2009
10.16
10.16
Announces $104MM Of Equity Offerings; Capital
Position Markedly Improved
Paramount has announced three equity financings totaling $103.9 million in
gross proceeds (assuming exercise of the over-allotment option). Proceeds
will be used to reduce debt, fund capital expenditures and for general
corporate purposes. Closing of the offerings is expected on November 4.
The company is now developing a number of key areas within its asset base that
should provide a significant inventory of drilling prospects that will benefit
from horizontal, multi-stage fracturing technology.
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