Abraxas Petroleum plans public offering of 25 million common shares

Bookrunners Johnson Rice, Canaccord and Stephens get 30-day greenshoe

By Marisa Wong

Morgantown, W.Va., May 19 – Abraxas Petroleum Corp. plans to issue 25 million shares of its common stock through a public offering, according to a 424B5 filing with the Securities and Exchange Commission.

The deal will include a 30-day greenshoe for 3.75 million additional shares.

Johnson Rice & Co. LLC, Canaccord Genuity and Stephens Inc. will act as joint bookrunners.

Proceeds will be used to repay debt and for general corporate purposes.

The last reported sale price of the company’s stock (Nasdaq: AXAS) on May 18 was $1.36 per share.

Abraxas is an energy company based in San Antonio, Texas.

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