Porter Hedges Represents Johnson Rice & Company and Canaccord Genuity in a $27M Public Offering by Abraxas Petroleum
HOUSTON, May 25, 2016: Porter Hedges represented Johnson Rice & Company L.L.C. and Canaccord Genuity Inc., as the representatives of the underwriters, in a public offering by Abraxas Petroleum Company (“Abraxas”). Total net proceeds to Abraxas were approximately $27.1 million.
Abraxas intends to use the net proceeds to repay indebtedness outstanding under its credit facility, expand its planned drilling capital expenditures to the full $40.0 million budgeted for 2016 including an acceleration of their West Texas and Austin Chalk drilling programs and for general corporate purposes including acquisitions.
The Porter Hedges team included Rob Reedy, Kevin Poli, Adam Nalley, Nickie Tran, Allison Wilbanks, Emily Ashby, Mac Marshall and Denny Ng.
For additional information, see the Abraxas press release here.