GLG Partners, led by Noam Gottesman, has disclosed a new position in Emerald Oil Inc (NYSEMKT:EOX), a filing with the Securities and Exchange Commission showed. The stake contains around 4.29 million common shares and some 710,000 shares that can be issued upon the conversion of $6.23 million principal amount of 2.0% Convertible Senior Notes due 2019. The holding amasses 7.46% of the common stock.
Emerald Oil Inc (NYSEMKT:EOX) is an independent oil and natural gas exploration and production company. Last month Emerald sold $172.5 million of its 2.00 Convertible Senior Notes due 2019. The net proceeds from the offering amounted to $166.8 million, which will be used to repay borrowings under its revolving credit facility.
Last year the company managed to raise its annual production to approximately 616,100 Barrels of Oil Equivalend, which represent an 80% increase on the year. In addition, the company reported a net loss of $0.17 per share, significantly down from $0.75 per share posted for the previous year. The stock of Emerald Oil Inc (NYSEMKT:EOX) declined by 13% since the beginning of the year, and trades at 15 times above its estimated earnings.
Aside from GLG Partners, David Zusman‘s Talara Capital Management has also been bullish on Emerald Oil Inc (NYSEMKT:EOX) and at the end of last year, held 1.42 million shares, edging up the stake by 4% over the quarter. Carl Wiese‘s Grow Partners and Jeffrey Bronchick‘s Cove Street Capital also disclosed holding shares, their stakes amassing 1.32 million and 1.07 million shares respectively.
GLG Partners has also been bullish on Yongye International, Inc (NASDAQ:YONG) during the last quarter, and in February raised the stake to 3.5 million shares, from 142,000 held previously. Moreover, the fund’s largest holding, as at the end of last year, was represented by Facebook Inc (NASDAQ:FB), of which GLG owns 743,800 shares, valued at $40.66 million.