Magnolia Oil & Gas Drops 4% In Morning Trade

(RTTNews) - Shares of Magnolia Oil & Gas Corporation (MGY) are falling more than 4% in the morning trade on Thursday on pricing previously announced underwritten block trade of 7.5 million class A shares of the company by certain affiliates of EnerVest, Ltd. for gross proceeds of $203.6 million.

In connection with the Offering, Magnolia has agreed to purchase 2 million Class B shares of the company from EnerVest at a price equal to the underwriter purchases shares of the company's Class A Stock in the Offering.

The Offering is expected to close on or about June 6, 2022.

MGY, currently at $26.95, has traded in the range of $12.79-$29.15 in the past 52 weeks.