Clinton Group Withdraws Slate and Agrees to Support Abraxas` Director Nominees
SAN ANTONIO--(Business Wire)--
Abraxas Petroleum Corporation (NASDAQ:AXAS) today announced the nomination of
Jerry J. Langdon to the Company`s Board of Directors and the Board`s intention
to name Katherine T. Richard to fill an expected Board vacancy. Mr. Langdon will
stand for election at the Company`s 2013 Annual Meeting of Stockholders. Ms.
Richard will fill the vacancy in the Board created by the retirement of C. Scott
Bartlett, Jr. from the Board. With the addition of Mr. Langdon, Abraxas` Board
will be expanded from nine to ten directors, nine of whom will be independent.
"We are pleased that Jerry has accepted our invitation to join our Board as a
new independent director," said Bob Watson, Abraxas Chairman, President and CEO.
"His extensive experience in the energy industry will prove invaluable as he
works with our other directors to create value for all Abraxas stockholders. We
would also like to thank Scott Bartlett for his 13 years of exceptional service
to Abraxas and wish him well on his future endeavors."
Mr. Watson added, "We are also excited about the addition of Kate Richard to our
Board. Kate has invested across the capital structures of public and private oil
and gas companies and throughout the energy value chain. Kate will add a breadth
of experience and a new perspective to our Board."
In conjunction with the appointments of Mr. Langdon and Ms. Richard, Abraxas
also announced today that the Clinton Group, Inc. has notified the Company that
it is withdrawing its slate of nominees for election to Abraxas` Board of
Directors at the 2013 Annual Meeting of Stockholders. The Clinton Group has
agreed to vote its shares in support of all of Abraxas` director nominees in
2013 and to abide by certain standstill provisions.
"We expect that Mr. Langdon and Ms. Richard will be exceptional directors for
Abraxas," said George Hall, Chief Executive Officer of Clinton Group. "We are
enthusiastic shareholders and believe the Company is significantly undervalued.
We hope the addition of these new directors will help the Company realize its
full potential for the benefit of all shareholders."
Jerry J. Langdon, 60, currently works as a private investor. Most recently, Mr.
Langdon was Chief Administrative and Compliance Officer of Energy Transfer
Partners ("ETP"), a multi-billion dollar company specializing in the gathering,
processing, transportation and storage of natural gas and natural gas liquids in
the U.S. Prior to ETP, Mr. Langdon was Chief Administrative and Compliance
Officer for Reliant Energy. Mr. Langdon has also held senior executive positions
with El Paso Energy Partners and has served as a Director of several public and
private boards. In October 1988, Mr. Langdon was appointed to the Federal Energy
Regulatory Commission by President Ronald Regan and served in that capacity
until 1993. Mr. Langdon has authored numerous articles on the natural gas and
electric industries, which have been published in various industry trade
magazines. Mr. Langdon holds a Bachelor of Science Communications from the
University of Texas.
Katherine Taaffe Richard, 30, is the Founder and current Chief Executive Officer
of Warwick Energy Group, an oil and gas company focused on conventional and
unconventional development and exploration in the United States, Europe and the
Middle East. Ms. Richard has been employed by Warwick Energy Group since March
2010. Since March 2009, Ms. Richard has been employed by or consulted to MSDC
Management, L.P. or MSD Capital, L.P., where she focuses on international energy
investments. Prior to joining MSDC Management, Ms. Richard was employed by
Serengeti Asset Management, where she led the team responsible for oil and gas,
metals and mining and sovereign debt investing. Prior to Serengeti, Ms. Richard
held several posts at Goldman, Sachs & Co., including as an investment banker to
exploration and production companies in the oil and gas industries. Ms. Richard
is a Natural Resources Advisor to the Institute for Effective States and an
Advisory Council member of Microvest Capital Funds, a private microfinance
investment firm with investments in more than 50 microfinance institutions in 25
countries. At the World Economic Forum's 2013 Davos session, Ms. Richard was
selected to represent the United States as one of the World Economic Forum's
Young Global Leaders for the 2013-14 year. Ms. Richard received her
undergraduate degree in History from Harvard College.
The complete agreement between Abraxas and the Clinton Group will be filed in a
Form 8-K with the Securities and Exchange Commission.
Abraxas Petroleum Corporation
Abraxas Petroleum Corporation is a San Antonio based crude oil and natural gas
exploration and production company with operations across the Rocky Mountain,
Mid-Continent, Permian Basin and onshore Gulf Coast regions of the United States
and in the province of Alberta, Canada.
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.
Abraxas Petroleum Corporation
Geoffrey King, 210-490-4788
Vice President - Chief Financial Officer
Morrow & Co. LLC
Thomas Ball, 203-658-9400
John Ferguson, 203-658-9400
Joele Frank, Wilkinson Brimmer Katcher
Andrew Siegel, 212-355-4449
Sharon Stern, 212-355-4449
Scott Bisang, 212-355-4449
Copyright Business Wire 2013