BPZ Resources Offering 2 Million Shares

BPZ Resources Inc. said Tuesday it is offering 2 million shares of common stock and will use the proceeds to reduce debt and for general purposes.

The company did not give a per-share amount for the public offering. Underwriters will have an option to buy an additional 200,000 shares to cover over-allotments.

Canaccord Adams Inc. is serving as the sole book-running manager for the offering.

BPZ had about 69.2 million shares outstanding as of Dec. 31, according to a filing with the Securities and Exchange Commission.

Shares of BPZ Resources fell 36 cents to $20.10 in after-hours trading after rising 18 cents to close at $20.46.