Double Eagle to offer shares |
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Published
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Tue, 16 Jan 2007 23:02
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CASPER, Wyo. (AFX) - Double Eagle Petroleum Co., an oil and gas exploration company, said Tuesday it will offer 450,000 shares of its common stock in a public offering.The company said it will also grant an option to purchase up to an additional 50,000 shares of common stock to cover over-allotments, if any.As of Jan. 12, the company had roughly 8.6 million shares outstanding, according to a filing with the Securities and Exchange Commission.Double Eagle said it will use the net proceeds from the offering to repay amounts borrowed under its revolving credit facility.Double Eagle shares fell 34 cents to close at $23.04 on the Nasdaq.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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