Peak Resources L.P. (PRB Proposed), an oil and gas limited partnership, postponed its IPO today – Wednesday, Nov. 13, 2024 – and cited market conditions as the reason, according to the word on the Street. Peak Resources had rescheduled its IPO pricing date a few times after disclosing the deal’s terms in mid-October. In the prospectus, Peak Resources said it would offer 4.7 million Class A common units at a price range of $13.00 to $15.00 to raise $65.8 million. Peak Resources’ deal was set to be an NYSE – American Exchange listing.
Janney Montgomery Scott was on tap as the lead book-running manager of the Peak Resources IPO – with Roth Capital Partners and Texas Capital Securities as the joint book-running managers. Seaport Global was on board as the co-manager.
Peak Resources’ proposed stock symbol “PRB” was a nod to Wyoming’s Powder River Basin, where the company is active in fracking and other work to develop its oil and gas assets.
As of June 30, 2024, Peak Resources said it operated a total of 104 gross (56 net) producing horizontal wells, according to the prospectus.
Peak Resources L.P. is not profitable. The oil and gas limited partnership reported a net loss of $0.13 million (a net loss of $130,000) on revenue of $48.7 million for the 12 months that ended June 30, 2024, according to the prospectus.
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