Abraxas Petroleum Corporation is an independent natural gas and crude oil exploitation and production company based in San Antonio, Texas. Robert L.G. Watson, the company's President and CEO, founded Abraxas in 1977 and took the company public in 1991. Abraxas' common shares trade on the NASDAQ Stock Exchange under the ticker symbol "AXAS" while the company's options are traded on the CBOE (Chicago Board Options Exchange) and PCX (Pacific Exchange). Abraxas' business strategy is focused on increasing shareholder value while maintaining financial flexibility and liquidity. Abraxas believes growth is best achieved through the drill-bit.
Over the years, Abraxas acquired several legacy assets with the following attributes:
- High ownership (working) interest
- Operational & infrastructure control
- High producing rates per well
- Large acreage positions
- Substantial upside, exploitable using 3-D or the company's expertise in horizontal drilling
Today, the company concentrates on developing its existing asset base while acquiring leases that fit strategically within its current portfolio. Abraxas targets conventional reservoirs, as well as emerging resource plays, in its primary operating areas in the Williston Basin, Eagle Ford Shale/Gulf Coast, Permian Basin, Powder River Basin and in Canada.