MIDLAND, Texas, Jan 26, 2010 (BUSINESS WIRE) -- Concho Resources Inc. (NYSE: CXO) ("Concho" or the "Company") announced
today that it has priced an offering of 4,650,000 shares of common stock
at a price to the public of $42.75 per share. Concho has granted the
underwriters a 30-day option to purchase up to an additional 697,500
shares of common stock to cover over-allotments. Concho expects issuance
and delivery of the shares to occur on February 1, 2010, subject to
customary closing conditions. Concho intends to use the net proceeds
from the offering to repay a portion of the outstanding borrowings under
its credit facility. Any amounts repaid with proceeds from this offering
may be reborrowed in the future.
BofA Merrill Lynch, J.P. Morgan and UBS Investment Bank are acting as
joint book-running managers for the offering. A copy of the final
prospectus supplement and the accompanying prospectus for the offering
may be obtained on the Securities and Exchange Commission ("SEC")
website at www.sec.gov.
Alternatively, the underwriters will arrange to send you the final
prospectus supplement and the accompanying prospectus if you request
them by contacting BofA Merrill Lynch at 4 World Financial Center, New
York, NY 10080, Attn: Preliminary Prospectus Department (email: Prospectus.Requests@ml.com),
J.P. Morgan Securities Inc., via Broadridge Financial Solutions, 1155
Long Island Ave, Edgewood, New York 11717, 866-803-9204 or UBS
Investment Bank, Attention: Prospectus Department, 299 Park Avenue, New
York, NY 10171, 888-827-7275.
This news release is neither an offer to sell nor a solicitation of an
offer to buy shares of common stock or any other securities of Concho.
An offering of any such securities will be made only by means of a
prospectus. Any such prospectus shall not constitute an offer to sell or
the solicitation of an offer to buy, 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. A registration statement relating to the securities has
been filed and became effective on September 9, 2009.
Forward-Looking Statements and Cautionary Statements
The foregoing contains forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934.All statements, other than
statements of historical facts, included in this press release that
address activities, events or developments that the Company expects,
believes or anticipates will or may occur in the future are
forward-looking statements.Without limiting the generality of
the foregoing, forward-looking statements contained in this press
release specifically include the expectations of plans, strategies,
objectives and anticipated financial and operating results of the
Company.These statements are based on certain assumptions made
by the Company based on management's experience and perception of
historical trends, current conditions, anticipated future developments
and other factors believed to be appropriate.Such statements are
subject to a number of assumptions, risks and uncertainties, many of
which are beyond the control of the Company, which may cause actual
results to differ materially from those implied or expressed by the
forward-looking statements.These include risks relating to
financial performance and results, prices and demand for oil and natural
gas, availability of drilling equipment and personnel, availability of
sufficient capital to execute the Company's business plan, its ability
to replace reserves and efficiently develop its current reserves and
other important factors that could cause actual results to differ
materially from those projected as described in the Company's reports
filed with the SEC.
About Concho Resources Inc.
Concho Resources Inc. is an independent oil and natural gas company
engaged in the acquisition, development and exploration of oil and
natural gas properties. The Company's operations are focused in the
Permian Basin of Southeast New Mexico and West Texas. In addition, the
Company is involved in a number of emerging plays.
SOURCE: Concho Resources Inc.
Concho Resources Inc.
Jack Harper, 432-683-7443
Vice President - Capital Markets and Business Development
