SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
F O R M 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report
November 7, 1996
Abraxas Petroleum Corporation
(Exact name of registrant as specified in its charter)
Nevada
(State or other jurisdiction of incorporation)
0-19118 74-2584033
(Commission File Number) (I.R.S. Employer Identification Number)
500 N. Loop 1604 East, Suite 100
San Antonio, Texas 78232
(Address of principal executive offices)
Registrant's telephone number, including area code:
(210) 490-4788
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Item 5. OTHER EVENTS
(a)On November 5, 1996, Abraxas Petroleum Corporation, announced that it
has priced its private placement of $215,000,000 Senior Notes due 2004 at an
annual interest rate of 11.5%. The net proceeds to the Company will be used for
the repayment of all amounts outstanding under the Company's credit facility
with Bankers Trust Company and ING (U.S.) Capital Corporation and to consummate
the previously announced acquisitions of CGGS Canadian Gas Gathering Systems,
Inc. and of the Portilla and Happy fields in Texas.
The following exhibits are filed as part of this report:
NUMBER DOCUMENT
99.1 Press Release dated November 5, 1996.
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SIGNATURES
Pursuant to the requirement of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ABRAXAS PETROLEUM CORPORATION
By:/s/ Chris Williford
--------------------------
Chris Williford
Executive Vice President
Chief Financial Officer
Dated: November 7, 1996
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ABRAXAS
ABRAXAS PETROLEUM CORPORATION
500 N. Loop 1604 East, Suite 100 - San Antonio, Texas 78232
P.O. Box 701007 - San Antonio, Texas 78270-1007
Office: 210/490-4788 - Exec/Acctg Fax: 210-490-8816
Land Prod. Fax: 210/490-8837
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NEWS RELEASE
FOR IMMEDIATE RELEASE
ABRAXAS PETROLEUM CORPORATION ANNOUNCES
COMMENCEMENT OF PRIVATE PLACEMENT
SAN ANTONIO, - November 5, 1996 - Abraxas Petroleum Corporation (NASDAQ: AXAS)
announced today that it has priced its private placement of $215,000,000 Senior
Notes due 2004 at an annual interest rate of 11.5%. The net proceeds to the
Company will be used for the repayment of all amounts outstanding under the
Company's credit facility with Bankers Trust Company and ING (U.S.)Capital
Corporation and to consummate the previously announced acquisitions of CGGS
Canadian Gas Gathering Systems Inc. And of the Portilla and Happy Fields in
Texas.
The notes have not been registered under the Securities Act of 1933, as amended
(the "Securities Act"), and may not be offered or sold in the United States
without registration under the Securities Act or pursuant to an exemption
therefrom.
Closing is anticipated to occur on November 14, 1996.
Abraxas Petroleum Corporation is a San Antonio-based crude oil and natural gas
exploration and production company with operations primarily along the Texas
Gulf Coast, in the Permian Basin of western Texas, western Canada and
southwestern Wyoming.
FOR FURTHER INFORMATION CONTACT:
Jack M. Roney J. Desmond Towey
Abraxas Petroleum Corporation George Robinson
Director of Corporate Development Towey & Associates
210/490-4788 212/888-7600
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