Abraxas Petroleum Corporation Indicates Delisting Will Not Effect Company's Continuing Efforts to Enhance Liquidity.SAN ANTONIO--(BUSINESS WIRE)--June 17, 1999-- Abraxas Petroleum Corporation (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:AXAS) today announced that recent delisting of the Company's common stock is not expected to materially impact efforts to improve overall liquidity and enhance capital available for development projects. The Company continues to examine certain financing alternatives including private equity issuance In financial markets, an Equity Issuance is the sale of new equity or "stocks" by a firm to investors. Equity Issuance can involve a private sale, in which the transaction between investors and the firm takes place directly, or publicly, in which case the firm has to or the restructuring of a portion of its long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. . The Company might also seek to sell certain non-core assets in both the United States and Canada including the sale of a portion of its New Cache Petroleums Ltd. subsidiary to its 48% owned Grey Wolf Exploration Inc. subsidiary. The Company will also review project financing Project financing A form of asset-based financing in which a firm finances a discrete set of assets on a stand-alone basis. alternatives for a portion of its exploitation capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. . Abraxas Petroleum Corporation is a San Antonio-based crude oil and natural gas exploration and production company that also processes natural gas. It operates primarily along the Texas Gulf Coast, in the Permian Basin of western Texas, western Canada and southwestern 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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