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    Sanchez prices IPO at $203M

    Sanchez Energy Corp., an independent exploration and production company focused on the Eagle Ford Shale in South Texas, has priced its initial public offering of 10,000,000 shares of its common stock at $22.00 per share for net proceeds, after underwriting discounts and commissions and estimated offering expenses, of approximately $203 million.

    Sanchez granted the underwriters a 30-day option to purchase up to an additional 1,500,000 shares of common stock, on the same terms and conditions, to cover over-allotments, if any.  The offering is expected to close on December 19, 2011, subject to customary closing conditions.

    Sanchez intends to use $50 million of the net proceeds from the offering as partial consideration (together with its issuance to Sanchez Energy Partners I, LP of approximately 22.1 million shares of its common stock) for the contribution by Sanchez Energy Partners I LP of the limited liability company interests in SEP Holdings III LLC and approximately $89 million of the net proceeds as partial consideration (together with its issuance of approximately 909,000 shares of its common stock) for the acquisition of the limited liability company interests in SN Marquis LLC.  Sanchez intends to use the remaining net proceeds of approximately $64 million to fund its capital expenditures, and, in particular, its drilling, exploration and acquisition programs through December 2013, its other operating expenses, and for general corporate purposes. 

    Johnson Rice & Company LLC and Macquarie Capital (USA) Inc. are acting as joint book-running managers.  Simmons & Company International, Canaccord Genuity Inc., Capital One Southcoast, Inc., Cowen and Company LLC and Stifel, Nicolaus & Co.  Inc. are acting as co-managers for the offering.

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