Emerald Oil Inc. (NYSEMKT:EOX) Closes Private Offering

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Dallas, Texas 04/09/2014 (FINANCIALSTRENDS) – Emerald Oil Inc.(NYSEMKT:EOX) the leading natural gas explorer and oil producing company has since closed its previous private offer. It had offered $172.5 million in the form of Convertible Senior Notes, which are due in 2019. The offer also extended to additional $32.5 million.

Emerald Oil Inc. (NYSEMKT:EOX) has been seeking additional funds as it moves on the fast track to explore and develop new oil wells.  The current activity is related to Williston Basin in the North Dakota as well as Montana, where the focus of development has been the three forks of shale oil formation.

Emerald Oil Inc. (NYSEMKT:EOX) is now controlling 35,000 net acres in the Williston Basin. As recently as February of 2014, it has added the Three Forks in the Bakken basin as well as produces properties which are undeveloped in regions of Mckenzie as well as Williams Counties, in  North Dakota.

Emerald Oil Inc. (NYSEMKT:EOX) holds a market cap of $450.73 millionand trading range of $6.68 and $6.82. The company also has a 52 week trading range of $5.821 and $9.20. The stock opened at $6.72 and reports EPS o f-0.81. The outstanding share the company has on offer is 66.28 million. Beta is 1.38.

Consensus Rating

Previously, the company had received coverage from leading analysts, of the like of SunTrust. This analyst has offered that the Price target for this maker is $9.0 to $9.50.

Emerald Oil Inc. (NYSEMKT:EOX) has received coverage from other researchers as well. These include CanaccordGenuity which has also lowered the price target of the shares from $12.00 to $11.00.  Other analysts such as Wunderlichtoo have cut prices of this company from $8.00 to $7.00. Earlier, Global Hunter Securities had upgraded the shares to Buy, rating.

The consensus rating for EOX is buy and the consensus Target Price is $9.70.

Following the coverage, the shares of EOX have been trading high, at 1.03%.

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