Energy

Oil & Energy Players Raising Cash (DPTR, HEP, RRC, SGY)

We are starting to see more and more of the second-tier and third-tier energy players and oil and gas players either file for secondary offerings or actually sell shares in public offerings.  Delta Petroleum Corporation (Nasdaq: DPTR), Holly Energy Partners (NYSE: HEP), Range Resources Inc. (NYSE: RRC), and Stone Energy Corporation (NYSE: SGY) are among these, and this is just the ones with news since May 1, 2009.

Delta Petroleum Corporation (Nasdaq: DPTR) has commenced an underwriting for 70,000,000 shares of common stock via JPM, BMO, DB.  Tracinda Corporation and another large holder have agreed to purchase $90 million worth of the offering; and Delta Petroleum will make net payments of at least $70 million to retire debt obligations under its credit agreement and the rest is for working capital.  This offering is intended to replace the previously announced convertible preferred stock rights offering.

Holly Energy Partners (NYSE: HEP) priced a public offering of 2,000,000 common units of limited partner interests at a price of $27.80 per common unit via Goldman Sachs and UBS.

Range Resources Inc. (NYSE: RRC) filed a very small offering on behalf of a selling shareholder, so none of the proceeds will go to the company.  The filing was for 373,623, which at the time was listed as being worth just under $15 million at the time of the filing.

Stone Energy Corporation (NYSE: SGY) has filed a mixed shelf securities offering for up to $500,000,000 of any combination of Debt Securities, Common Stock, Preferred Stock, Warrants, Guarantees of Debt Securities, Rights, Units, and Depositary Shares.  The offering notes that Stone Energy Offshore, L.L.C acts as guantor.

JON C. OGG

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