Mach Natural Resources, an oil and gas operator in the Anadarko basin, has priced its upcoming initial public offering (IPO) on the New York Stock Exchange which will raise $171.7 million of net proceeds.
The offering is arranged by brokers Stifel and Raymond James and it sees 10 million common units priced at $19.00 each. The new equity represents a ‘limited partner interest’ that corresponds to around 10.5% of the company.
It previously pitched its pricing range between $19 and $21 per share.
Mach expects to use the injection of funds to repay debt and for general purposes.
The company is run by Tom Ward, a Chesapeake Energy co-founder and formerly its chief operating officer until 2006 – since then he lead Tapstone Energy (2013 to 2017) and Sandridge Energy (2006 to 2013) as chair and chief executive.
Its assets are located in Western Oklahoma, Southern Kansas and the panhandle of Texas.
The company describes its strategy as “[a] focus on acquiring, exploring and developing high-return, low-cost projects, and pursuing assets with production history and development opportunity.”