Abraxas Petroleum Corporation Announces Board Authorization for Securities Repurchase.Business Editors and Energy Writers SAN ANTONIO--(BUSINESS WIRE)--May 26, 2000 Abraxas Petroleum Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :AXAS) today announced that its Board of Directors authorized the Company to repurchase, within the limits of the indenture of its public debt, both equity and debt securities of the Company in open market and private transactions. Bob Watson
adj. Having or exhibiting sound judgment; prudent. [From French judicieux, from Latin i use of a portion of the Company's excess cash. The ultimate amount available for purchase will be determined by the Company's performance in the months ahead and our ability to continue to generate excess cash in this strong commodity-price environment." At today's Annual Meeting of Shareholders, Mr. Watson also announced that the Company is currently active, or soon will be, in five horizontal exploitation projects as well as conventional exploitation activities both 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. and Canada. Success in any of these horizontal exploitation projects could add substantially to the Company's proved reserve base. The securities repurchase program announced above will not impact the Company's planned capital expenditure program Planned capital expenditure program Budgeted or projected outlays for major expenditures on permanent or fixed assets as outlined in the corporate financial plan. . Abraxas Petroleum Corporation is a San Antonio-based crude oil and gas exploration and production company that also processes natural gas. It operates primarily along the Texas Gulf Coast in the Permian Basis of western Texas, western Canada
Western Canada, commonly referred to as the West and Wyoming. 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 securities values are 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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