Energy company Petroleum Development prices shares of stock offering at $12

Petroleum Development prices shares at $12

DENVER — Oil and gas company Petroleum Development Corp. said Wednesday that it has priced its offering of nearly 3.8 million shares of common stock at $12 per share.

The offering is expected to close on Monday. The company also has awarded the underwriters a 30-day option to buy up to an additional 562,500 shares.

The company said it intends to use the proceeds to repay debt.

Petroleum Development shares were down 1 cent to $13.41 in trading Wednesday afternoon. The shares have traded between $9.39 and $65.74 over the past year.

Petroleum Development’s operations are focused in the Rocky Mountains. It also has operations in the Appalachian Basin and Michigan.