UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
F O R M 8 - K/A Number 1
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report
April 6, 2000
Abraxas Petroleum Corporation
(Exact name of registrant as specified in its charter)
Nevada
(State of 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 2. Acquisition of Disposition of Assets
On March 31, 2000, Abraxas Petroleum Corporation ("Abraxas")sold a
group of non-core assets held by Abraxas Wamustter L.P., a limited partnership
of which a subsidiary of Abraxas is the general partner, as well as other
contiguous assets owned by Abraxas to Samson Resources Company. The purchase
price was determined as the result of a bid process. Abraxas received
approximately $34 million in cash for its interests, subject to certain post
closing adjustments. The sale included interests in 57 natural gas wells and
gross leasehold of approximately 15,000 acres.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS
7(b) Unaudited Pro Forma Financial Statements
(1) Pro Forma Condensed Balance Sheet as of December 31, 1999.
(2)Pro Forma Statement of Operations for the year ended December
31, 1999.
The following exhibits are filed as part of this report:
NUMBER DOCUMENT
10.1 Purchase and Sale Agreement (Previously filed)
99.1 Press release dated March 31, 2000.(Previously filed)
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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: ___________________________________
Chris Williford
Executive Vice President, Chief Financial
Officer and Treasurer
Dated: April 6, 2000
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PRO FORMA FINANCIAL INFORMATION
The following unaudited pro forma condensed consolidated balance sheet as of
December 31, 1999 and the unaudited pro forma consolidated statements of
operations for the year ended December 31, 1999 give effect to the sale of
non-core properties described in Item 2. The unaudited pro forma condensed
consolidated balance sheet is presented as if the transaction had occurred on
December 31, 1999. The unaudited pro forma consolidated statement of operations
is presented as if the transaction had occurred on January 1, 1999. The
unaudited pro forma information is presented for illustrative purposes only and
may not be indicative of the results that would have been obtained had the
transaction actually occurred on the dates assumed, nor is it necessarily
indicative of the future consolidated results of operations.
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<TABLE>
<CAPTION>
ABRAXAS PETROLEUM CORPORATION
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED
BALANCE SHEET
As of December 31, 1999
Abraxas
Petroleum Pro-forma
Corporation adjustments Pro Forma
------------- ---------------- -------------
(dollars in thousands)
<S> <C> <C> <C>
Assets:
Cash............................................. $ 3,799 31,232 (1) $ 35,031
Accounts receivable.............................. 14,352 -- 14,352
Other............................................ 878 -- 878
-------------- ------------------ --------------
Total current assets...................... 19,029 31,232 50,261
Property and equipment............................. 514,353 -- 514,353
Less accumulated DD&A.............................. 219,687 -- 219,687
-------------- ------------------ --------------
Net property and equipment....................... 294,666 -- 294,666
Deferred financing fees............................ 7,711 -- 7,711
Restricted cash.................................... -- 3,250 (1) 3,250
Other assets....................................... 878 (499) (2) 379
============== ================== ==============
Total assets.............................. $ 322,284 $ 33,983 $ 356,267
============== ================== ==============
Liabilities and stockholders' equity (deficit):
Total current liabilities................. $ 26,334 $ -- $ 26,334
Long-term debt..................................... 273,421 -- 273,421
Deferred income taxes.............................. 16,935 -- 16,935
Minority interest.................................. 10,496 -- 10,496
Future site restoration............................ 4,603 -- 4,603
Stockholders' equity (deficit):
Common stock..................................... 227 -- 227
Additional paid-in capital....................... 127,562 -- 127,562
Accumulated deficit.............................. (139,825) 33,983 (3) (105,842)
Treasury stock................................... (1,071) -- (1,071)
Accumulated other comprehensive income........... 3,602 -- 3,602
-------------- ------------------ --------------
Total stockholders' equity (deficit)...... (9,505) 33,983 24,478
-------------- ------------------ --------------
Total liabilities and stockholders' equity
(deficit)................................ $ 322,284 $ 33,983 $ 356,267
============== ================== ==============
</TABLE>
See notes to unaudited pro forma inancial information.
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<TABLE>
<CAPTION>
ABRAXAS PETROLEUM CORPORATIOIN
UNAUDITED PRO FORMA CONSOLIDATED
STATEMENT OF OPERATIONS
For the Year Ended December 31, 1999
Abraxas
Petroleum Pro-Forma
Corporation adjustments Pro Forma
---------------- ----------------- ----------------
(dollars in thousands, except per share data)
<S> <C> <C>
Revenue:
Oil and gas production revenues.......... $ 59,025 -- $ 59,025
Gas processing revenues.................. 4,244 -- 4,244
Rig revenues............................. 444 -- 444
Other revenues........................... 3,057 -- 3,057
---------------- ----------------- ----------------
Total revenue..................... 66,770 -- 66,770
Operating costs and expenses:
Lease operating and production taxes..... 17,938 -- 17,938
Depreciation, depletion and amortization. 34,811 -- 34,811
Proved property impairment............... 19,100 -- 19,100
Rig operations........................... 624 -- 624
General and administrative expense....... 5,269 597 (1) 5,866
---------------- ----------------- ----------------
Total operating expenses.......... 77,742 597 78,339
---------------- ----------------- ----------------
Operating income (loss).................... (10,972) (597) (11,569)
Other (income) expense:
Interest income.......................... (666) -- (493)
Amortization of deferred financing fee... 1,915 -- 1,915
Interest expense......................... 36,815 -- 36,815
Other income............................. -- (33,983) (2) (33,983)
---------------- ----------------- ----------------
Total other expenses.............. 38,064 (33,983) 4,081
---------------- ----------------- ----------------
Income (loss) before tax................... (49,036) 33,386 (15,650)
Income tax (expense) benefit:
Current.................................. (491) -- (491)
Deferred................................. 13,116 -- 13,116
Minority interest income (loss)............ 269 -- 269
---------------- ----------------- ----------------
Net (loss) applicable to common stockholders $ (36,680) $ 33,386 $ (3,294)
================ ================= ================
Net (loss) per share....................... $ (5.41) $ (0.49)
================ ================= ================
</TABLE>
See notes to unaudited pro forma financial information
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Notes to Unaudited Pro Forma Balance Sheet as of December 31, 1999 assuming that
transaction occurred on December 31, 1999.
(1) Proceeds from sale of assets.
(2) Cost basis of assets sold.
(3) Gain on sale.
Notes to Unaudited Pro Forma Statement of Operations for the year ended December
31, 1999 assuming that transaction occurred on January 1, 1999.
(1) Reversal of overhead reimbursement received from partnership.
(2) Gain on sale of assets.
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