Abraxas announces signing of Nordheim Definitive Agreement, provides financial update
Wednesday, Nov 21, 2012
Abraxas Petroleum Corporation (NASDAQ:AXAS) is pleased to provide the following divestiture and financial update.
Nordheim Definitive Agreement
Abraxas today signed an agreement to sell the Company's 25% working interest at the
Per the Abraxas'
Bob Watson, President and CEO of Abraxas, commented, "We remain committed to delivering shareholder value by executing on our well articulated plan of growing production and reserves, delevering the balance sheet via this production growth and noncore asset sales and refocusing the portfolio. The asset sales will consist of positions in which we have low working interests and/or assets with little associated reserves, production or cash flow. The Nordheim and
Abraxas Petroleum Corporation is a
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
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