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Well, I say I'm done with the OTC but this is a different kind of stock!
I'm done with OTC stocks for the time being; All in on AXAS!
President came to Texas yesterday to give these guys the political cover. Now they need capital…..
AXAS could increase production faster if
some low interest money for well
drilling was dangled in front
of them...
Costs are high now...
So we watch...LJ
Nice $90k purchase a second ago
The $229 million value for this companies assets were at 12/31/21 when oil prices were significantly lower. I would put this companies value around $400 million with the move higher in oil
Great color- thanks
Compare MXC at $21 with about 1,600,000 revenue
in 4th quarter, 2021 to AXAS...
https://www.otcmarkets.com/stock/AXAS/financials
https://www.otcmarkets.com/stock/MXC/financials
MXC about 2,100,000 shares versus
AXAS about 8,400,000 shares...
MXC primarily invests in drilling
projects of other companies on
small percentage basis...
AXAS is more ownership oriented in
oil/gas biz and larger ownership
percentages of production...
AXAS posted over $20,000,000 revenue
in 3rd quarter, 2021 counting the
now sold Bakken production...
But springs ahead in 2022 after selling
Bakken assets and eliminating most
of company debt...
How much more gravy is on your
AXAS biscuit than MXC?...
MXC posted about $10,000,000 of
net oil and gas properties at
end of 2021...
https://www.otcmarkets.com/filing/html?id=15538088&guid=WvHwknK33XL2zch
AXAS reported about $109,000,000
of net oil and gas properties at
end of 3rd quarter, 2021...
That net amount will drop some
after bakken asset sale but the
debt reduction far outweighs that
change on balance sheet...
MXC, listed company, has no independent
report on PV10 values, referring to
proved and unproved oil and gas
property valuations listed in 2021
year end 10K filing...
AXAS is projecting about $229,000,000
of PV10 values to be posted for
year end 2021 in 10K filing...
https://www.otcmarkets.com/stock/AXAS/news/Abraxas-Provides-Reserve-and-Operational-Update?id=345598
PV10 value was about 25,000,000
in 2020 year ending AXAS 10K filing...
AXAS appears to possibly have room
for share price to increase...
No gaurantees in an auction
equity market though...
So we watch...LJ
AXAS 3.69, reserve values close to $50/share
may be possible in Tuesday
pricing of Texas oil and gas...
https://www.otcmarkets.com/stock/AXAS/news/Abraxas-Provides-Reserve-and-Operational-Update?id=345598
Remember WAHA price at 4.12 and
Henry Hub at $4,59 Tuesday, when
looking at Friday and Monday
pricing ahead on natural gas...
https://texasalliance.org/daily-market-information/
Real time cash register sales
are how revenue gets tallied...
Daily crude price going lower
was a good reason for impatient
to sell to those waiting patiently
for a price pull back,,,
Added some on breaks for 2 days
below $3/share but I'm probably
more reckless than patient...
So we watch...LJ
So if you update this analysis taking oil at $125, do the reserves not go to about $450 million? Them the market cap of the stock is about a tenth of that? If I’m right, holy shit this stock is cheap….what am I missing? Thanks
Company would probably like to see $10
or higher share price when
going to the lending lane...
And they have an upcoming
company meeting...
But we have seen AXAS go down
so no predictions here...
So we watch...LJ
Probably safe to assume so. Heading back towards $20-30 a share
Is AXAS what you call turn around story?...
Some other small float oil
companies that have been flying
more, only have percentages of
ownership participation in revenues
from other company's operations...
Better to have more control
that can actually grow things
for shareholders...
so we watch...LJ
This is a super cheap stock
52 week high is $4.50 should retest this price
Texas oil prices have shot up recently...
https://texasalliance.org/daily-market-information/
so we watch...LJ
Looks like this could get squeezed to $20-30 pretty easy. Also the $229 value was at $66 so realistically the oil reserves valu is closer to $450 million. And the market cap is only about $30 million? What am I missing? This should be much higher! To good to be true so I’m definitely missing something. Thanks
AXAS shows No hedges after 12/31/2021
according to last 10Q filing...
page 21 in filing...
