Riley Permian Announces Pricing of Public Offering of Common Stock – Company Announcement - FT.com
Summary
The Company intends to use the net proceeds from the Offering for general corporate purposes, which may include financing acquisitions (including a pending acquisition of an approximate 12,500 net acre position in for 100% cash consideration, which the Company anticipates funding primarily with proceeds from the Offering with any remaining balance funded through borrowings under the Companys revolving credit facility and expects will close in ), repayment of outstanding debt, financing of capital expenditures, financing other investments or business opportunities, and general working capital purposes. The Company will, however, bear the costs other than the underwriting discount and commissions associated with the sale of common stock by the Selling Stockholders.and are acting as joint book-running managers for the Offering. and are acting as co-managers for the Offering.The shares are being offered pursuant to a shelf registration statement on Form S-3 filed with the (the " ") on , as amended, and declared effective by the on . Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it cannot give any assurances that these expectations will prove to be correct.These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those anticipated, including, but not limited to, volatility of oil, natural gas and natural gas liquid prices; regional supply and demand factors, any delays, curtailment delays or interruptions of production, and any governmental order, rule or regulation that may impose production limits; cost and availability of gathering, pipeline, refining, transportation and other midstream and downstream activities; severe weather and other risks that lead to a lack of any available markets; the ability to successfully complete mergers, acquisitions and divestitures; the inability or failure of the Company to successfully integrate the acquired assets into its operations and development activities; the potential delays in the development, construction or start-up of planned projects; the risk that the Companys enhanced oil recovery project may not perform as expected or produce the anticipated benefits; risks relating to the Companys operations, including development drilling and testing results and performance of acquired properties and newly drilled wells; any reduction in the Companys borrowing base on its revolving credit facility from time to time and the ability to repay any excess borrowings as a result of such reduction; the impact of the Companys derivative strategy and the results of future settlement; the ability to comply with the financial covenants contained in its credit agreement; conditions in the capital, financial and credit markets and the ability to obtain capital needed for development and exploration operations on favorable terms or at all; the loss of certain tax deductions; risks associated with executing the Companys business strategy, including any changes in strategy; inability to prove up undeveloped acreage and maintain production on leases; risks associated with concentration of operations in one major geographic area; legislative or regulatory changes, including initiatives related to hydraulic fracturing, emissions, and disposal of produced water, which may be negatively impacted by regulation or legislation; the ability to receive drilling and other permits or approvals and rights-of-way in a timely manner (or at all), which may be restricted by governmental regulation and legislation; restrictions on the use of water, including limits on the use of produced water and a moratorium on new produced water well permits recently imposed by the in an effort to control induced seismicity in the ; changes in government environmental policies and other environmental risks; the availability of drilling equipment and the timing of production; tax consequences of business transactions; public health crisis, such as pandemics and epidemics, and any related government policies and actions and the effects of such public health crises on the oil and natural gas industry, pricing and demand for oil and natural gas and supply chain logistics; general domestic and international economic, market and political conditions, including the military conflict between and , the Israel-Hamas conflict and the global response to such conflicts; risks related to litigation; and cybersecurity threats, technology system failures and data security issues.Additional factors that could cause results to differ materially from those described above can be found in the preliminary prospectus supplement and base prospectus related to the Offering, Riley Permians Annual Report on Form 10-K for the year ended , and in other filings made with the from time to time. The Company does not undertake, and expressly disclaims, any duty to update or revise our forward-looking statements based on new information, future events or otherwise, except as required by law.