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OMB APPROVAL
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. _)
Abraxas Petroleum Corporation
(Name of Issuer)
Common Stock
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(Title of Class of Securities)
003830106
(CUSIP Number)
Carolyn S. Reiser, Esq.
Shartsis Friese & Ginsburg LLP
One Maritime Plaza, 18th Floor
San Francisco, CA 94111
(415) 421-6500
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(Name, Address and Telephone Number of Person Authorized to Receive Notices
and Communications)
November 7, 1997
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition which is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1(b)(3) or (4), check the following
box / /.
Check the following box if a fee is being paid with the statement / /. (A
fee is not required only if the reporting person: (1) has a previous
statement on file reporting beneficial ownership of more than five percent of
the class of securities described in Item 1; and (2) has filed no amendment
subsequent thereto reporting beneficial ownership of five percent or less of
such class.) (See Rule 13d-7.)
Note: Six copies of this statement, including all exhibits, should be filed
with the Commission. See Rule 13d-1(a) for other parties to whom copies are
to be sent.
* The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section
of the Act but shall be subject to all other provisions of the Act (however,
see the Notes).
SEC 1746 (12-91)
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SCHEDULE 13D
CUSIP No. 003830106 Page 2 of 13 Pages
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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
Westcliff Capital Management, LLC
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / X /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(E) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
California
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NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 366,300
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
366,300
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
366,300
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.8
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14 TYPE OF REPORTING PERSON*
OO and IA
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.<PAGE>
<PAGE>
SCHEDULE 13D
CUSIP No. 003830106 Page 3 of 13 Pages
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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
Richard S. Spencer III
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a)/X /
(b)/ /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF and PF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(E) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 366,300
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
366,300
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
366,300
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.8
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14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
<PAGE>
SCHEDULE 13D
CUSIP No. 003830106 Page 4 of 13 Pages
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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
David R. Korus
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(E) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
California
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NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 366,300
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
366,300
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
366,300
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.8
- ---------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- ---------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.<PAGE>
<PAGE>
SCHEDULE 13D
CUSIP No. 003830106 Page 5 of 13 Pages
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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
Westcliff, LLC
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / X /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(E) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
California
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NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 147,000
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
147,000
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
147,000
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.3
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14 TYPE OF REPORTING PERSON*
OO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.<PAGE>
<PAGE>
SCHEDULE 13D
CUSIP No. 003830106 Page 6 of 13 Pages
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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
Westcliff Partners, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(E) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
California
- ---------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 73,500
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
73,500
- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
73,500
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.2
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14 TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.<PAGE>
<PAGE>
SCHEDULE 13D
CUSIP No. 003830106 Page 7 of 13 Pages
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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
Westcliff Long/Short, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
- ---------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(E) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
California
- ---------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 73,500
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
73,500
- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
73,500
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.2
- ---------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.<PAGE>
<PAGE>
SCHEDULE 13D
CUSIP No. 003830106 Page 8 of 13 Pages
ITEM 1. SECURITY AND ISSUER.
This statement relates to the common stock (the "Stock") of Abraxas Petroleum
Corporation ("APC"). The principal executive office of APC is located at
500 N. Loop 1604 E, Ste. 100, San Antonio, TX 78232.
ITEM 2. IDENTITY AND BACKGROUND.
The persons filing this statement (the "Reporting Persons") and the persons
enumerated in Instruction C of Schedule 13D and, where applicable, their
respective places of organization, general partners, directors, executive
officers and controlling persons, and the information regarding them, are as
follows:
(a) Westcliff Capital Management, LLC, a California limited liability
company ("WCM"); Westcliff, LLC ("WL"), Westcliff Partners, L.P., a
California limited partnership ("WP"); Westcliff Long/Short, L.P., a
California limited partnership ("WLS"); Richard S. Spencer III
("Spencer"); and David R. Korus ("Korus").
(b) The business address of WCM, WL, WP, WLS and Spencer is 200 Seventh
Avenue, Suite 105, Santa Cruz, California 95062. The business address
of Korus is 152 W. 57th Street, New York, New York 10019.
(c) WCM is the investment adviser to and a general partner of WP and WLS,
which are investment limited partnerships. WL is a general partner of
WP and WLS. Spencer and Korus are the sole managers of WCM and WL.
(d) During the last five years, none of such persons has been convicted in
a criminal proceeding (excluding traffic violations or similar
misdemeanors).
(e) During the last five years, none of such persons was a party to a civil
proceeding of a judicial or administrative body of competent
jurisdiction and as a result of such proceeding was or is subject to a
judgment, decree or final order enjoining future violations of, or
prohibiting or mandating activities subject to, federal or state
securities laws or finding any violation with respect to such laws.
