Laredo Petroleum, Inc. has filed a prospectus supplement with the Securities and Exchange Commission (the "SEC") under which it may offer and sell from time to time and at its discretion shares of its common stock having an aggregate gross sales price of up to $75.0 million pursuant to an "at-the-market" offering program (the "ATM Program").
Laredo has entered into an equity distribution agreement with Wells Fargo Securities, LLC in its capacity as a sales agent (the "sales agent"). Pursuant to this agreement, sales of shares of the Company’s common stock may be made in transactions that are deemed to be "at-the-market" offerings, including sales made by means of ordinary brokers’ transactions on the New York Stock Exchange, to or through a market maker or as otherwise agreed to with the sales agent.
The Company intends to use the net proceeds from any sales of shares under the ATM Program for general corporate purposes, including, but not limited to, financing of capital expenditures, repayment or refinancing of outstanding debt, financing acquisitions or investments, financing other business opportunities, and general working capital purposes.
