Denver energy company files for IPO RSS Feed

Denver energy company files for IPO

Denver’s Jagged Peak Energy Inc. plans to launch an initial public offering, according to documents filed with the U.S. Securities and Exchange Commission.

The company, led by industry veteran Joe Jaggers, formed in April 2013 as an affiliate of Quantum Energy Partners, a private equity firm that has made more than $11 billion in equity investments since 1998. The company when it formed had $400 million to work with.

Prior to forming Jagged Peak, Jaggers headed Ute Energy, which was sold in 2012 for more than $1 billion.

In its filing, Jagged Peak said it hoped to raise $100 million. Companies planning IPOs typically list a token amount and adjust it upward or downward later.

The Wall Street Journal reported in August that Quantum Energy Partners was interested in either selling Jagged Peak, or taking it public via an IPO. The story said insiders indicated at the time that the company could fetch more than $2 billion via a sale.

In documents filed Monday, Jagged Peak said it expects its common stock to be listed on the New York Stock Exchanged under the symbol “JAG.”

The company is focused on producing oil and natural gas liquids from the Southern Delaware Basin, part of the larger Permian Basin in West Texas.

By the end of September, it had drilled and completed 16 horizontal wells and was producing an average of 6,366 barrels of oil equivalent per day during the third quarter 2016, according to its filing.

Read full article at Denver Business Journal