Titan Exploration makes announcement.MIDLAND, Texas--(BUSINESS WIRE)--December 17 , 1996--Titan Exploration, Inc. announced the initial public offering of 12,610,000 shares of Common Stock at $ 11 per share. Of the total number of shares, 12,500,000 shares are being sold by the Company and 110,000 shares are being sold by First Union Corporation (the Selling Shareholder). The Company has granted the Underwriters an option to purchase up to an additional 1,891,500 shares to cover over-allotments, if any. The Common Stock will trade on The Nasdaq Stock Market's National Market under the symbol TEXP TEXP Totally Enclosed Explosion-Proof (industrial electric motor) . Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. Corporation; Donaldson, Lufkin & Jenrette Securities Corporation; Howard, Weil, Labouisse, Friedrichs Incorporated; J.P. Morgan & Co.; and Petrie Parkman & Co. are managing the underwriting syndicate Underwriting syndicate A group of investment banks that work together to sell new security offerings to investors. The underwriting syndicate is led by the lead underwriter. See also: Lead underwriter. underwriting syndicate See syndicate. offering the shares to the public. The Company intends to use the proceeds it receives from the sale of Common Stock for exploration, development and acquisition activities and other general corporate purposes. Pending use of 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). in this manner, the Company intends to use the net proceeds for repayment of indebtedness incurred in connection with the acquisition of additional 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. producing properties. the Company will not receive any of the proceeds of shares sold by the Selling Stockholder. Titan Exploration, Inc. is an independent energy company engaged in the exploration, development and acquisition of oil and gas properties. A copy of the prospectus relating to the offering may be obtained from Credit Suisse First Boston Corporation, Eleven Madison Avenue, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , NY 10010-3629, Attention: Prospectus Department (Telephone Number 212-325-2580). CONTACT: CS First Boston Corporation Joseph D. Fashano, 212/325-2107 |
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