07:49 AM EDT, 04/04/2024 (MT Newswires) -- Riley Exploration Permian ( REPX ) said Thursday it has priced a public offering of 2.1 million shares of its common stock at $27.00 per share.

The offering, expected to close about Monday, includes 700,000 shares being sold by the company and 1.4 million by certain stockholders, Riley said, adding it has granted underwriters a 30-day option to purchase up to an additional 315,000 shares of common stock.

Gross proceeds to the company from the offering are expected to reach about $18.9 million, according to the company. Net proceeds will be used for general corporate purposes such as the pending acquisition of an about 12,500-acre position in Eddy County, New Mexico.

Shares of the company were down more than 16% in Thursday's premarket activity.

Price: 27.99, Change: -5.53, Percent Change: -16.5