HOUSTON, May 9 /PRNewswire-FirstCall/ -- Petrohawk Energy Corporation (NYSE: HK) ("Petrohawk" or the "Company") today announced that it has priced its public offering of 25 million shares of common stock. The Company has granted the underwriters a 30-day option to purchase up to an additional 15%, or 3.75 million shares of common stock. Based on market demand, the Company increased the offering size by four million shares from 21 million shares and increased the underwriters' option by a proportional amount. All shares were offered at $26.39. The offering is expected to settle and close on May 13, 2008, subject to customary closing conditions.
Net proceeds from the offering will be used to pay down the outstanding borrowings on Petrohawk's senior revolving credit facility, which, together with cash provided by the Company's concurrent senior notes offering, will provide additional financial flexibility to fund its 2008 capital budget and acquisitions.
Lehman Brothers and Merrill Lynch & Co. are serving as joint book-running managers in the offering. Copies of the final prospectus supplement and the accompanying base prospectus may be obtained from:
-- Lehman Brothers Inc., c/o Broadridge Financial Services, Prospectus
Fulfillment, 1155 Long Island Avenue, Edgewood, NY 11717, by faxing
requests to 631-254-7140, or via e-mail at Qiana.Smith@Broadridge.com,
or,
-- Merrill Lynch & Co., 4 World Financial Center, Attn: Prospectus
Department, New York, New York 10080, or by calling 212-449-1000.
The shelf registration statement relating to the foregoing has previously been filed with the U.S. Securities and Exchange Commission and became effective upon filing. This press release does not constitute an offer to sell or a solicitation of an offer to buy the shares of common stock or any other securities, nor will there be any sale of the shares of common stock or any other securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Petrohawk Energy Corporation is an independent energy company engaged in the acquisition, production, exploration and development of natural gas and oil with properties concentrated in North Louisiana, Arkansas, East Texas, Oklahoma and the Permian basin.
For more information contact Joan Dunlap, Vice President - Investor Relations, at (832) 204-2737 or jdunlap@petrohawk.com. For additional information about Petrohawk, please visit our website at http://www.petrohawk.com.
Additional Information for Investors
This press release contains forward-looking statements within the meaning of the federal securities laws. Petrohawk cautions you that any statements contained in this press release that are not strictly historical statements constitute forward-looking statements. These statements are based upon current beliefs or expectations and are subject to various risks and uncertainties, including those set forth in Petrohawk's registration statement and other filings with the U.S. Securities and Exchange Commission, including the Annual Report on Form 10-K for the fiscal year ended December 31, 2007, and the Quarterly Report on Form 10-Q for the quarter ended March 31, 2008 (copies of which may be obtained from the SEC's website at http://www.sec.gov). Readers should not place undue reliance on any such forward-looking statements, which are made only as of the date hereof. Petrohawk undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in Petrohawk's expectations.
SOURCE Petrohawk Energy Corporation
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