Abraxas Announces Resignation of Chief Financial Officer
June 07 2018 - 4:05PM
Business Wire
Abraxas Petroleum Corporation (“Abraxas” or the “Company”)
(NASDAQ: AXAS) today announced Geoffrey R. King, Vice President and
Chief Financial Officer of Abraxas, submitted his resignation on
June 4, 2018 to pursue another opportunity in the financial
sector.
Mr. King’s resignation is not the result of any dispute or
disagreement with the Company, or any matter relating to the
Company’s accounting practices or financial statements. Mr. King
will continue in his role as Abraxas’ Chief Financial Officer until
June 26, 2018 to ensure an orderly transition of his
responsibilities. Abraxas intends to immediately initiate a search
for Mr. King’s permanent successor. Bill Krog, the current Chief
Accounting Officer, will serve as the Company’s principal financial
and accounting officer for the interim period.
Bob Watson, President and CEO of Abraxas, commented, “We would
like to thank Geoff for his contributions to Abraxas over the last
five years and wish him success in his new endeavor.”
Mr. King said, “I am extremely proud of our achievements at
Abraxas over the last five years. Despite a substantial industry
downturn, we streamlined the Company’s asset base, significantly
delevered the balance sheet, reduced operating expenses by
approximately 70% and more than doubled our production base. With
the Company now boasting years of highly economic drilling
inventory in the Delaware Basin, I am confident this highly
economic growth will continue to the benefit of shareholders.
Importantly, I believe now is the proper time for me to pursue
another opportunity given Abraxas’ currently pristine financial
condition.”
Abraxas Petroleum Corporation is a San Antonio based crude oil
and natural gas exploration and production company with operations
across the Rocky Mountain, Permian Basin and South Texas regions 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20180607006104/en/
Abraxas Petroleum CorporationGeoffrey King, 210-490-4788Vice
President – Chief Financial
Officergking@abraxaspetroleum.comwww.abraxaspetroleum.com
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