Sept 29 Extraction Oil & Gas LLC said it
expected to raise as much as $600 million in an initial public
offering, valuing the Denver-based oil explorer and producer at
about $2.6 billion.
The company, based in Colorado's Denver-Julesburg basin and
backed by private equity firm Yorktown Partners LLC, said it
expected to price the offering of 33.3 million shares at between
$15 and $18 each. (bit.ly/2dGcgVT)
Private equity backers are looking to sell some or all of
their investments in energy companies after oil prices rebounded
slightly from 12-year lows hit early this year.
Extraction Oil & Gas said it would list itself on the Nasdaq
under the symbol "XOG" and would be called Extraction Oil & Gas
Inc after it goes public.
The company intends to use proceeds from the offering to pay
back debt and for general corporate purposes.
Credit Suisse Securities (USA) LLC, Barclays Capital Inc and
Goldman Sachs & Co are among the underwriters to the offering.
(Reporting by Sruthi Shankar in Bengaluru; Editing by Don