TXO Partners, L.P. (NYSE: TXO) has announced the full exercise of the underwriters' option to purchase an additional 1,750,000 common units at a price to the public of $15.00 per common unit. This has resulted in net proceeds of approximately $23.9 million for TXO. The company intends to use these proceeds to fund a portion of the cash consideration for the previously announced asset acquisition from White Rock Energy, LLC, a portfolio company of Quantum Capital Group.
Raymond James and Stifel acted as joint book-running managers for the offering, and Capital One Securities, Mizuho, and Texas Capital Securities also participated as joint book-running managers. The offering was made pursuant to a combined prospectus with respect to two effective shelf registration statements filed by TXO with the Securities and Exchange Commission.
TXO Partners, L.P. is a master limited partnership focused on the acquisition, development, optimization, and exploitation of conventional oil, natural gas, and natural gas liquid reserves in North America. Their current acreage positions are concentrated in the Permian Basin of West Texas and New Mexico, the San Juan Basin of New Mexico and Colorado, and the Williston Basin of Montana and North Dakota. Following these announcements, the company's shares moved 0.0%, and are now trading at a price of $15.20. If you want to know more, read the company's complete 8-K report here.
