- Abraxas Petroleum (OTC:AXAS) -9.7% AH after announcing a public offering of 25M common shares, with an underwriters option to purchase up to an additional 3.75M shares.
- AXAS says it plans to use the proceeds to pay down debt under its credit facility, expand planned 2016 drilling capex and for general corporate purposes including acquisitions.
- AXAS raises its 2016 capex budget to $40M as it plans to accelerate west Texas and Austin Chalk drilling programs.
- Now read Abraxas Petroleum: Borrowing base decrease appears manageable
Abraxas Petroleum to launch 25M-share offering
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| Symbol | Last Price | % Chg |
|---|---|---|
| AXAS | - | - |
| Abraxas Petroleum Corporation | ||