Crimson Exploration, a Houston-based independent energy company engaged in the exploration and development of oil and natural gas, announced terms for its IPO on Thursday. The company plans to raise $126 million by offering 18 million shares ($165.5 million including the overallotment) at a price range of $6.00 to $8.00. Net proceeds from the deal will be used to repay outstanding debt; at the mid-point of the proposed range, Crimson Exploration will command a market value of $211 million. Crimson, which was founded in 1987, posted a loss of -$17 million for the 9 months ended Sept. 30, 2009 due to a decrease in prices and production (versus the year ago period, which generated a profit of $25 million). It plans to make the move from the OTC Bulletin Board to the NASDAQ under the symbol CXPO. Barclays Capital and Credit Suisse are the lead underwriters on the deal, which is expected to price next Tuesday, Dec. 15.