No 8-K has been filed on any
new hedges added since then...
https://www.otcmarkets.com/filing/html?id=15353863&guid=VdHwka-hYhmSKVh
Lucky ones like this should
seriously consider hedging next
quarter of April, May, and June
at current high prices...
Risk/reward favors taking 100/bbl.
or more in hand when possible...
Brent is higher than WTI prices...
https://www.barchart.com/futures/quotes/CLJ22/futures-prices
Got nothing else for you...
So we watch...LJ
AXAS had a nice day again, info should
be in their last Q filing...
they should be adding some
hedges rat now for next quarter
ahead on whatever they are
plotting for producton...
https://www.barchart.com/futures/quotes/CLJ22/futures-prices
most of these companies hedge
out too far...
but these prices for hedging are
gifts if oil price finds a
reason to drop a lot...
so we watch.LJ
Going up from here.
wow. Moving up steadily. Will continue to go up for next few weeks. I won't be surprised if it cross 52 week high by tomorrow.
+$100 OIL getting financing is easy now
Did you not read the latest news, what updates are you waiting for ?
No debt, oil reserves and in Delaware.
That is it.
How much AXAS OIL is hedged -thanks in advance
AXAS shareholders needed that update...
been some cold nights waiting
on it...
so we watch...LJ
Nice close in green when entire market is red.
$AXAS is moving on thin air, this haven't even squeezed yet but something tells me that some of you will loose your shares way to early in the game.
Take the time and be specific with some quick math, peeps might not get it yet. $AXAS
Abraxas Announces Comprehensive Restructuring, Transformation into Pure-Play Delaware Basin Company
http://www.abraxaspetroleum.com/news.aspx?releaseid=16531
January 3, 2022 at 9:27 AM EST
Williston Basin Assets Sold for $87.2MM
Proceeds Used to Pay Off All First Lien Debt
All Second Lien Debt Exchanged for Preferred Stock
SAN ANTONIO--(BUSINESS WIRE)--Jan. 3, 2022-- 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 Watson, Abraxas President & CEO stated, “For some time, Abraxas has been trying to find a solution that would resolve the indebtedness held by our lenders while at the same time providing continuing opportunity for our stockholders. The transactions announced today pay off all of our bank debt and convert AG's 2L Term Loan into preferred equity. Most importantly, the restructuring positions Abraxas as an unlevered, Delaware Basin pure play that can now access available capital sources to restart a drilling program in the Permian Basin. In short, we now have the opportunity to drill and complete wells in order to grow our production for the benefit of our common and preferred stockholders.”
Pro Forma Capital Structure
Abraxas’ capital structure is now comprised of common stock and preferred stock. The preferred stock has an initial preference amount of approximately $137MM which will accrete at 6% per annum, compounding quarterly (the “Accreted Preference Amount”). The holders of preferred stock will have approximately 85% of the total votes allocated to common and preferred stockholders and will thus have voting control of the Company. Upon a future Deemed Liquidation event (merger or other transaction as defined in the Preferred Stock Certificate of Designation), current Abraxas stockholders would receive 5% of any distribution above $100MM, until AG has received the Accreted Preference Amount, plus 25% of any distribution above that amount. In the near term, the Company may enter into a modest revolving credit facility with a commercial bank in order to “jump start” the Permian drilling program.
Board of Directors
The size of the Abraxas board of directors has been increased to five members: two continuing Abraxas directors and three new directors designated by AG. Effective with consummation of the transactions, two AG directors have been appointed to the Board, and a third AG member will be added later in January.
Advisors
Petrie Partners Securities, LLC served as financial advisor to Abraxas. Dykema Gossett PLLC and Holland & Hart LLP served as legal counsel to Abraxas. Simpson Thacher & Bartlett LLP and Brownstein Hyatt Farber Schreck served as legal counsel to Angelo Gordon.
Abraxas Petroleum Corporation is a San Antonio based crude oil and natural gas exploration and production company with operations in the Permian Basin.
Safe Harbor for forward-looking statements: Statements in this release looking forward in time involve known and unknown risks and uncertainties, which may cause Abraxas’ actual results in future periods to be materially different from any future performance suggested in this release. Such factors may include, but may not be necessarily limited to, changes in the prices received by Abraxas for crude oil and natural gas. In addition, Abraxas’ future crude oil and natural gas production is highly dependent upon Abraxas’ level of success in acquiring or finding additional reserves. Further, Abraxas operates in an industry sector where the value of securities is highly volatile and may be influenced by economic and other factors beyond Abraxas’ control. In the context of forward-looking information provided for in this release, reference is made to the discussion of risk factors detailed in Abraxas’ filings with the Securities and Exchange Commission during the past 12 months.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220102005026/en/
Steve Harris/Vice President – Chief Financial Officer
Telephone 210.490.4788
Abraxas Petroleum Restructures Its Debt
Jan. 04, 2022 11:06 PM ETAbraxas Petroleum Corporation (AXAS)2 Comments4 Likes
Elephant Analytics profile picture
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Summary
Abraxas has restructured its second-lien debt into preferred shares and sold its Williston Basin assets to pay off its credit facility debt.
This leaves it as a debt-free pure-play Delaware Basin producer with Angelo Gordon having voting control and appointing a majority of the Board of Directors.
Common stockholders are not completely wiped out in the restructuring and are entitled to a small percentage of distribution proceeds from any deemed liquidation event.
At $0.82 per share, the Delaware Basin assets would need to be worth around $157 million in a deemed liquidation event for the common shares to break even.
I estimated that the Delaware Basin assets are currently worth around $118.5 million, so efficient development work will be needed for the common shares to have upside.
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Oil industry well pumps
Pgiam/E+ via Getty Images
Abraxas Petroleum (OTC:AXAS) has restructured its second-lien debt into preferred shares and given voting control of the company to Angelo Gordon, the holders of its second-lien debt. This restructuring was largely expected although common shareholders have avoided being entirely wiped out.
Abraxas has also sold its Williston Basin assets to pay off its credit facility debt. As a result, it now has no debt, but the sale price of its Delaware Basin assets will need to be over $100 million for the common stock to have any value in the end. Abraxas is planning on restarting its Permian drilling program in an attempt to help improve the value of its Delaware Basin assets.
Williston Basin Sale
The Williston Basin assets produced approximately 3,200 BOEPD (37% oil, 73% liquids) in Q3 2021. Abraxas sold these assets to Lime Rock Resources for $87.2 million in cash, which is approximately $27,250 per flowing BOE. This sale price appears reasonable given the relatively low oil content of the Williston Basin production and the few remaining development locations in Abraxas's Williston Basin position.
The cash received from this sale will fully repay Abraxas's credit facility, which had $81.7 million outstanding at the end of Q3 2021.
Angelo Gordon Gains Control
Angelo Gordon is essentially gaining control of Abraxas. It is allowed to appoint three directors to the expanded five-member Board of Directors. It also is converting its second-lien debt into preferred stock with an initial preference amount of approximately $137 million. This preferred stock accretes at 6% per annum, compounded quarterly.
Angelo Gordon (through the preferred stock) is also getting around 85% of the voting power for Abraxas and will have voting control.
Future Liquidation And Common Stock
In a future liquidation event, Abraxas common stockholders are getting 5% of any distribution above $100 million until Angelo Gordon's preference amount (currently $137 million) is fully covered. Common stockholders will receive 25% of any distribution above that amount.
