Oklahoma City’s Mach Resources raised a reported $190 million on its first day of being listed on the New York Stock Exchange.
The Anadarko basin oil and gas operator had priced its initial public offering on the Exchange, expecting to raise $171.7 million of net proceeds. It had proposed 10 million common units priced at $19 each. The new equity as offered by the company figured to an estimated 10.5% of the company.
The company indicated it plans to use the new infusion of funds to repay debt and for general purposes.
Mach is trading on the New York Stock Exchange under the symbol MNR and on Wednesday, was down more than 2%. But at the close on Friday, shares traded at $18.80 with a gain of 11 cents or 0.59%.
Led by Chesapeake Energy co-founder Tom Ward, Mach Resources has assets in Western Oklahoma, Southern Kansas and the Texas Panhandle. Before joining Mach, Ward also lead Tapstone Energy from 2013 to 2017 and SandRidge Energy where he was chair and chief executive.
One of the company’s most recent well completions was the Benda 3-16-6 7HO located in Kingfisher County. The well, spud in July and completed in early August, produced 316 barrels of oil a day and 757 Mcf of natural gas. The total depth was listed as 10,807 feet with a true vertical depth of 6,641 feet.
It also reported completions of two other Kingfisher County wells in late August. The : Lincoln North Unit 42-5HO, had production of 240 barrels of oil a day and 167 Mcf of natural gas, while the Lincoln North Unit 43-2HO, drilled on the same pad, produced 218 barrels of oil a day and 331 Mcf of natural gas.