Abraxas Amends Press Release Announcing Exchange Offer.Business Editor & Energy Writers SAN ANTONIO--(BUSINESS WIRE)--Dec. 12, 2002 Abraxas Petroleum Corporation (AMEX AMEX See: American Stock Exchange :ABP 1. (networking) ABP - Alternating bit protocol. 2. ABP - Microsoft Address Book Provider. ) today amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. its previous press release in which it announced its exchange offer for all of the outstanding 11 1/2% Senior Secured Notes due 2004, Series A, and 11 1/2% Senior Notes due 2004, Series D, issued by Abraxas and its wholly-owned subsidiary, Canadian Abraxas Petroleum Limited. Abraxas corrected its earlier announcement in which the notes to be issued in the exchange offer were referred to as 11 1/2% Senior Secured Notes due 2007, Series A. The notes to be issued are instead entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: 11 1/2% Secured Notes due 2007, Series A. In exchange for each $1,000 in principal amount of the old notes tendered in the exchange offer, Abraxas is offering the following consideration: -- cash in the amount of $264; -- a new 11 1/2% Secured Note due 2007, Series A, with a principal amount of $610; and -- approximately 31.36 shares of Abraxas common stock. The exchange offer is scheduled to expire at 12:00 midnight on Jan. 7, 2003. The notes and shares of Abraxas common stock to be issued in the exchange offer have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. without registration under the Securities Act or pursuant to an exemption from registration. Abraxas Petroleum Corporation is a San Antonio-based crude oil and natural gas exploitation and production company that also processes natural gas. The Company operates in Texas, Wyoming and western Canada
Western Canada, commonly referred to as the West . Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. for forward-looking statement forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. : Statements in this release looking forward in time involve known and unknown risks and uncertainties, which may cause the Company's 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 the Company for crude oil and natural gas. In addition, the Company's future crude oil and natural gas production is highly dependent upon the Company's level of success in acquiring or finding additional reserves. Further, the Company operates in an industry sector where the value of securities is highly volatile and may be influenced by economic and other factors beyond the Company's control. In the context of forward-looking information provided for in this release, reference is made to the discussion of risk factors detailed in the Company's filing with the Securities and Exchange Commission during the past 12 months. |
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