Distribution Value ($ Million) Value to Abraxas Shareholders (per Share)
$100 $0.00
$125 $0.15
$150 $0.61
$175 $1.35
$200 $2.09
If a liquidation event happened immediately, then a $100 million distribution would result in a value of $0 for Abraxas's common shareholders. A $150 million distribution would result in a value of $0.61 per share for common shareholders. A $200 million distribution would result in a value of $2.09 per share for common shareholders. This per share value at various distribution levels will go down a bit over time as Angelo Gordon's preferred shares accrete value. Abraxas's common shares are currently priced (at $0.82 per share) for a $157 million distribution.
Value of Delaware Basin Assets
Abraxas's Delaware Basin assets averaged production of around 2,400 BOEPD (55% oil, 67% liquids) during Q3 2021. Permian Basin production with that oil percentage is valued at around $35,000 per flowing BOE in the current market environment, making the value of the current production around $84 million.
Abraxas also previously reported having 11,500 net acres in the Delaware Basin. Higher quality Delaware Basin acreage is being valued at around $7,000 per net acre independent of production levels, but Abraxas's past results in the Delaware Basin haven't been as strong. If its acreage was valued at $3,000 per net acre, that would bring the value of its Delaware Basin assets up to $118.5 million.
That valuation would result in Abraxas's common shares having pretty nominal value ($0.11 per share). Thus, for the common shares to have upside (or to even be worth their current amount), Abraxas will need to efficiently increase production and generate improved well-level results (to increase the value of its land).
Conclusion
Abraxas has restructured its second-lien debt into preferred shares and also sold its Williston Basin assets to pay off its first-lien debt. Angelo Gordon is now effectively in control of Abraxas as well.
Common shareholders have avoided being entirely wiped out by the restructuring, but it appears that Abraxas will need to improve the value of its Delaware Basin assets by 30+% through efficient development for the common stock to be worth the current $0.82 per share.
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user43812966
26 Jan. 2022
Comments (448)
Thanks for article and info. Have watched this company over the years and glad I did not buy. I kept hoping the small company would be super efficient and make it but it never did.
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TopDoggie
05 Jan. 2022
Comments (4.61K)
Agree not touching this stock with a ten foot pole. Not unless it drops to 5 cents.
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https://seekingalpha.com/article/4477935-abraxas-petroleum-axas-stock-restructures-debt
Abraxas Provides Reserve and Operational Update
https://www.businesswire.com/news/home/20220228005784/en/Abraxas-Provides-Reserve-and-Operational-Update
February 28, 2022 11:13 AM Eastern Standard Time
SAN ANTONIO--(BUSINESS WIRE)--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 approximately 11k net acres in the heart of the Southern Delaware Basin where it has successfully drilled 23 Wolfcamp/3rd Bone Springs horizontals across 5 distinct geologic benches.
Company’s leasehold is entirely HBP and includes all depths/rights along with associated water infrastructure
December 31, 2021 Reserves
According to its recently received reserve report, as of December 31, 2021, Abraxas’ proved oil and natural gas reserves consisted of approximately 24.1MMBoe, a net increase of 8.5 MMBoe over 2020 year-end reserves of 15.6 MMBoe. December 31, 2021 reserves consisted of approximately 16.8 million barrels of oil, 2.5 million barrels of NGLs and 29.2 billion cubic feet of natural gas. Proved developed producing reserves were 8.3 MMBoe and comprised 34% of proved reserves as of December 31, 2021. The SEC-priced pre-tax PV-10(1) (a non-GAAP financial measure) was $229.3 million, using 2021 average prices of $66.55/bbl of oil and $3.64/mcf of natural gas. Realized pricing, including differentials, used in this calculation equated to $62.89/bbl of oil and $1.85/mcf of natural gas.
The independent reserve engineering firm DeGolyer and MacNaughton (“D&M”) prepared a complete engineering analysis on roughly 95% of Abraxas’ proved reserves on a Boe basis.
