Riley Exploration Permian Shares Tumble 14% on Public Offering

Dow Jones04-04

By Denny Jacob

Riley Exploration Permian shares tumbled 14% to $28.93 in premarket trading on an underwritten public offering

The stock is up 23% on the year so far.

The oil and natural gas company is offering 2.1 million shares of its common stock, a mix offered by Riley and certain shareholders. Net proceeds from the offering are intended to be used for general corporate purposes including a pending acquisition of land in New Mexico, said the Oklahoma City-based company.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

April 04, 2024 06:19 ET (10:19 GMT)

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