Abraxas Announces Universal Shelf Registration Statement Effective
Posted on: Wednesday, 19 April 2006, 12:00 CDT
Abraxas Petroleum Corporation (AMEX:ABP) today announced that the Securities and Exchange Commission (SEC) has declared Abraxas' universal shelf registration statement on Form S-3 effective.
As previously disclosed, upon the SEC declaring the registration effective, the Company will be able to issue common stock, preferred stock, depositary shares, debt securities, warrants and units from time to time, up to an aggregate of $150 million. The terms of any future offering would be established at the time of the offering.
The Company has no immediate plans to issue any securities. In the event the Company issues securities, the net proceeds will be used for general corporate purposes, including but not limited to, the repayment of debt, the funding of capital expenditures, the funding of possible acquisitions or the expansion of the Company's business, or the repurchase of the Company's capital stock.
At the time any of the securities covered by the registration statement are offered for sale, a prospectus supplement will be prepared and filed with the SEC containing specific information about the terms of any such offering. When available, a prospectus and prospectus supplement relating to any securities may be obtained from the Company at the contact information set forth below.
This news release is not an offer to sell or the solicitation of an offer to buy the securities discussed herein.
Abraxas Petroleum Corporation is a San Antonio-based crude oil and natural gas exploitation and production company with operations in Texas and Wyoming.
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 natural gas and crude oil. In addition, Abraxas' future natural gas and crude oil 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.
Source: Business Wire
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