C&J Energy Services Inc Prices Initial Public Offering of Common Stock

C&J Energy Services Inc announced the pricing of its initial public offering of 11,500,000 shares of its common stock at $29 per share. The shares are expected to begin trading on the New York Stock Exchange on July 29, 2011 under the ticker symbol CJES. The Company is selling 4,300,000 shares in this offering and the selling stockholders are selling 7,200,000 shares in this offering. In addition, certain of the selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 1,725,000 shares at the same price per share. The offering is expected to close on August 3, 2011, subject to customary closing conditions. The Company intends to use the net proceeds of approximately $113 million it receives from this offering to repay all outstanding indebtedness under its credit facility and any remaining net proceeds to partially fund the purchase price of its on-order hydraulic fracturing fleets. The Company will not receive any proceeds from the sale of shares by the selling stockholders. Goldman, Sachs & Co., J.P. Morgan and Citi are acting as joint book-running managers for the offering. Wells Fargo Securities, Simmons & Company International and Tudor, Pickering, Holt & Co. are acting as co-managers for the offering.