Finance & Investing | Capital Markets
Abraxas Prices Offering to Fund Bakken, Eagle Ford Ops
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Abraxas Petroleum Corporation has priced its previously announced underwritten public offering of 10,000,000 shares of its common stock at a public offering price of $5.00 per share.
Abraxas Petroleum has granted the underwriters a 30-day option to purchase up to 1,500,000 additional shares of common stock.
The offering is expected to settle and close on or about June 24, 2014, subject to customary closing conditions. The Company intends to use the net proceeds from this offering of approximately $47.0 million (and the net proceeds from any exercise of the underwriters’ option to purchase additional shares of common stock) to accelerate its 2014 drilling program on both its Bakken and Eagle Ford properties, acquire additional leased acreage primarily in the Eagle Ford, repay indebtedness outstanding under its credit facility and for general corporate purposes.
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