Abraxas Announces Broader Engagement with Petrie Partners
October 14 2019 - 8:30AM
Business Wire
Abraxas Petroleum Corporation (“Abraxas” or the “Company”)
(NASDAQ:AXAS) today announced Petrie Partners has been engaged to
assist Abraxas with exploration of opportunities related to its
interests in the Williston Basin of North Dakota. The Company has
sold certain non-operated interests in the Bakken and continues to
explore alternatives with regard to its remaining Williston Basin
assets.
The Board of Directors determined to broaden the engagement with
Petrie Partners to include a more thorough review of the Company’s
current business and strategic plans, competitive positioning and
potential alternative transactions that might further enhance
shareholder value. The Board believes Petrie Partners is in an
excellent position to assist the Company in this regard, having
known and worked with Abraxas for some time. Petrie’s expanded
mandate to assess options for Abraxas is a broad one, which might
include sales of assets, merger or acquisition transactions,
additional financing alternatives or other strategic transactions.
Petrie’s Jon Hughes will lead the engagement for Abraxas.
“Petrie has been a great partner for Abraxas in the past,” said
Robert Watson, Abraxas CEO. “No firm knows the energy industry
community better than Petrie, and we look forward to working with
them on a broader basis in furtherance of shareholder
interests.”
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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Steve Harris/Vice President – Chief Financial Officer Telephone
210.490.4788 sharris@abraxaspetroleum.com
www.abraxaspetroleum.com