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Abraxas Petroleum Corporation (OTCQX:AXAS) announced significant growth in its total proved reserves, increasing by 467% to $229 million as of December 31, 2021. The company's reserve report shows a net increase of 8.5 MMBoe, with total reserves comprising approximately 24.1 MMBoe including 16.8 million barrels of oil. This valuation reflects average oil prices of $66.55 per barrel. Abraxas has over 200 net locations identified for future drilling, transitioning to a pure play Delaware Basin operator with no debt.
Abraxas Petroleum Corporation has successfully sold its Williston Basin assets to Lime Rock Resources for $87.2MM. The proceeds were utilized to eliminate all first lien debt, with second lien debt converted to preferred stock. This strategic move resolves existing debt issues while positioning Abraxas as a debt-free entity focused on growth opportunities in the Permian Basin. The new capital structure favors preferred stockholders, offering them substantial voting control and an accreted preference of approximately $137MM at a 6% annual rate.
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