PDC Energy Raises $276 Mln In Net Proceeds From Stock Offering

(RTTNews) - PDC Energy, Inc. (PDCE) said Friday that it has closed its underwritten public offering of 5.175 million shares.

The net proceeds from the offering were about $276 million after deducting underwriter's compensation (but before estimated expenses).

The company plans to use the net proceeds from the offering to fund a portion of an expanded capital expenditure program for the remainder of 2013 and 2014, including the addition of a fourth drilling rig in the Wattenberg Field and/or a second rig in the Utica Shale, and for general corporate purposes. The company may also use a portion of the proceeds to acquire additional Utica Shale acreage.