Advantage Oil & Gas’ newly formed unit, Longview Oil, has filed an initial public offering to raise $155 million, The Wall Street Journal reports. The offering will include a 15% over-allotment option exercisable after 30 days from the end of the offer.

The deal is expected to close next month. Advantage, which may use the cash proceeds from the deal to cut bank debts, will ill retain a 67% share ownership of Longview or about a 62% stake if the over-allotment option is exercised fully.

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