Abraxas Announces Senior Management Changes in Canada.Business Editors SAN ANTONIO San Antonio (săn ăntō`nēō, əntōn`), city (1990 pop. 935,933), seat of Bexar co., S central Tex., at the source of the San Antonio River; inc. 1837. , Texas--(BUSINESS WIRE)--Oct. 18, 2001 Abraxas Petroleum Corporation (AMEX AMEX See: American Stock Exchange :ABP 1. (networking) ABP - Alternating bit protocol. 2. ABP - Microsoft Address Book Provider. ) today announced senior management changes in its Canadian operations that reflect the Company's acquisition of its now wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Grey Wolf Exploration Inc., located in Calgary, Canada. "We're focusing our best people and talent on what we do best - finding and producing oil and natural gas - and preparing for our future growth. Promoting Vince Tkachyk and Bob Johnson will more closely align exploration and operations to facilitate Abraxas' goals for production and asset growth," said Abraxas' Chairman and Chief Executive Officer Robert L.G. Watson. Vince Tkachyk is promoted to Executive Vice President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Grey Wolf. Tkachyk, who holds a Bachelor of Science Noun 1. Bachelor of Science - a bachelor's degree in science BS, SB bachelor's degree, baccalaureate - an academic degree conferred on someone who has successfully completed undergraduate studies degree in Mechanical Engineering and a Professional Engineer designation, joined Grey Wolf in 1997. His 30 years of oil and gas experience in both the United States and Canada has included employment with Amoco Canada Petroleum Company Ltd, Union Oil Company of Canada, Dekalb Energy Company and Pennant Petroleum Ltd. Tkachyk will report to Robert Watson. Robert Johnson is named as Vice President, Exploration of Grey Wolf. He will assume responsibility for the Company's exploration and development operations in Canada. Mr. Johnson is a professional geologist with forty years of experience in all sectors of the western-Canadian sedimentary basin. He has held positions with Mobil Oil, Dekalb Energy, Atcor Resources and New Cache Petroleums Ltd., before beginning his association with Grey Wolf/Abraxas following the Abraxas acquisition of New Cache in January 1999. Jim Wilson, Senior Vice President and CFO See Chief Financial Officer. of Grey Wolf, has resigned and will be leaving the Company to pursue other interests. 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. Please visit www.abraxaspetroleum.com for the most current and updated information. The web site is updated daily to comply with the SEC Regulation FD (Fair Disclosure). 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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