SEAGULL ENERGY ANNOUNCES PUBLIC OFFERING
SEAGULL ENERGY ANNOUNCES PUBLIC OFFERING HOUSTON, Dec. 6 /PRNewswire/ -- Seagull Energy Corporation
(NYSE: SGO) announced today that the Securities and Exchange Commission declared effective Seagull's registration statement filed in connection with the public offering of 1,500,000 shares of common stock at a price of $25.75 per share.
Proceeds from the sale will be used initially to reduce debt, thus enabling Seagull to more fully exploit growth opportunities, including both capital projects related to its existing operations and potential acquisitions. The company reduced the size of the offering from an initially planned 2 million shares due to difficult market conditions being endured by virtually all independent gas and oil producing companies. "By no means are we happy at selling stock at this price, but even on this smaller scale we have given ourselves much greater financial flexibility to pursue both internal and external investment opportunities," explained Seagull Chairman Barry J. Galt. Representatives for the underwriters in the United States and Canadian portion of the offering are The First Boston Corporation; Donaldson, Lufkin & Jenrette Securities Corporation; Lehman Brothers; Smith Barney, Harris Upham & Co. Incorporated, and Howard, Weil, Labouisse, Friedrichs Incorporated. In the international phase of the offering, the managers are Credit Suisse First Boston Limited; Donaldson, Lufkin & Jenrette Securities Corporation; Lehman Brothers International; Smith Barney, Harris Upham & Co. Incorporated, and Howard, Weil, Labouisse, Friedrichs Incorporated. Copies of the prospectus are available from the company at 1700 First City Tower, 1001 Fannin Street, Houston, Texas 77002, Attention: Investor Relations. Houston-based Seagull is engaged in gas and oil exploration and production; the transportation, distribution and marketing of natural gas, liquids products and petrochemicals, and natural gas processing. -0- 12/6/91 /CONTACT: Alan Payne of Seagull Energy, 713-951-4700/ (SGO) CO: Seagull Energy Corporation ST: Texas IN: OIL SU: OFR SH -- NY024 -- 0054 12/06/91 11:08 EST
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|Date:||Dec 6, 1991|
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