iwegasely.wordpress.com
San Antonio-based Abraxas Petroleum (NASDAQ: AXAS) owns a 48 percent limitedx partner stake inAbraxas Energy. The remaining 52 perceny of Abraxas Energy is owned byprivatse investors. Abraxas Petroleum reached an agreement with those outsid e investors to sell their share sfor $6 per commonj unit. The investors will be paid in shares of Abraxas Petroleum stock. This merger is subject to a definitivedmerger agreement, the negotiatio of a new credit facility, approval by the Abraxas Petroleum and Abraxas Energy board of directors, the holders of a majorityg of Abraxas Petroleum’s outstanding stock and other closinv conditions.
“The merger transaction should greatly enhanc e the value of the combineed entity for investors of both Abraxaa Petroleum andAbraxas Energy,” Abraxas’ Presidentt and CEO Bob Watson says. “The merger will alloe the combined entity to increase its drilling activity by reinvestiny a greater portion of its cash flow into organivc growth projects throughout all our coreregions — whicnh will encompass the entire central portion of the United Statees from North Dakota to the Gulf Watson adds.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment