Magnolia Oil & Gas Corporation (MGY) to Offer 17M Shares for Selling Stockholders

March 2, 2021 4:05 PM EST

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Magnolia Oil & Gas Corporation (NYSE: MGY) announced that it has commenced an underwritten public offering of an aggregate 17,000,000 shares of the Company’s Class A common stock by certain affiliates of EnerVest, Ltd.. The Selling Stockholders expect to grant the underwriters a 30-day option to purchase up to an aggregate additional 2,550,000 shares of Class A Common Stock. Magnolia will not sell any shares of its Class A Common Stock in the Offering or receive any proceeds from the Offering.

Credit Suisse Securities (USA) LLC and Citigroup are acting as the book-running managers for the Offering.

Concurrently with the closing of the Offering, the Company intends to purchase from the Selling Stockholders 5,000,000 shares of the Company’s Class B common stock at a price per share equal to the price per share at which the underwriters purchase shares of the Company’s Class A Common Stock in this Offering (the “Class B Common Stock Purchase”). The Offering is not conditioned upon the completion of the Class B Common Stock Purchase, but the Class B Common Stock Purchase is conditioned upon the completion of the Offering.



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