Tapstone Energy has filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) regarding its initial public offering (IPO). No pricing details were listed in the filing, but the offering is valued up to $100 million, although this is usually just a placeholder. The company intends to list its shares on the New York Stock Exchange under the symbol TE.
The underwriters for the offering are Merrill Lynch and Citigroup.
This is a growth-oriented, independent oil and natural gas company focused on the development and production of oil and natural gas condensate resources in the Anadarko Basin in Oklahoma, Texas and Kansas. Its core development area is located in the northwest continuation of the geographic region commonly known as the STACK play in the Anadarko Basin.
Tapstone has a large, contiguous acreage position in the northwest STACK that is characterized by significant operational control, multiple stacked benches and an extensive inventory of horizontal drilling locations that are expected to offer attractive single-well rates of return. The firm also owns interests in legacy producing oil and natural gas properties in various fields located in the Anadarko Basin with long-lived reserves, predictable production profiles and limited capital expenditure requirements.
The company is focused on maximizing stockholder value in the following ways:
- Growing production, reserves and cash flow through the development of our multi-decade drilling inventory of over 2,700 gross operated identified horizontal drilling locations in the NW Stack.
- Optimizing our operational, drilling and completion techniques.
- Maintaining a disciplined financial strategy to pursue the development of our acreage in the NW Stack.
Tapstone intends to use the net proceeds from the offering to repay its indebtedness, with the remainder going toward working capital and general corporate purposes.
Find a Qualified Financial Advisor (Sponsor)
Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
