Abraxas Provides Divestiture Update
SAN ANTONIO -- December 19, 2012
Abraxas Petroleum Corporation (NASDAQ:AXAS) is pleased to provide the
following divestiture update.
Abraxas recently closed the previously announced divestiture of the Company’s
Nordheim Eagleford assets for net proceeds of $18.8mm after accounting for
purchase price adjustments.
Bob Watson, President and CEO of Abraxas, commented, “We are very enthused by
our continued execution on the A&D front with the closing of the Nordheim
divestiture. Abraxas now enters 2013 poised for strong growth, a leaner
balance sheet and an enviable asset base.”
Abraxas Petroleum Corporation is a San Antonio based crude oil and natural gas
exploration and production company with operations across the Rocky Mountain,
Mid-Continent, Permian Basin and onshore Gulf Coast regions of the United
States and in the province of Alberta, Canada.
Safe Harbor for forward-looking statements: Statements in this release looking
forward in time involve known and unknown risks and uncertainties, which may
cause Abraxas’ 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 Abraxas for crude oil and natural gas. In addition, Abraxas’ future crude
oil and natural gas production is highly dependent upon Abraxas’ level of
success in acquiring or finding additional reserves. Further, Abraxas operates
in an industry sector where the value of securities is highly volatile and may
be influenced by economic and other factors beyond Abraxas’ control. In the
context of forward-looking information provided for in this release, reference
is made to the discussion of risk factors detailed in Abraxas’ filings with
the Securities and Exchange Commission during the past 12 months.
Abraxas Petroleum Corporation
Geoffrey King, 210-490-4788
Vice President – Chief Financial Officer
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