Laredo Petroleum Announces "At-the-Market" Equity Program

TULSA, OK, Feb. 23, 2021 (GLOBE NEWSWIRE) -- Laredo Petroleum, Inc. (NYSE: LPI) ("Laredo" or the "Company") announced today that it has filed a prospectus supplement with the Securities and Exchange Commission (the "SEC") under which it may offer and sell from time to time and at its discretion shares of its common stock having an aggregate gross sales price of up to $75.0 million pursuant to an "at-the-market" offering program (the "ATM Program").

Laredo has entered into an equity distribution agreement with Wells Fargo Securities, LLC in its capacity as a sales agent (the "sales agent"). Pursuant to this agreement, sales of shares of the Company’s common stock may be made in transactions that are deemed to be "at-the-market" offerings, including sales made by means of ordinary brokers’ transactions on the New York Stock Exchange, to or through a market maker or as otherwise agreed to with the sales agent.

The Company intends to use the net proceeds from any sales of shares under the ATM Program for general corporate purposes, including, but not limited to, financing of capital expenditures, repayment or refinancing of outstanding debt, financing acquisitions or investments, financing other business opportunities, and general working capital purposes.

This offering is being made pursuant to an effective automatic shelf registration statement, including a base prospectus, previously filed by the Company with the SEC, and a prospectus supplement related to the offering. Copies of the base prospectus and the prospectus supplement may be obtained by visiting the SEC website at www.sec.gov. Alternatively, copies of the base prospectus and the prospectus supplement may be obtained from the sales agent at: Wells Fargo Securities, LLC, Attention: Equity Syndicate Department, 500 West 33rd Street, New York, New York, 10001, at [phone] or emailing a request to [e-mail].

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offer or sale of these securities will be made only by means of a prospectus, including a prospectus supplement, forming a part of the related registration statement.