UNITED STATES
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
June 27, 1997
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 June 23, 1997 Abraxas Petroleum Corporation announced that the
company's previously granted Contingent Value Rights (CVR) expired on June 20,
1997 with no issuance of additional shares under the CVR agreement. These rights
were granted in a private placement equity sale in November of 1995.
The following exhibits are filed as part of this report:
NUMBER DOCUMENT
99.5 Press release dated June 23, 1997
<PAGE>
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 and Treasurer
Dated: June 25, 1997
EXHIBIT 99.5
NEWS RELEASE
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FOR IMMEDIATE RELEASE
FOR MORE INFORMATION CONTACT:
JACK M. RONEY
DIRECTOR OF CORPORATE DEVELOPMENT
ABRAXAS PETROLEUM CORPORATION ANNOUNCES
TERMINATION OF CONTINGENT VALUE RIGHTS
SAN ANTONIO, TX - (June 23 , 1997) - Abraxas Petroleum Corporation (NASDAQ:
AXAS) today announced that it has met the terms of its Contingent Value Rights
(CVR) Agreement, which will retire the CVRs and result in no additional issuance
of common shares through the Agreement. The terms required 30-consecutive
trading days in which the Company's common stock equaled or exceeded $12.50.
Reportable income for the fourth quarter of 1996, fiscal year 1996 and the first
quarter of 1997 were all diluted by potential CVR share issuance. Earnings per
share for the affected periods were reduced by $.05, $.03 and $.02 respectively.
Future reporting periods will not be affected by the potential for any
additional common share issuance related to the CVRs.
Abraxas Petroleum Corporation is a San Antonio-based crude oil and natural gas
exploration and production company that also processes natural gas. It operates
primarily along the Texas Gulf Coast, in the Permian Basin of western Texas,
western Canada and southwestern Wyoming.
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