SAN ANTONIO–(BUSINESS WIRE)–Abraxas Petroleum Corporation (“Abraxas” or the “Company”) (NASDAQ: AXAS) today announced that the borrowing base under the Company’s revolving credit facility was increased $40 million to $175 million in connection with the Company’s spring borrowing base redetermination. At quarter end March 31, 2018 Abraxas was $104 million drawn on the credit facility with an estimated $5.5 million in cash, providing estimated pro forma liquidity of $76.5 million.
Abraxas will be presenting at the IPAA OGIS New York on April 9, 2018 at 11:05am ET. A live webcast of this presentation can be accessed under the investor relations portion of Abraxas’ website at www.abraxaspetroleum.com.
Bob Watson, President and CEO of Abraxas, commented, “Our significant reserve growth in the fourth quarter of 2017 drove a $40 million increase in our credit facility. This result further demonstrates the tremendous success our team has had in executing on our business plan. We would like to thank all the members of our bank group for their continued support of the Company. Our new $175 million borrowing base provides more than adequate liquidity for us to continue to execute on our business plan.”
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.