Prices 6.5M Offering at $26.50/Share
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Petroleum Development Corporation (Nasdaq: PETD) has priced its previously announced underwritten public offering of 6,500,000 shares of common stock at a public offering price of $26.50 per share.
The price is a 2.8 percent discount to yesterday's closing for $27.25.
The offering is expected to close on May 21, 2012, subject to certain customary conditions. The Company has also granted the underwriters a 30-day option to purchase up to 975,000 additional shares. The Company intends to use the net proceeds from the offering to finance a portion of the Company's contemplated acquisition of additional assets in the Wattenberg Field in Colorado or for other general corporate purposes.
The price is a 2.8 percent discount to yesterday's closing for $27.25.
The offering is expected to close on May 21, 2012, subject to certain customary conditions. The Company has also granted the underwriters a 30-day option to purchase up to 975,000 additional shares. The Company intends to use the net proceeds from the offering to finance a portion of the Company's contemplated acquisition of additional assets in the Wattenberg Field in Colorado or for other general corporate purposes.
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