** Shares of Mach Natural Resources MNR.N down 9.2% premarket to $15.60, a six-week low, after announcing follow-on

** Oklahoma City-based oil and gas producer late Weds launched offering of 12 mln units

** MNR said intends to use net offering proceeds to repay debt under its credit facilities

** Co's PE sponsor, Bayou City Energy Management, indicated to buy $80 mln of the offering, per the SEC filing

** Bayou owns ~68 mln units, about 59% of MNR, according to LSEG data

** Co has ~103.5 mln units outstanding for ~$1.8 bln market cap

** Stifel, Raymond James, Texas Capital Secs and Truist are jt bookrunners for the offering

** MNR shares, which have fallen past four sessions, are flat YTD through Weds

** Research sentiment on MNR overwhelmingly bullish with avg rating of "strong buy" among 6 analysts and median PT of $24.50 - LSEG

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))