(f) Spencer and Korus are citizens of the United States of America.
<PAGE>
<PAGE>
SCHEDULE 13D
CUSIP No. 003830106 Page 9 of 13 Pages
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The source and amount of funds used in purchasing the Stock were as follows:
Purchaser Source of Funds Amount
WCM Funds Under Management(1) $6,680,720.38
WP Working Capital $1,335,805.11
WLS Working Capital $1,339,551.44
(1) Consists of funds of WP, WLS and various other, separately managed,
accounts invested in the Stock.
ITEM 4. PURPOSE OF TRANSACTION.
The Reporting Persons have acquired the Stock solely for investment purposes.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
The beneficial ownership of the Stock of the persons named in Item 2 of this
statement is as follows at the date hereof:
Aggregate
Beneficially
Owned Voting Power Dispositive Power
Name Number Percent Sole Shared Sole Shared
WCM 366,300 5.8 -0- 366,300 -0- 366,300
WP 73,500 1.2 -0- 73,500 -0- 73,500
WLS 73,500 1.2 -0- 73,500 -0- 73,500
WL 147,000 2.3 -0- 147,000 -0- 147,000
Spencer 366,300 5.8 -0- 366,300 -0- 366,300
Korus 366,300 5.8 -0- 366,300 -0- 366,300
The persons filing this statement effected the following transactions in the
Stock on the dates indicated, and such transactions are the only transactions
in the Stock by the persons filing this statement since September 8, 1997.
Purchase Number Price
Name or Sale Date of Shares Per Share
WCM P 10-09-97 1,600 16.966
WLS P 10-09-97 1,900 16.966
WP P 10-09-97 6,900 16.966
WCM P 10-09-97 50 17.262
WLS P 10-09-97 4,850 17.262
(continued on page 10)
<PAGE>
<PAGE>
SCHEDULE 13D
CUSIP No. 068509603 Page 10 of 13 Pages
(continued from page 9)
WCM P 10-09-97 20,100 17.263
WCM P 10-10-97 2,000 17.375
WLS P 10-10-97 2,000 17.375
WP P 10-10-97 1,000 17.375
WCM P 10-13-97 16,250 17.75
WLS P 10-13-97 3,800 17.75
WP P 10-13-97 4,950 17.75
WCM P 10-14-97 3,100 17.75
WLS P 10-14-97 900 17.75
WP P 10-14-97 1,000 17.75
WCM P 10-16-97 6,000 18
WLS P 10-16-97 2,000 18
WP P 10-16-97 2,000 18
WCM P 10-17-97 7,450 17.875
WLS P 10-17-97 2,550 17.875
WP P 10-17-97 2,500 17.875
WCM P 10-21-97 1,800 17.875
WLS P 10-21-97 1,550 17.875
WP P 10-21-97 1,650 17.875
WCM P 10-23-97 8,650 17.7
WLS P 10-23-97 1,850 17.7
WP P 10-23-97 2,000 17.7
WCM P 10-24-97 6,950 17.75
WLS P 10-24-97 2,650 17.75
WP P 10-24-97 2,900 17.75
WCM P 10-27-97 7,850 17.625
WLS P 10-27-97 3,100 17.625
WP P 10-27-97 3,050 17.625
WCM P 10-28-97 2,600 16.917
WLS P 10-28-97 1,900 16.917
WCM P 10-28-97 1,000 16.917
WP P 10-28-97 2,000 16.917
WCM P 10-29-97 8,050 17.425
WLS P 10-29-97 2,200 17.425
WP P 10-29-97 2,250 17.425
WCM P 10-30-97 3,550 18.762
WLS P 10-30-97 4,450 18.762
WP P 10-30-97 4,450 18.762
WCM P 10-30-97 7,550 18.763
WCM P 10-30-97 1,800 19.097
WP P 10-30-97 7,250 19.097
WCM P 10-30-97 17,450 19.098
WLS P 10-30-97 7,200 19.098
WCM P 10-31-97 5,600 18.875
WLS P 10-31-97 2,050 18.875
WP P 10-31-97 2,350 18.875
<PAGE>
<PAGE>
SCHEDULE 13D
CUSIP No. 068509603 Page 11 of 13 Pages
(continued from page 10)
WCM P 11-03-97 1,950 18.75
WLS P 11-03-97 300 18.75
WP P 11-03-97 250 18.75
WCM P 11-04-97 2,500 18.75
WCM P 11-06-97 37,300 19.375
WLS P 11-06-97 11,050 19.375
WP P 11-06-97 9,350 19.375
WCM P 11-07-97 31,800 19.125
WLS P 11-07-97 10,900 19.125
WP P 11-07-97 11,300 19.125
WCM P 11-10-97 400 17.81
WLS P 11-10-97 300 17.81
WP P 11-10-97 300 17.81
WCM P 11-11-97 1,700 17.875
WLS P 11-11-97 800 17.875
WP P 11-11-97 500 17.875
WCM P 11-12-97 14,250 16.1
WLS P 11-12-97 5,200 16.1
WP P 11-12-97 5,550 16.1
All transactions were executed through the Nasdaq National Market System.