The following table outlines changes in Abraxas’ proved reserves as of December 31, 2021 vs December 31, 2020 (Delaware Basin assets only):
2020
2021
Sales Oil Sales Oil
Oil Gas NGL Equivalent PV Oil Gas NGL Equivalent PV
Estimated Reserves (net) (Mbbl) (MMcf) (Mbbl) (Mboe) (M$) (Mbbl) (MMcf) (Mbbl) (Mboe) (M$)
Proved Developed:
4,142
12,140
1,069
7,234
$
46,434
3,729
19,162
1,374
8,297
$
89,001
Proved not producing:
103
151
19
147
$
580
124
1,962
65
516
$
3,083
Proved Undeveloped:
5,938
7,246
1,120
8,266
$
2,669
12,939
8,097
1,063
15,351
$
137,254
Total Proved:
10,183
19,537
2,208
15,647
$
49,683
16,793
29,220
2,502
24,165
$
229,338
Bob Watson, President and CEO of Abraxas commented, "When adjusted for our Bakken sale, our year-over-year net proved reserves increased by 8.5 MMBoe, due primarily to our adoption of a two-mile lateral strategy across our Wolfcamp acreage. This change resulted in an increase of 7.1 net MMBoe in the undeveloped category. Our PV-10 increased roughly 467% from $49 million at December 31, 2020 to $229 million at December 31, 2021. At December 31, 2021, our proved oil and natural gas reserves were valued using an oil price of $66.55 per barrel and a natural gas price of $3.64 per MMBtu, an increase of 68% and 79%, respectively, as compared to $39.54 per barrel and $2.03 per MMBtu at December 31, 2020. At current strip prices, the Company’s PV-10 is now roughly $260 million.”
“In working with D&M the Company has developed a conservative approach to assigning future drilling locations using 1,320’ acre spacing between wells with 4 wells per section across 4 benches equating to 16 wells per section. As outlined below, the Company has over 200 net locations on 1,320’ spacing, which have been largely delineated from development drilling. However, given the SEC’s 5-year limitation on booking PUD locations depending on a company’s funding ability, Abraxas can only book 27 (net) of these locations as proved. Alternatively, a company with the funding availability to develop all the locations could book the majority of these engineered locations as proven. Further, utilizing the industry standard spacing of 880’ between wells increases the Company’s location count to over 300 net future locations.”
NET LOCATIONS
ZONE
PROVED
PROBABLE
POSSIBLE
1 MILE
2 MILE
1 MILE
2 MILE
1 MILE
2 MILE
TOTALS
UPPER 3BS SHALE
0
0
16
19
0
0
35
3 BS SAND
0
9
25
14
0
0
47
WOLFCAMP A1
2
8
22
14
0
0
45
WOLFCAMP A2
3
6
13
3
0
0
26
WOLFCAMP B
0
0
0
0
25
23
48
5
23
76
49
0
25
23
201*
CLASS TOTALS
27
125
48
*assumes 1,320’ spacing between wells
“We are excited with the balance sheet moves we’ve made over the past 60 days. These include the full retirement our prior credit facility along with a debt for preferred equity exchange with Angelo Gordon. This is a new chapter for the Company as we begin 2022 as a pure play Delaware Basin operator with no debt. We are currently finalizing our 2022 drilling plans and are in advanced negotiations with new lenders for a credit facility to help fund developmental drilling on our highly economic WTX leasehold. We will seek to drill at a measured pace, and within cash flow in order to drive multiple-years of growth and returns for our shareholders.”
Abraxas Petroleum Corporation is a San Antonio based crude oil and natural gas exploration and production company with operations in the Permian Basin of the United States.
