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.