Arena Resources Inc., a natural gas explorer and producer, on Monday said it completed the sale of nearly 2.1 million shares of common stock for $49 each, resulting in net proceeds of about $95.3 million.
The company said it intends to use the funds to repay debt, for drilling and development of its current properties, on capital expenditures and general working capital.
Shares of Arena Resources dipped 4 cents to $56.31 in afternoon trading.
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