Safe Harbor for forward-looking statements: Statements in this release looking forward in time involve known and unknown risks and uncertainties, which may cause Abraxas’ actual results in future periods to be materially different from any future performance suggested in this release. Such factors may include, but may not be necessarily limited to, changes in the prices received by Abraxas for crude oil and natural gas. In addition, Abraxas’ future crude oil and natural gas production is highly dependent upon Abraxas’ level of success in acquiring or finding additional reserves. Further, Abraxas operates in an industry sector where the value of securities is highly volatile and may be influenced by economic and other factors beyond Abraxas’ control. In the context of forward-looking information provided for in this release, reference is made to the discussion of risk factors detailed in Abraxas’ filings with the Securities and Exchange Commission during the past 12 months.
Contacts
Steven P. Harris/Vice President – Chief Financial Officer
Telephone 210.490.4788
sharris@abraxaspetroleum.com
www.abraxaspetroleum.com
ABRAXAS PETROLEUM CORPORATION
OTCQX:AXAS View stock quote and chart View SEC Filings
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Is AXAS still in oil/gas biz in Texas?...
so we watch...LJ
Link for daily pricing in Texas...
https://texasalliance.org/daily-market-information/
so we watch...LJ
Link for prices of fuel delivery...
https://texasalliance.org/daily-market-information/
so we watch...LJ
AXAS current share count is not affected
by warrants being abandoned...
The abandoning party should not
have to be forced to fork over
about $334,000, more or less, by
a forced warrant exercise by the
company or future court orders
if abandonment is considered legal...
So, the big wheels can pinch
pennies in tough times also...
I'm thinking there may be more
slickum than any reason for
pumpum from the Monday filing...
But peons are often wrong...LJ
Bakken OilMan increased wealth $6 Billion in
2021 versus 2020...
Guess Who it Ain't?!...
Didn’t the clown old Bobby Watson buy a ranch with Axas money acting like it was a good deal for Axas? Lol. It was his playground. Nothing like using investors money to buy you toys
Can this move up ?
Any clues why AXAS hasn't been able
to do a deal in Bakken or
Texas with oil price up?...
Is is just buzzard luck?...
So we watch...LJ
Need an AXAS deal announcement of something
done already or in the works
or it could get stalled when
oil price corrects some...
Strike when iron is hot...
So we watch...LJ
Asset values are depreciated after big oil price
drop on balance sheet which
lowered net asset values...
there is depletion unless new
wells are drilled to replace
oil/gas that was plucked...
but land does not depreciate and
oil/gas reserves don't spoil...
it is accounting...
AXAS still needs to do a big
transaction to reboot valuations
and reduce debt...
so we watch...LJ
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Abraxas Petroleum Corp.
500 N Loop 1604 East, Suite 100
San Antonio, TX 78232
Phone: 210-490-4788 Fax: 210-490-8816
Web Site: http://www.abraxaspetroleum.com
COMPANY PROFILE
Abraxas Petroleum Corporation is an independent natural gas and crude oil exploitation and production company based in San Antonio, Texas. Robert L.G. Watson, the company's President and CEO, founded Abraxas in 1977 and took the company public in 1991. Abraxas' common shares trade on the NASDAQ Stock Exchange under the ticker symbol "AXAS" while the company's options are traded on the CBOE (Chicago Board Options Exchange) and PCX (Pacific Exchange). Abraxas' business strategy is focused on increasing shareholder value while maintaining financial flexibility and liquidity. Abraxas believes growth is best achieved through the drill-bit.
Over the years, Abraxas acquired several legacy assets with the following attributes:
High ownership (working) interest |
Operational & infrastructure control |
High producing rates per well |
Large acreage positions |
Substantial upside, exploitable using 3-D or the company's expertise in horizontal drilling |
Today, the company concentrates on developing its existing asset base while acquiring leases that fit strategically within its current portfolio. Abraxas targets conventional reservoirs, as well as emerging resource plays, in its primary operating areas in the Rocky Mountain, Mid-Continent and Permian Basin / Texas Gulf Coast Basin.
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