Key Developments: Abraxas Petroleum Corp (AXAS.PH)
2.48USD
20 May 2013
$0.11 (+4.64%)
$2.37
$2.48
$2.48
$2.48
700
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Latest Key Developments (Source: Significant Developments)
Abraxas Petroleum Corp Reaffirms FY 2013 Production Guidance-Conference Call
Abraxas Petroleum Corp announced that the Company is confident that fiscal 2013 average production guidance of 4900 to 5200 barrels per day is achievable. Full Article
Abraxas Petroleum Corp Issues Q4 2012, FY 2013 Production Guidance
Abraxas Petroleum Corp announced that fourth quarter of 2012, it expects production to average between 4,300-4,500 BOEPD. The variance in guidance is due to the timing of completion and productivity of recent Bakken and Eagle Ford wells. For fiscal 2013, it expects production to average between 4,900-5,200 BOEPD, which equates to approximately 21-28% growth over 2012. Full Article
Abraxas Petroleum Corp Announces Signing Of Nordheim Definitive Agreement
Abraxas Petroleum Corp announced that it has signed an agreement to sell the Company’s 25% working interest at the Nordheim Project in the Eagle Ford shale to a institutional buyer for proceeds of $19.1mm. The sale is subject to customary closing conditions and purchase price adjustments and reflects an effective date of September 1, 2012. The asset consists of 544 net acres in DeWitt County, Texas and approximately 64 boepd (56% gas; 26% NGLs; 26% oil) of net production. Abraxas will retain the rights to its Edwards production, reserves and upside across both its Nordheim and Wagner lease blocks. Closing is scheduled for December 17, 2012. Petrie Partners acted as financial advisor for Abraxas on the sale. Full Article
Abraxas Petroleum Corporation Agreement to Dissolve Eagleford Joint Venture and Strategic Acquisition of Additional Interests in West Texas
Abraxas Petroleum Corporation announced that it has entered into a letter of intent to dissolve its Eagleford joint venture, Blue Eagle Energy LLC. Abraxas and its joint venture partner will split the assets with Abraxas retaining a 100% interest in the Eagleford and shallower rights in Jourdanton, Atascosa County (4,401 net acres), a 100% interest in Yoakum, DeWitt County (1,868 net acres), a 25% interest in WyCross, McMullen County (695 net acres), and a 25% interest in Nordheim, DeWitt County (944 net acres). The producing wells are currently producing 205 barrels of oil equivalent per day net to the interest retained by Abraxas. The proved reserves attributable to the Abraxas interests are approximately 2.4 million barrels of oil equivalent. The probable reserves attributable to the Abraxas interests are 3.7 million barrels of oil equivalent (54% oil and 15% ngls). Abraxas will receive a $7 million cash payment along with our share of the working capital in Blue Eagle. In addition, Abraxas announced that it has closed on a transaction with a independent to acquire their interests in jointly owned properties in Ward County, West Texas for $7.2 million less closing adjustments. The transaction adds approximately 240 barrels of oil equivalent production per day and proved developed producing reserves of approximately 1.2 million barrels of oil equivalent. Production and reserves are approximately 95% natural gas. Net acres acquired are approximately 2,345. Full Article
Abraxas Petroleum Corporation Announces Appointment Of Chief Financial Officer
Abraxas Petroleum Corporation announced that Geoffrey R. King, CFA, has been hired to serve as Vice President and Chief Financial Officer of the Company. Full Article
Abraxas Petroleum Corporation Reaffirms FY 2011 Production Guidance-Conference Call
Abraxas Petroleum Corporation announced that production for fiscal 2011 is between 4,000 and 4,200 BOD average and then exit rate of 4,700 to 4,900 as an exit rate. Full Article
Abraxas Petroleum Corporation Reaffirms FY 2011 Production Guidance-Conference Call
Abraxas Petroleum Corporation announced that production guidance for fiscal 2011, average of 4000 to 4200 barrels a day with an exit rate of 4700 to 4900 barrels a day. Full Article
Abraxas Petroleum Corporation Announces Appointment of Chief Financial Officer
Abraxas Petroleum Corporation announced that Barbara M. Stuckey has been elected to serve as Vice President and Chief Financial Officer. The Company also announced that Chris E. Williford, Executive Vice President, Chief Financial Officer and Treasurer, has resigned from the Company to accept a job in an executive position with a private company. Full Article
Abraxas Petroleum Corporation Issues FY 2011 Production Guidance
Abraxas Petroleum Corporation announced that it expects production for fiscal 2011 to average 4,000-4,200 barrels of oil equivalent per day, including its equity interest share of Blue Eagle's production, which would generate an exit rate for fiscal 2011 between 4,700 and 4,900 barrels of oil equivalent per day. Full Article
Abraxas Petroleum Corporation Announces Closing Of Amended Credit Facility
Abraxas Petroleum Corporation announced that it has closed its second amended and restated credit facility. The $300 million amended and restated credit facility has an initial borrowing base of $125 million, of which approximately $90 million was drawn at closing. Borrowings under the credit facility will bear an interest rate, based on utilization, of LIBOR plus 2.25% – 3.25%. The tenor on the credit facility is four years and expires in 2015. Société Générale acted as administrative agent and issuing lender, SG Americas Securities, LLC acted as sole bookrunner, and SG Americas Securities, LLC, The Royal Bank of Scotland plc and ING Capital LLC acted as joint lead arrangers for the amended and restated credit facility. Full Article
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