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Crimson Exploration To Offer 18M Shares In IPO

NEW YORK (AP) ¿ Oil and gas exploration and production company Crimson Exploration Inc. plans to offer 18 million shares of common stock an initial public offering.

According to a Tuesday filing with the Security and Exchange Commission, the company is looking to raise $165.6 million, up from original hopes of $100 million in November.

These raised expectations come as the energy industry recovers from a tumultuous downturn and positions itself for a rebound.

Crude oil prices have remained above $70 per barrel since early October, compared with the year low of $32.70 per barrel in January. On the other hand, natural gas prices have significantly lagged crude's rebound as storage levels swell to record highs.

Crimson Exploration, with operations in the onshore U.S. Gulf Coast, Texas, Louisiana and Colorado, expects to price shares between $6 and $8. Underwriters have a 30-day option to buy up to an additional 2.7 million shares.

The Houston-based company is looking to raise net proceeds of about $117.6 million, assuming an offering price of $7 per share. It plans to use the funds to pay off debt.

Crimson has applied to list the stock on the NASDAQ Global Market under the symbol "CXPO."

Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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