<PAGE>
BTI<PAGE>
SCHEDULE 13D
CUSIP No. 003830106 Page 12 of 13 Pages
ITEM. 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER.
WCM and WL are the general partners of WP and WLS pursuant to limited
partnership agreements providing to WCM the authority, among other things, to
invest the funds of WP and WLS in the Stock, to vote and dispose of the Stock
and to file this statement on behalf of WP and WLS. Pursuant to such limited
partnership agreements, the general partners of WP and WLS are entitled to
allocations based on assets under management and realized and unrealized
gains, under certain conditions. Pursuant to investment management
agreements (the "IMAs"), WCM is authorized, among other things, to invest
funds of its various investment advisory clients in securities, and to vote
and dispose of those securities. The IMAs may be terminated by either party
pursuant to the terms of the IMAs and provide for fees payable to WCM, based
on assets under management, and, in certain cases, realized and unrealized
gains and losses if certain conditions are met.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
A. Agreement Regarding Joint Filing of Statement on Schedule 13D or 13G.
SIGNATURES
After reasonable inquiry and to the best of my knowledge, I certify that
the information set forth in this statement is true, complete and correct.
DATED: November 14, 1997
WESTCLIFF PARTNERS, L.P. /s/ Richard S. Spencer III
Richard S. Spencer III
By: Westcliff Capital Management, LLC David R. Korus
General Partner
By: /s/ Richard S. Spencer III
By: /s/ Richard S. Spencer III Richard S. Spencer III,
Richard S. Spencer III Attorney-in-Fact
Manager
WESTCLIFF CAPITAL MANAGEMENT, LLC
WESTCLIFF LONG/SHORT, L.P. By: /s/ Richard S. Spencer III
Richard S. Spencer III
Manager
By: Westcliff Capital Management, LLC
General Partner WESTCLIFF, LLC
By: /s/ Richard S. Spencer III By: /s/ Richard S. Spencer III
Richard S. Spencer III Richard S. Spencer
Manager Manager
<PAGE>
<PAGE>
SCHEDULE 13D
CUSIP No. 003830106 Page 13 of 13 Pages
EXHIBIT A
AGREEMENT REGARDING JOINT FILING
OF STATEMENT ON SCHEDULE 13D OR 13G
The undersigned agree to file jointly with the Securities and Exchange
Commission (the "SEC") any and all statements on Schedule 13D or Schedule 13G
(and any amendments or supplements thereto) required under section 13(d) of
the Securities Exchange Act of 1934, as amended, in connection with purchases
by the undersigned of Common Stock of Abraxas Petroleum Corporation. For
that purpose, the undersigned hereby constitute and appoint Westcliff Capital
Management, LLC, a California limited liability company, as their true and
lawful agent and attorney-in-fact, with full power and authority for and on
behalf of the undersigned to prepare or cause to be prepared, sign, file with
the SEC and furnish to any other person all certificates, instruments,
agreements and documents necessary to comply with section 13(d) and
section 16(a) of the Securities Exchange Act of 1934, as amended, in
connection with said purchases, and to do and perform every act necessary and
proper to be done incident to the exercise of the foregoing power, as fully
as the undersigned might or could do if personally present.
DATED: November 14, 1997.
WESTCLIFF PARTNERS, L.P. /s/ Richard S. Spencer III
Richard S. Spencer III
By: Westcliff Capital Management, LLC David R. Korus
General Partner
By: /s/ Richard S. Spencer III
By: /s/ Richard S. Spencer III Richard S. Spencer III
Richard S. Spencer III Attorney-in-Fact
Manager
WESTCLIFF CAPITAL MANAGEMENT, LLC
WESTCLIFF LONG/SHORT, L.P. By: /s/ Richard S. Spencer III
Richard S. Spencer III
Manager
By: Westcliff Capital Management, LLC
General Partner WESTCLIFF, LLC
By: /s/ Richard S. Spencer III By: /s/ Richard S. Spencer III
Richard S. Spencer III Richard S. Spencer
Manager Manager
C:\DMS\3804\008\0238429.02
