CXPO, Crimson Exploration Inc. (NASDAQ: CXPO) priced their public offering of 20,000,000 shares of common stock at $5.00 per share earlier today. The underwriters of the offering will have a 30 day option to acquire 3,000,000 additional shares of CXPO's common stock. The offering should close on December 22, 2009, subject to customary closing conditions.
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Crimson Exploration's shares started trading on NASDAQ on December 17, 2009 under the symbol "CXPO." The company plans to use its net proceeds to repay outstanding indebtness under its revolving credit facility and its $10 million promissory note.
Crimson Exploration is a Houston, Texas-based independent energy company engaged in onshore oil & gas exploration and production primarily in South Texas, East Texas and the Upper Gulf Coast.
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