On Monday July 18, 2011, Kodiak Oil & Gas Corp. (AMEX:KOG) announced that it is planning to sell its 20 million shares in underwritten public offering. The book- running for the offering is being jointly managed by Credit Suisse Securities, Key Banc Capital Markets and Wells Fargo Securities.
The money collected by the respective sale will be utilized by the energy producing company to repay the accumulated debts, fulfill the capital investments required in its drilling activities, development of its infrastructure located in North Dakota. The company also plans to use the revenue in accomplishing the extension of the company’s asset by suitable and lucrative acquisitions.
To make the offer more attractive, Kodiak has further expressed its scheme to grant the underwriters with the option of buying 3 million more shares to cover over allotments.
Shares of KOG are down 1.06% to $19.54. So far this year, the stock has outperformed the broader market and climbed over 115. It has a 52-week range of $14.39-$21.45. The company has a market capitalization of $154.39 billion with a stock beta of 0.69.
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