Abraxas Petroleum Extends Exchange Offer.Energy Editors/Business Editors SAN ANTONIO--(BUSINESS WIRE)--June 20, 2003 Abraxas Petroleum Corporation (AMEX AMEX See: American Stock Exchange :ABP 1. (networking) ABP - Alternating bit protocol. 2. ABP - Microsoft Address Book Provider. ) ("Abraxas") today announced that it has extended the exchange offer (the "Offer") for its 11 1/2% Senior Notes due 2007, Series A (the "Notes"), which commenced on April 23, 2003. Abraxas has extended the expiration date Expiration Date The day on which an options or futures contract is no longer valid and, therefore, ceases to exist. Notes: The expiration date for all listed stock options in the U.S. of the Offer until 5:00 P.M., New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. time, on June 24, 2003, unless the Offer is extended. As of the close of business on June 19, 2003, $113.3 million principal amount, out of a total outstanding of $113.4 million, of the Notes had been validly tendered or guaranteed. The Notes were issued in January of this year in a private placement in connection with Abraxas' financial restructuring. The Offer is intended to allow holders of the Notes to exchange their Series A Notes for registered Series B Notes which may be sold without restriction, subject to certain exceptions described in the exchange offer prospectus. This announcement is not an offer to purchase, a solicitation of an offer to purchase, or solicitation of an offer to sell securities, with respect to any Notes. The Offer may only be made pursuant to the terms of the Offer to Exchange and the accompanying Letter of Transmittal Letter of Transmittal A document used by security holder to accompany certificates surrendered in an exchange or other corporate action. . U.S. Bank, N.A. is the exchange agent for the Offer. 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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