Printer Friendly


 THE WOODLANDS, Texas, Oct. 21 /PRNewswire/ -- WRT Energy Corporation (NASDAQ: WRTE, WRTEP) today announced the completion of a public offering of 1.1 million shares of 9 percent convertible preferred stock at $25 per share. Trading of the preferred stock on the NASDAQ National Market began on Oct. 20, 1993. The NASDAQ listing for the company's common stock will be upgraded from the NASDAQ SmallCap Market to the NASDAQ National Market on Oct. 21, 1993.
 The preferred stock offering was sold by a syndicate of underwriters managed by Paulson Investment Company, Inc. of Portland, Ore. In connection with the underwriting, Paulson has notified the company that it intends to exercise its option to purchase an additional 165,000 shares of preferred stock to cover overallotments.
 The preferred stock is convertible at the option of the holder at any time, unless previously redeemed, into shares of the company's common stock, at an initial conversion price of $12 per share of common stock (equivalent to an initial conversion ratio of approximately 2.083 shares of common stock for each share of preferred stock). Beginning Oct. 20, 1994, if the last reported sales price of the common stock equals or exceeds $15.60 per share for 10 consecutive trading days, the preferred stock will convert automatically into common stock. The preferred stock is not redeemable before Oct. 20, 1995, and is thereafter redeemable at the option of the company at a redemption price of $25 per share, plus accrued and unpaid dividends.
 WRT Energy Corporation, based in The Woodlands, is an oil and gas technology company that specializes in finding and developing previously overlooked or deliberately bypassed oil and gas reservoirs, and using advanced fluid separation technologies to increase both current production rates and total oil and gas recovery from previously developed reservoirs.
 For a copy of the prospectus relating to the preferred stock, contact Paulson Investment Company, 811 S.W. Front Street, Suite 200, Portland, Ore., 97204; 503-243-6000.
 -0- 10/21/93
 /CONTACT: John L. Petersen of WRT Energy, 713-363-0030/

CO: WRT Energy Corporation ST: Texas IN: OIL SU: OFR

JS -- NY041 -- 5236 10/21/93 12:41 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 21, 1993
Previous Article:1,261,000 LANDS' END, INC., COMMON SHARES OFFERED AT $39.75 PER SHARE

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters