Costilla Energy makes announcement.MIDLAND, Texas--(BUSINESS WIRE)--October 3, 1996--Costilla Energy, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :COSE (Common Open Software Environment) Pronounced "cozy." An alliance of major Unix vendors dedicated to standardizing open systems. In 1993, its first specification was the CDE (Common Desktop Environment), a user interface based on Motif. ), announced today that it has priced its initial public offering of 4,800,000 shares of common stock at $12.50 per share. Prudential Securities and Rauscher Pierce are the managing underwriters for the offering. In addition, the company announced today it has priced an offering of $100,000,000 of 10-1/4% Senior Notes due October, 2006 led by NationsBanc Capital Markets, Inc. Costilla Energy is an independent energy company engaged in the exploration, acquisition and development of oil and gas properties. The company plans to use the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of the offerings to repay existing indebtedness. The company's operations are in the Permian Basin The Permian Basin is a sedimentary basin largely contained in the western part of the U.S. state of Texas. It reaches from just south of Lubbock, Texas, to just south of Midland & Odessa, extending westward into the southeastern part of the adjacent state of New Mexico. of Texas and New Mexico, the Gulf Coast and the Rocky Mountain regions. At April 1, 1996, the company had total estimated net proved reserves proved reserves The quantity of minerals expected to be recoverable under current economic and operating conditions. The amount of proved reserves is important in valuing the stock of a company with significant holdings in natural resources. of 16.5 Mmbbls of oil and 112.9 Bcf of natural gas, aggregating 35.3 Mmboe. For further information, please contact Bobby Page or Mike Grella at 915/683-3092 or mail requests to 400 West Illinois, Suite 1000, Midland, Texas 79701. CONTACT: Costilla Energy, Inc., Midland Bobby Page or Mike Grella 915/683-3092 |
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