EnerVest Sale of 12,000,000 Shares of Class A Common Stock of Magnolia; Magnolia to Purchase 3,000,000 Shares of Class B Common Stock from EnerVest
Summary
HOUSTON, May 14, 2024--(BUSINESS WIRE)--Magnolia Oil & Gas Corporation (NYSE: MGY) ("Magnolia" or the "Company"), today announced that certain affiliates of EnerVest, Ltd. (the "Selling Stockholders") agreed to sell 12,000,000 shares of the Companys Class A common stock (the "Class A Common Stock") in an unregistered secondary block trade pursuant to Rule 144 under the Securities Act of 1933, as amended (the "Block Trade"). The Class B Common Stock Purchase is conditioned upon the completion of the Block Trade.Following the closing of the Block Trade and Class B Common Stock Purchase, the Selling Stockholders will own 4,164,961 Class A and 10,957,921 Class B shares of the Company, or approximately 7.6% of the total outstanding shares of the Company.This press release is neither an offer to sell nor a solicitation of an offer to buy any securities, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.Magnolia (MGY) is a publicly traded oil and gas exploration and production company with operations primarily in South Texas in the core of the Eagle Ford Shale and Austin Chalk formations. Magnolia focuses on generating value for shareholders by delivering steady, moderate annual production growth resulting from its disciplined and efficient philosophy toward capital spending. Should one or more of the risks or uncertainties described in this press release occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in Magnolias filings with the SEC, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2023.