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Slideshow Secondary Stock Offerings

By The Online Investor Staff, updated Sat., May. 28, 9:52 PM

Slide #16. Abraxas Petroleum Corporation Secondary Offering

Company: Abraxas Petroleum Corporation (NASDAQ:AXAS)
Date announced: 5/19/2016
Shares Offered: 25,000,000
Date of Pricing: 5/20/2016
Price Per Share: $1.00
Secondary Offering Details: Abraxas Petroleum Corporation (NASDAQ:AXAS) is pleased to announce the commencement of an underwritten public offering of 25,000,000 shares of its common stock, subject to market and other conditions. The underwriters will have an option to purchase up to an additional 3,750,000 shares from Abraxas. Abraxas intends to use the net proceeds from this offering to repay indebtedness outstanding under our credit facility, expand our planned drilling capital expenditures to the full $40.0 million budgeted for 2016 including an acceleration of the Company's West Texas and Austin Chalk drilling programs and for general corporate purposes including acquisitions. -updated 5/20- Abraxas Petroleum Corporation (NASDAQ:AXAS) ("Abraxas Petroleum" or the "Company") today announced that it has priced its previously announced underwritten public offering of 25,000,000 shares of its common stock at a public offering price of $1.00 per share. Abraxas Petroleum has granted the underwriters a 30-day option to purchase up to 3,750,000 additional shares of common stock.

Abraxas Petroleum is an independent energy company primarily engaged in the acquisition, exploitation, development and production of oil and gas in the U.S. and Canada. Co.'s oil and gas assets are located in three operating regions in the U.S., the Rocky Mountain, Permian Basin and onshore Gulf Coast. As of Dec 31 2014, Co.'s estimated net proved reserves were 42.4 million barrels of oil equivalent, of which 42.0% were classified as proved developed, and 78.0% were oil and natural gas liquids and 92.0% of which are operated by Co.

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Company Name:  Abraxas Petroleum Corp.
Website:  www.abraxaspetroleum.com
Sector:  Oil & Gas Exploration & Production
Number of ETFs Holding AXAS:  13
Total Market Value Held by ETFs:  $3.02M
Total Market Capitalization:  $129.00M
% of Market Cap. Held by ETFs:  2.34%
 

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May 28, 2016    9:52 PM Eastern
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Hold (2.29 out of 4)
11st percentile
(ranked lower than approx. 89% of all stocks covered)
Based on Zacks ABR data;
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