Printer Friendly

ABRAXAS PETROLEUM CORPORATION ANNOUNCES APPROVAL OF BENNETT PETROLEUM ACQUISITION

 ABRAXAS PETROLEUM CORPORATION ANNOUNCES APPROVAL
 OF BENNETT PETROLEUM ACQUISITION
 SAN ANTONIO, July 31 /PRNewswire/ -- Abraxas Petroleum Corporation (NASDAQ: AXAS) today announced the completion of its previously announced acquisition of Bennett Petroleum Corporation of Denver. Bennett Petroleum shareholders approved the Agreement and Plan of Merger at a special meeting on July 31, 1992. Abraxas also announced the extension of the period for the cash election by Bennett shareholders until 5:00 p.m. CDT Aug. 7, 1992. Abraxas will pay approximately $900,000 and issue approximately 160,000 new shares to Bennett shareholders.
 Bennett's primary asset, a 12.2 percent working interest (8.8 percent net revenue interest) in the Happy Field Spraberry Lime Unit, Garza County, Texas, will increase Abraxas' current daily net oil production approximately 55 percent to more than 300 barrels of oil per day. In addition, the Bennett acquisition will increase Abraxas' proved oil reserves approximately 28 percent to nearly 1,250,000 barrels of oil.
 With the acquisition completed, the future net revenues to Abraxas of its proved oil and gas reserves, calculated on SEC guidelines using a 10 percent discount rate, are estimated to be approximately $11.2 million.
 Abraxas Petroleum Corporation is a San Antonio-based oil and gas exploration and production company with operations in eight states. Through a subsidiary, the company owns and underground bituminous coal mine located in western Colorado.
 -0- 7/31/92
 /CONTACT: Robert L. G. Watson, president of Abraxas Petroleum Corporation, 512-828-5354, or Larry Howell of Howell Communications, Inc., 214-340-9994, for Abraxas Petroleum/
 (AXAS) CO: Abraxas Petroleum ST: Texas IN: OIL SU: TNM PRNEWSWIRE 07/31/92 17:36:32


AH -- NY075 -- 5848 07/31/92 19:43 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 31, 1992
Words:280
Previous Article:GEORGIA REGIONAL STOCK REPORT FOR FRIDAY, JULY 31
Next Article:NORTHWEST POWER PLANNING COUNCIL PRAISES SENATE FOR DROPPING CONSERVATION 'TAX'
Topics:


Related Articles
ABRAXAS ACQUIRES SOUTH TEXAS OIL & GAS PROPERTIES FROM MOBIL
ABRAXAS PETROLEUM ANNOUNCES SUCCESSFUL SOUTH TEXAS GAS WELL
ABRAXAS ANNOUNCES RECORD RESULTS FOR FIRST QUARTER 1993
ABRAXAS ANNOUNCES RECORD RESULTS FOR SECOND QUARTER 1993
Abraxas Petroleum Corporation Closes $215 Million Private Placement; Expanded Offering is Oversubscribed
Abraxas Petroleum Corporation Announces Canadian Acquisition
Abraxas Petroleum Corporation Announces Purchase of Rocky Mountain Independent
Abraxas Petroleum Corporation Announces Terms of Acquisition of Vessels Energy, Inc.
Abraxas Petroleum Corporation to Acquire New Cache Petroleums Ltd. for Approximately $83 Million.
Abraxas Petroleum Corporation Announces Acquisition of New Cache Petroleums Ltd.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters