Abraxas engages Petrie Partners to explore Williston options

By Abraxas Petroleum Corp. | October 20, 2019

Abraxas Petroleum Corp. has announced Petrie Partners has been engaged to assist Abraxas with exploration of opportunities related to its interests in the Williston Basin of North Dakota. The San Antonio-based firm has sold certain non-operated interests in the Bakken and continues to explore alternatives with regard to its remaining Williston Basin assets.

The Board of Directors determined to broaden the engagement with Petrie Partners to include a more thorough review of the company’s current business and strategic plans, competitive positioning and potential alternative transactions that might further enhance shareholder value. The Board believes Petrie Partners is in an excellent position to assist the company in this regard, having known and worked with Abraxas for some time. Petrie’s expanded mandate to assess options for Abraxas is a broad one, which might include sales of assets, merger or acquisition transactions, additional financing alternatives or other strategic transactions. Petrie’s Jon Hughes will lead the engagement for Abraxas.

“Petrie has been a great partner for Abraxas in the past,” said Robert Watson, Abraxas CEO. “No firm knows the energy industry community better than Petrie, and we look forward to working with them on a broader basis in furtherance of shareholder interests.”

Abraxas is a 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.