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Abraxas Petroleum history
Abraxas Petroleum company history timeline
In 1990 Abraxas consolidated the assets and liabilities of the original company, 18 of the 22 limited partnerships in Texas and Pennsylvania, and another general partnership in Pennsylvania into one Nevada-incorporated organization.
After completion of the consolidation and initial offering of stock in early 1991, Abraxas pursued growth opportunities in resource development and exploitation, including recompletion of exploratory wells, workover of abandoned wells, and secondary recovery.
In July 1994, the company acquired significant producing properties in the Permian Basin in west Texas for $28 million.
Canaxas acquired undeveloped properties in central Alberta in September 1997.
In January 1999 Canaxas acquired a 98.8 percent interest in New Cache Petroleum Ltd., for $60 million plus the assumption of $24 million in debt.
CVRs were issued under an agreement that if the share value increased from $1 to $5.97, and remained at that rate for 30 of the 45 days up to the December 31, 2000, deadline, the bondholders could recoup their investment by cashing in their stock.
Day, Bill, “San Antonio, Texas–Based Petroleum Firm Looks for Payoff in Bold Bond Gamble,” San Antonio Express-News, January 29, 2001.
Allen, Elizabeth, “Shares of San Antonio–Based Abraxas Petroleum Dip on Spending Plan News,” San Antonio Express-News, July 8, 2004.
New projects in late 2004 included deep horizontal drilling at the Devonian formation in the Oates SW field in west Texas and several waterflood projects at mature fields.
In May 2005 Abraxas completed two horizontal wells at the Edwards field that generated initial gross production of more than 6 Mcf per day, settling at 5 Mcf daily.
“Abraxas Files to Sell Stock,” Oil Daily, April 5, 2006.
Abraxas Petroleum maintained a 47 percent interest in Abraxas Energy Partners, but planned to take the entity public by November 15, 2008.
"Abraxas Petroleum Corporation ." International Directory of Company Histories. . Retrieved April 15, 2021 from Encyclopedia.com: https://www.encyclopedia.com/books/politics-and-business-magazines/abraxas-petroleum-corporation
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Abraxas Petroleum competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Approach Resources | 2002 | $114.0M | 99 | - |
| PENNECO | 1979 | $4.6M | 50 | - |
| Resolute Energy | 2004 | $303.5M | 128 | - |
| Legacy Reserves Service Inc. | - | $554.9M | 200 | - |
| Oasis Petroleum | 2007 | $5.3B | 432 | - |
| Jagged Peak Energy | 2013 | $565.0M | 94 | - |
| Vastar Resources | 1993 | $1.3B | 1,151 | - |
| Vanguard Natural Resources, Llc (nasdaq: Vnr) | - | $621.0M | 357 | - |
| Northern Oil Production | - | $2.2B | 25 | - |
Abraxas Petroleum history FAQs
Zippia gives an in-depth look into the details of Abraxas Petroleum, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Abraxas Petroleum. The employee data is based on information from people who have self-reported their past or current employments at Abraxas Petroleum. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. None of the information on this page has been provided or approved by Abraxas Petroleum. The data presented on this page does not represent the view of Abraxas Petroleum and its employees or that of Zippia.
Abraxas Petroleum may also be known as or be related to Abraxas Petroleum Corp., Abraxas Petroleum Corporation, Abraxas Petroleum and ABRAXAS PETROLEUM CORP.