Oil and gas exploration and production company Parsley Energy Inc. (NYSE: PE) struck Wall Street oil Friday morning after an initial public offering (IPO) of 50 million shares. The IPO priced at $18.50, above the expected range of $16 to $18, and the number of shares sold was raised from the original planned offering of 43.9 million shares. The even better news for investors is that shares rose to $22.59 shortly after trading began.

Credit Suisse, Goldman Sachs, J.P. Morgan and Wells Fargo Securities are the joint bookrunners on the deal, and they have a 30-day option to purchase an additional 7.5 million shares from Parsley at the IPO price.

Of the 50 million shares sold, 42,463,636 shares were sold by the company and the rest were sold by selling stockholders. The company estimated net proceeds of about $738 million that it plans to use to make a cash payment to certain holders of preferred interests in Parsley Energy LLC, to repay in full its borrowings under its revolving credit facility, to fund the acquisition of additional acreage in the Permian Basin and to fund a portion of its exploration and development program.

Parsley operates exclusively in the Permian Basin of west Texas, drilling and fracking horizontal wells. It joins Rice Energy Inc. (NYSE: RICE), RSP Permian Inc. (NYSE: RSPP) and EP Energy Corp. (NYSE: EPE) as 2014 IPOs working in the most productive oil basin in the United States.

Shares traded up nearly 20% at $22.12 in the late morning Friday. The stock opened at $22.30 against the IPO price of $18.50.

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