Oklahoma-based independent oil and gas producer Tapstone Energy Inc. recently filed for an initial public offering (IPO) to raise up to $100 million. Tapstone Energy intends to use the proceeds from the offering to repay debt as well as for working capital and general corporate purposes. The company would be listed under the New York Stock Exchange under the ticker TE. Bank of America Merrill Lynch and Citigroup are the lead underwriters for the offering. The pricing terms are not disclosed in the filing.

Tapstone Energy was formed in 2013 by its former CEO Tom Ward with funding by the private equity firm, The Blackstone Group L.P. However, it is now headed by the former senior executive of Chesapeake Energy Corporation CHK, Steve C. Dixon, who joined the company last year.

Tapstone Energy is focused on the development and production of oil and natural gas condensate resources in the Anadarko Basin in Oklahoma, Texas and Kansas. The company claims to hold large, contiguous acreage position in the Northwest Stack Play which is characterized by significant operational control, multiple stacked benches and an extensive inventory of horizontal drilling locations.Tapstone recorded $189 million of sales last year.

Tapstone Energy is not yet ranked but some of the key players under the Zacks categorized U.S. Oil and Gas Exploration & Production industry which investors may consider include Antero Resources Corporation AR, Penn Virginia Corporation PVAC and Concho Resources Inc. CXO. While Antero Resources and Penn Virginia sport a Zacks Rank #1 (Strong Buy), Concho Resources carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Antero Resources reported positive earnings surprise in each of the preceding four quarters, the average being 239.10%.

Penn Virginia posted a positive average earnings surprise of 36.67% in the trailing four quarters.

Concho Resources posted a positive average earnings surprise of 310.74% in the last four quarters.

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Chesapeake Energy Corporation (CHK): Free Stock Analysis Report
 
Concho Resources Inc. (CXO): Free Stock Analysis Report
 
Antero Resources Corporation (AR): Free Stock Analysis Report
 
Penn Virginia Corporation (PVAC): Free Stock Analysis Report
 
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