Abraxas Petroleum to pay down bank borrowings with stock proceeds

By Sara Rosenberg

New York, Jan. 18 - Abraxas Petroleum Corp. plans on repaying debt under its credit facility using proceeds from the sale of 100 million shares of common stock, according to a news release.

Remaining proceeds will be used to increase the company's 2011 capital expenditure budget and for general corporate purposes.

Abraxas is a San Antonio, Texas-based crude oil and natural gas exploration and production company.

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