Vital Energy Announces Conversion of 2.0% Cumulative Mandatorily Convertible Series A Preferred Stock
November 21 2023 - 4:30PM
Vital Energy, Inc. (NYSE: VTLE) ("Vital Energy" or the "Company")
today announced its intention to mandatorily convert all
outstanding shares of its 2.0% Cumulative Mandatorily Convertible
Series A Preferred Stock, par value $0.01 per share (the "Series A
Preferred Stock"), into shares of the Company’s common stock, par
value $0.01 per share, on November 29, 2023 pursuant to the terms
of the Certificate of Designations of 2.0% Cumulative Mandatorily
Convertible Series A Preferred Stock. Holders of Series A Preferred
Stock do not need to take any action. As of November 21, 2021, the
Company had 6,131,381 shares of Series A Preferred Stock
outstanding.
On November 29, 2023, each outstanding share of
Series A Preferred Stock will automatically convert into one (1)
share of common stock. The number of shares of common stock
issuable on conversion was determined as set forth in the
Certificate of Designations.
Upon conversion, the Series A Preferred Stock
will no longer be outstanding and all rights with respect to the
Series A Preferred Stock will cease and terminate following receipt
of the number of shares of common stock issuable upon conversion of
the Series A Preferred Stock.
About Vital Energy
Vital Energy, Inc. is an independent energy
company with headquarters in Tulsa, Oklahoma. Vital Energy's
business strategy is focused on the acquisition, exploration and
development of oil and natural gas properties in the Permian Basin
of West Texas.
Additional information about Vital Energy may be
found on its website at www.vitalenergy.com.
Forward Looking StatementsThis
press release and any oral statements made regarding the subject of
this release contain forward-looking statements as defined under
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. All
statements, other than statements of historical facts, that address
activities that Vital Energy assumes, plans, expects, believes,
intends, projects, indicates, enables, transforms, estimates or
anticipates (and other similar expressions) will, should or may
occur in the future are forward-looking statements. The
forward-looking statements are based on management’s current
belief, based on currently available information, as to the outcome
and timing of future events. The forward-looking statements involve
risks and uncertainties.
General risks relating to Vital Energy include,
but are not limited to, continuing and worsening inflationary
pressures and associated changes in monetary policy that may cause
costs to rise; changes in domestic and global production, supply
and demand for commodities, including as a result of actions by the
Organization of Petroleum Exporting Countries and other producing
countries and the Russian-Ukrainian or Israeli-Hamas military
conflicts, the decline in prices of oil, natural gas liquids and
natural gas and the related impact to financial statements as a
result of asset impairments and revisions to reserve estimates,
reduced demand due to shifting market perception towards the oil
and gas industry; competition in the oil and gas industry; the
ability of the Company to execute its strategies, including its
ability to successfully identify and consummate strategic
acquisitions at purchase prices that are accretive to its financial
results and to successfully integrate acquired businesses, assets
and properties, pipeline transportation and storage constraints in
the Permian Basin, the effects and duration of the outbreak of
disease, and any related government policies and actions, long-term
performance of wells, drilling and operating risks, the possibility
of production curtailment, the impact of new laws and regulations,
including those regarding the use of hydraulic fracturing,
including under the Inflation Reduction Act (the “IRA”), including
those related to climate change, the impact of legislation or
regulatory initiatives intended to address induced seismicity on
the Company’s ability to conduct its operations; hedging
activities, tariffs on steel, the impacts of severe weather,
including the freezing of wells and pipelines in the Permian Basin
due to cold weather, possible impacts of litigation and
regulations, the impact of the Company’s transactions, if any, with
its securities from time to time, the impact of new environmental,
health and safety requirements applicable to the Company’s business
activities, the possibility of the elimination of federal income
tax deductions for oil and gas exploration and development and
imposition of any additional taxes under the IRA or otherwise, and
other factors, including those and other risks described in its
Annual Report on Form 10-K for the year ended December 31, 2022 and
those set forth from time to time in other filings with the
Securities and Exchange Commission (the “SEC”). These documents are
available through Vital Energy’s website at www.vitalenergy.com
under the tab “Investor Relations” or through the SEC’s Electronic
Data Gathering and Analysis Retrieval System at www.sec.gov. Any of
these factors could cause Vital Energy’s actual results and plans
to differ materially from those in the forward-looking statements.
Therefore, Vital Energy can give no assurance that its future
results will be as estimated. Any forward-looking statement speaks
only as of the date on which such statement is made. Vital Energy
does not intend to, and disclaims any obligation to, correct,
update or revise any forward-looking statement, whether as a result
of new information, future events or otherwise, except as required
by applicable law.
Investor ContactRon
Hagood918.858.5504ir@vitalenergy.com
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