Abraxas Petroleum Corporation | Stephens

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Joint Book-Running Manager

Abraxas Petroleum Corporation

$60.0 Million 01/20/2017 Exploration & Production Complete
Lead Bankers: Keith Behrens, Evan Smith
Public Companies
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Transaction Details

  • On January 20, 2017, Abraxas Petroleum Corporation (NASDAQ: AXAS) (“Abraxas” or the “Company”) priced an upsized underwritten public offering of common stock for total gross proceeds of approximately $60.0 million
  • The deal priced 25,000,000 shares of common stock (upsized from 20,000,000) at $2.40 per share
  • All shares were primary shares offered by the Company
  • Abraxas plans to use the net proceeds from the offering to accelerate its drilling program with an expanded 2017 capital expenditure budget of approximately $110 million
  • The Company may also use proceeds for general corporate purposes, including acquisitions
  • Abraxas has historically drawn on its bank credit facility to fund its capital expenditures, and intends to initially use most of the net proceeds from this offering to repay the amounts outstanding under this facility
  • Stephens Inc. served as a Joint Book-Running Manager on this transaction

About the company

Abraxas Petroleum Corporation is a San Antonio based crude oil and natural gas exploration and production company with operations across the Rocky Mountain, Permian Basin and South Texas regions of the United States.

Sources: Company filings.
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    The offering of these securities is being made only by means of a prospectus, copies of which may be obtained from Stephens Inc.’s Equity Syndicate Desk, at Stephens Inc., 111 Center Street, Little Rock, AR 72201, ATTN: Equity Syndicate Desk, or from the Securities and Exchange Commission’s website at www.sec.gov at the following link: https://www.sec.gov/Archives/edgar/data/867665/000119312517014159/d324625d424b5.htm. A registration statement relating to these securities has been filed with the Securities and Exchange Commission. No offer to buy the securities can be accepted and no part of the purchase price can be received until the registration statement has become effective, and any such offer may be withdrawn or revoked, without obligation or commitment of any kind, at any time prior to the notice of its acceptance given after the effective date.