Abraxas Petroleum Corporation (“Abraxas” or the “Company”) (NASDAQ:
AXAS) today announced Geoffrey R. King, Vice President and Chief
Financial Officer of Abraxas, submitted his resignation on June 4, 2018
to pursue another opportunity in the financial sector.
Mr. King’s resignation is not the result of any dispute or disagreement
with the Company, or any matter relating to the Company’s accounting
practices or financial statements. Mr. King will continue in his role as
Abraxas’ Chief Financial Officer until June 26, 2018 to ensure an
orderly transition of his responsibilities. Abraxas intends to
immediately initiate a search for Mr. King’s permanent successor. Bill
Krog, the current Chief Accounting Officer, will serve as the Company’s
principal financial and accounting officer for the interim period.
Bob Watson, President and CEO of Abraxas, commented, “We would like to
thank Geoff for his contributions to Abraxas over the last five years
and wish him success in his new endeavor.”
Mr. King said, “I am extremely proud of our achievements at Abraxas over
the last five years. Despite a substantial industry downturn, we
streamlined the Company’s asset base, significantly delevered the
balance sheet, reduced operating expenses by approximately 70% and more
than doubled our production base. With the Company now boasting years of
highly economic drilling inventory in the Delaware Basin, I am confident
this highly economic growth will continue to the benefit of
shareholders. Importantly, I believe now is the proper time for me to
pursue another opportunity given Abraxas’ currently pristine financial
condition.”
Abraxas Petroleum Corporation 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.
Safe Harbor for forward-looking statements: Statements in this release
looking forward in time involve known and unknown risks and
uncertainties, which may cause Abraxas’ actual results in future periods
to be materially different from any future performance suggested in this
release. Such factors may include, but may not be necessarily limited
to, changes in the prices received by Abraxas for crude oil and natural
gas. In addition, Abraxas’ future crude oil and natural gas production
is highly dependent upon Abraxas’ level of success in acquiring or
finding additional reserves. Further, Abraxas operates in an industry
sector where the value of securities is highly volatile and may be
influenced by economic and other factors beyond Abraxas’ control. In the
context of forward-looking information provided for in this release,
reference is made to the discussion of risk factors detailed in Abraxas’
filings with the Securities and Exchange Commission during the past 12
months.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180607006104/en/
Copyright Business Wire 2018
Source: Business Wire
(June 7, 2018 - 4:05 PM EDT)
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