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SMALL BUSINESS
Warren Resources prices 11.8M offering
AP
NEW YORK -Oil and gas exploration and production company Warren Resources Inc. on Friday priced its 11.8 million common stock offering at $2.60 per share, a 14 percent discount from Thursday's closing price.
Shares of the company fell 42 cents, or 14 percent, to $2.61 in midday trading. The shares closed previously at $3.03.
Proceeds, estimated at about $30.6 million, will fund general corporate purposes, including development activities in California and Wyoming, debt reduction and working capital, said the company.
Warren expects the transaction to close around Oct. 28.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2009-10-23 12:18:49
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