Laredo Petroleum : Announces Early Tender of Over 95% of its 5 5/8% Senior Notes due 2022 and Over 85% of its 6 1/4% Senior Notes due 2023
January 20, 2020 at 09:17 pm IST
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TULSA - Laredo Petroleum, Inc., a Delaware corporation (NYSE: LPI) ('Laredo' or the 'Company'), announced today the early tender results of its previously announced tender offers (the 'Tender Offers') to purchase (i) any or all of its outstanding $450.0 million aggregate principal amount of 5 5/8% senior unsecured notes due 2022 (the '2022 Notes') and (ii) any or all of its outstanding $350.0 million aggregate principal amount of 6 1/4% senior unsecured notes due 2023 (the '2023 Notes' and, together with its 2022 Notes, the 'Existing Notes').
Pursuant to the terms of the Tender Offers, the Company expects to accept for payment all Existing Notes tendered on or prior to the Consent Date, and each holder who validly tendered Existing Notes and delivered consents to the proposed amendments prior to the Consent Date (and did not validly withdraw) will receive the early tender premium, which is included in the total consideration below, plus accrued and unpaid interest.
About Laredo
Laredo Petroleum, Inc. is an independent energy company with headquarters in Tulsa, Oklahoma. Laredo's business strategy is focused on the acquisition, exploration and development of oil and natural gas properties, primarily in the Permian Basin of West Texas.
Forward-Looking Statements
This press release and any oral statements made regarding the subject of this release contain forward-looking statements as defined under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, that address activities that Laredo assumes, plans, expects, believes, intends, projects, indicates, enables, transforms, estimates or anticipates (and other similar expressions) will, should or may occur in the future are forward-looking statements. The forward-looking statements are based on management's current belief, based on currently available information, as to the outcome and timing of future events. The forward-looking statements involve risks and uncertainties, including, among others, that the Company's business plans may change as circumstances warrant and that the Existing Notes may not be purchased because of general market conditions or other factors. General risks relating to Laredo include, but are not limited to, the decline in prices of oil, natural gas liquids and natural gas and the related impact to financial statements as a result of asset impairments and revisions to reserve estimates, the increase in service and supply costs, tariffs on steel, pipeline transportation constraints in the Permian Basin, hedging activities, possible impacts of litigation and regulations, the suspension or discontinuance of share repurchases at any time and other factors, including those and other risks described in its Annual Report on Form 10-K for the year ended December 31, 2018, Quarterly Report on Form 10-Q for the quarter ended September 30, 2019 and those set forth from time to time in other filings with the Securities and Exchange Commission ('SEC'). These documents are available through Laredo's website at www.laredopetro.com under the tab 'Investor Relations' or through the SEC's Electronic Data Gathering and Analysis Retrieval System ('EDGAR') at www.sec.gov. Any of these factors could cause Laredo's actual results and plans to differ materially from those in the forward-looking statements. Therefore, Laredo can give no assurance that its future results will be as estimated. Laredo does not intend to, and disclaims any obligation to, update or revise any forward-looking statement.
Vital Energy, Inc. is an independent energy company. The Company is focused on the acquisition, exploration and development of oil and natural gas properties in the Permian Basin of West Texas. The Company operates through a single segment, exploration and production. It has assembled 265,306 largely contiguous net acres in the Permian Basin, most of which is prospective for multi-zone development in Glasscock, Howard, Midland, Reagan, and Upton counties in the Midland Basin and Pecos, Reeves, and Ward counties in the Delaware Basin. The Company has purchased certain oil and gas properties in the Delaware Basin, including approximately 21,450 net acres located in Reeves County, 15,500 net acres located in Reeves County, and 24,000 net acres in Pecos, Reeves and Ward Counties. It has also purchased certain oil and natural gas properties in the Midland Basin, including approximately 11,200 net acres located in Upton and Reagan Counties.
VITAL ENERGY, INC. 
