Vine Energy, a Blackstone-backed natural gas E&P operating in Louisiana's Haynesville Basin, raised $301 million by offering 21.5 million shares at $14, below the range of $16 to $19. The company offered 2.8 million more shares than anticipated.
Vine Energy is focused on the development of natural gas properties in the stacked Haynesville and Mid-Bossier shale plays in the Haynesville Basin of Northwest Louisiana. The company has approximately 125,000 net surface acres centered in Haynesville, approximately 84% of which is prospective for dual-zone development, providing approximately 900 drilling locations among Vine, Brix, and Harvest. As of 12/31/2020, the company had approximately 370 net producing wells and roughly 25 years of development opportunities.
Vine Energy plans to list on the NYSE under the symbol VEI. Citi, Credit Suisse, Morgan Stanley, BofA Securities, Barclays and RBC Capital Markets acted as lead managers on the deal.
