Abraxas Petroleum Extends Exchange Offer.Business Editors/Energy Writers SAN ANTONIO--(BUSINESS WIRE)--Jan. 14, 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 Secured Notes due 2004, Series A, CUSIP CUSIP See: Committee on Uniform Securities Identification Procedures CUSIP See Committee on Uniform Securities Identification Procedures. No. 003831AG9, and 11 1/2% Senior Notes due 2004, Series D, CUSIP No. 003831AF1 (collectively, the "Notes"), which commenced on Dec. 9, 2002. Abraxas has extended the expiration date Expiration Date The day on which an options or futures contract is no longer valid and, therefore, ceases to exist.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 12:00 midnight, EST EST electroshock therapy. EST abbr. electroshock therapy , on Jan. 14, 2003, unless the Offer is extended. As of the close of business on Jan. 13, 2003, $151.0 million principal amount of the Notes had been validly tendered or guaranteed. The Offer is conditioned on a minimum of 99% of the principal amount of the Notes (approximately $189 million) being tendered. The consummation of the Offer is subject to certain conditions, which are described in Abraxas' Offer to Exchange dated Dec. 9, 2002. The notes and shares of Abraxas common stock to be issued in the 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 without registration under the Securities Act or pursuant to an exemption from registration. 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. . Jefferies & Company Inc. is acting as dealer manager and Mellon Investor Services LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control is acting as information 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. 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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