HOUSTON, June 18, 2014 /PRNewswire/ -- Sanchez Energy Corporation (NYSE: SN) ("Sanchez Energy" or the "Company") announced today the closing of an underwritten public offering of an aggregate of 5,750,000 shares of the Company's common stock at a price to the public of $35.25 per share. The shares sold to the underwriters included 750,000 shares sold by Mr. A.R. Sanchez, Jr., Sanchez Oil & Gas Corporation and TAEP Security Trust (collectively, the "selling stockholders"), pursuant to a 30-day option that was exercised by the underwriters in full on June 16, 2014. The Company received net proceeds (after underwriting discounts and commissions and estimated expenses) of approximately $167.5 million. The Company intends to use the net proceeds from this offering to partially fund its pending Catarina acquisition. If the pending Catarina acquisition is not consummated, the Company intends to use the net proceeds from this offering for general corporate purposes, including working capital and to repay borrowings under its credit facility. The Company did not receive any proceeds from the sale of stock by the selling stockholders.
Johnson Rice & Company L.L.C., RBC Capital Markets, LLC and Credit Suisse Securities (USA) LLC acted as joint book-running managers of the offering. The underwritten public offering was made only by means of a prospectus supplement and accompanying base prospectuses, copies of which may be obtained from Johnson Rice & Company L.L.C., Corporate Finance Department, 639 Loyola Avenue, Suite 2775, New Orleans, LA 70113, phone 1-800-433-5924. An electronic copy of the prospectus supplement and accompanying base prospectuses may also be obtained at no charge at the Securities and Exchange Commission's website at http://www.sec.gov.
This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful. The offering was made pursuant to effective registration statements on Form S-3 previously filed by the Company with the Securities and Exchange Commission.
ABOUT SANCHEZ ENERGY CORPORATION
Sanchez Energy Corporation is an independent exploration and production company focused on the acquisition and development of unconventional oil and gas resources in the onshore U.S. Gulf Coast, with a current focus on the Eagle Ford Shale where the Company has assembled approximately 120,000 net acres. The Company also has approximately 57,000 net acres targeting the Tuscaloosa Marine Shale.
Michael G. Long
Executive Vice President and Chief Financial Officer
Sanchez Energy Corporation
Gleeson Van Riet
Senior Vice President, Capital Markets & Investor Relations
Sanchez Energy Corporation
SOURCE Sanchez Energy Corporation