EnerVest Sale of 12,000,000 Shares of Class A Common Stock of Magnolia; Magnolia to Purchase 3,000,000 Shares of Class B Common Stock from EnerVest
The Company has agreed to purchase from the Selling Stockholders 3,000,000 shares of the Company’s Class B common stock (the “Class B Common Stock”) at a price per share equal to the price per share that the Selling Stockholders receive in the Block Trade (the “Class B Common Stock Purchase”). The Class B Common Stock Purchase is conditioned upon the completion of the Block Trade.
Following the closing of the Block Trade and Class B Common Stock Purchase, the Selling Stockholders will own 4,164,961 Class A and 10,957,921 Class B shares of the Company, or approximately 7.6% of the total outstanding shares of the Company.
This press release is neither an offer to sell nor a solicitation of an offer to buy any securities, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About
Magnolia (MGY) is a publicly traded oil and gas exploration and production company with operations primarily in
Forward-Looking Statements
The information in this press release includes forward-looking statements within the meaning of 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 present or historical fact included in this press release, regarding Magnolia’s strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward looking statements. When used in this press release, the words could, should, will, may, believe, anticipate, intend, estimate, expect, project, the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events. Except as otherwise required by applicable law, Magnolia disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. Magnolia cautions you that these forward-looking statements are subject to all of the risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Magnolia, incident to the development, production, gathering and sale of oil, natural gas and natural gas liquids. In addition, Magnolia cautions you that the forward looking statements contained in this press release are subject to the following factors: (i) the supply and demand for oil, natural gas, NGLs, and other products or services, including impacts of actions taken by
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Contacts for
Investors
(713) 331-4802
tfitter@mgyoil.com
Media
(713) 842-9057
apike@mgyoil.com
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