Oil and gas producer Whiting Petroleum Corp. said Thursday it began a public offering of 5 million shares of common stock.
The company said it will grant the offering's underwriters an option to buy up to 750,000 additional shares to cover over-allotments.
Whiting said it plans to use proceeds from the offer to pay back some outstanding debt under its credit agreement, and use its increased credit to pay for drilling, well and processing facility-related capital expenditures.
Merrill Lynch & Co. and JP Morgan Securities Inc. are serving as joint book-running managers for the offer, the company said.
Whiting shares added $1.11, or 2.5 percent, to $46.37 Thursday.
Questions or comments about this story should be directed to AP Financial News at 212-621-7190.
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