Abraxas Petroleum redetermines facility borrowing base at $175 million

By Sarah Lizee

Olympia, Wash., April 2 – Abraxas Petroleum Corp. increased the borrowing base under its revolving credit facility by $40 million to $175 million, according to a press release.

The increase was made in connection with the company’s spring borrowing base redetermination.

At quarter-end March 31, Abraxas had $104 million drawn on the credit facility with an estimated $5.5 million in cash, providing estimated pro forma liquidity of $76.5 million.

“Our significant reserve growth in the fourth quarter of 2017 drove a $40 million increase in our credit facility,” Bob Watson, president and chief executive officer of Abraxas, said in the release.

Abraxas is a San Antonio-based crude oil and natural gas exploration and production company with operations across the Rocky Mountain, Permian Basin and South Texas regions of the United States.

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