MIDLAND, Texas, Jan 25, 2010 (BUSINESS WIRE) -- Concho Resources Inc. (NYSE: CXO) ("Concho" or the "Company") today
announced that it intends to offer 4,650,000 shares of its common stock
in an underwritten public offering. Concho expects to grant the
underwriters a 30-day option, solely to cover over-allotments, to
purchase up to an additional 697,500 shares of its common stock. Concho
intends to use the net proceeds from the offering to repay a portion of
the outstanding balance under its credit facility.
BofA Merrill Lynch, J.P. Morgan and UBS Investment Bank are acting as
joint book-running managers for the offering. Copies of the preliminary
prospectus supplement and the accompanying prospectus may be obtained
from 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.
The offering is being made pursuant to an effective shelf registration
statement filed with the U.S. Securities & Exchange Commission ("SEC").
A prospectus supplement and accompanying prospectus describing the terms
of the offering will be filed with the SEC and available on its website
at http://www.sec.gov.
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
and shall not constitute an offer, solicitation, or sale in any
jurisdiction in which such an offer, solicitation, or sale would be
unlawful.
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
