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Ute Energy to Trade on NYSE Under Ticker Symbol 'UTE'

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Ute Energy Corp plans to raise up to $250 million in an initial public offering (IPO) of common stock to trade on the New York Stock Exchange under the symbol "UTE", reported MarketWatch.

The Ute Tribe's Denver, Colorado-based independent oil and natural gas producer told the U.S. Securities and Exchange Commission that Credit Suisse and Goldman Sachs are underwriting the IPO.

The company has also said it plans to use part of the proceeds from the offering to repay debts.

The Ute Tribe formed Ute Energy's parent company in 2005 on the Uintah and Ouray Reservation in Utah to explore and develop the Tribe's mineral estate in the Uinta Basin.