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New Source Energy Estimates Pricing IPO In $10 - $12 Per Share Range

New Source Energy Corporation announced, in an amended Form S-1 filing with the U.S. Securities and Exchange Commission, that it estimates pricing initial public offering of 9.10 million shares of its common stock between $10.00 and $12.00 per share.

The company said that it has applied to list its common stock on the New York Stock Exchange under the symbol "NSE."

The company noted that it has granted the underwriters an option to purchase up to an additional 1.37 million shares from us at the initial public offering price, less underwriting discount and commissions, within 30 days after the date of this offering to cover over-allotments, if any.

The company expects to receive approximately $90.3 million of net proceeds from the sale of the common stock offered by the company, based upon the assumed initial public offering price of $11.00 per share, after deducting underwriting discounts and estimated offering expenses.

The company said that it plans to use the net proceeds from this offering first to repay outstanding indebtedness under its credit facility, which as of March 1, 2012, was approximately $68.5 million.

The company stated that it does not intend to pay any cash dividends on its common stock for the foreseeable future. Instead, the company said it intends to retain any earnings for use in the operation of its business and to fund future growth.

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by RTT Staff Writer

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