Abraxas Petroleum Corporation, an independent energy company, engages in the acquisition, exploration, exploitation, development, and production of oil and gas properties in the United States. The company operates oil and gas assets in the Permian/Delaware Basin and the Rocky Mountain regions. As of December 31, 2020, its estimated net proved reserves were 16.8 million barrels of oil equivalent. The company was founded in 1977 and is based in San Antonio, Texas.
IPO Year: n/a
Exchange: NASDAQ
Website: abraxaspetroleum.com
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Abraxas Petroleum Corporation ("Abraxas" or the "Company") (OTCQX:AXAS) today provided the following reserve and operational update. Note that all annual reserve comparisons stated below are for Delaware Basin assets only (all sold Bakken assets were removed from the December 31, 2020 totals). Highlights include: Total Proved PV-10 reserves grew 467% to $229 million at December 31, 2021 using SEC pricing Reserve Report captures the Company's Delaware Basin West Texas assets only, post-sale of the Company's Bakken assets, as previously reported Reserve Report doesn't include additional geologic horizons being pursued by offset operators such as the Woodford/Meramec Company has approx
Williston Basin Assets Sold for $87.2MM Proceeds Used to Pay Off All First Lien Debt All Second Lien Debt Exchanged for Preferred Stock Abraxas Petroleum Corporation, a Nevada corporation ("Abraxas" or the "Company") (OTCQX:AXAS), today announced (i) the cash sale of its Williston Basin assets to Lime Rock Resources for $87.2MM, (ii) the repayment of all of its revolving credit facility and (iii) the exchange of its entire Second Lien Term Loan held by Angelo Gordon Energy Funding, LLC ("Angelo Gordon" or "AG") into newly authorized Series A Preferred Stock. The transactions, which closed today, were part of the Company's previously announced strategic alternatives review. Bob Watso
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