NEW YORK (AP) -- Matador Resources Co. plans to raise $10 million more than previously thought in an initial public offering of common stock.
The Dallas energy company, which is expected to begin trading Thursday on the New York Stock Exchange under the ticker symbol "MTDR," plans to generate $160 million in the deal. It will offer 13,333,334 shares of its common stock at $12.00 per share.
The company said in November that the IPO would raise $150 million.
Matador produces oil and gas from shale formations in Texas, Louisiana, New Mexico and the Rocky Mountains. Its near-term plans are focused on boosting production in the Eagle Ford and Haynesville areas of Texas and Louisiana, it said in a filing with the Securities and Exchange Commission.
The company earned $6.4 million in 2010 after losing $14.4 million in 2009.
Matador expects net proceeds from the offer, after commissions and expenses, of up to $135.4 million, which will be used to repay debt and for capital expenses.
The offer is expected to close on Tuesday.
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