BUZZ-Riley Exploration Permian tumbles on stock offering

Reuters04-04

** Riley Exploration Permian's shares down 17.1% at $27.80 premarket as follow-on offering prices

** REPX on course for biggest one-day pct drop since June 2021, if losses hold

** Oil and gas producer announces 2.1 mln shares, including 1.4 mln sold by existing investors, at $27

** Offering price represents 19.5% discount to stock's last close

** Co to use net proceeds from its sale of 700,000 shares for general purposes, including financing pending acquisition of acreage in New Mexico and repay borrowings under revolving credit facility

** PE firms Bluescape Resources and Yorktown Partners selling combined 1.4 mln shares, reducing their stakes to 21.4% and 12%, respectively, per SEC prospectus filing

** Co has 20.4 mln shares outstanding and ~13 mln shares of free float, per LSEG

** Through Weds close, REPX had gained 23% YTD

** Truist Secs and Roth Capital are jt bookrunners for stock offering

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@thomsonreuters.com lance.tupper@tr.com 1-646-279-6380))

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