ABRAXAS PETROLEUM CORPORATION (NASDAQ:AXAS) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b) On September 19, 2018, William H. Wallace tendered his resignation as Vice President – Operations of the Company. Mr. Wallace’s resignation is effective September 19, 2018. There was no disagreement or dispute between Mr. Wallace and the Company which led to his resignation.
(c) On September 19, 2018, the Board of Directors of Abraxas, appointed Mr. Kenneth W. Johnson, currently Abraxas’ Regional Operations Manager, as the new Vice President – Operations. Mr. Johnsonis a tenured member of Abraxas’ management team and has managed various operations at Abraxas and its predecessor companies since 2000. Prior to joining Abraxas, Mr. Johnson served as a consultant to various operators in supervisory and operations management roles across the United States including the Mid-Continent, Rockies, and Gulf Coast regions.
Item 7.01 Regulation FD Disclosure
On September 20, 2018, the Company issued a press release announcing the resignation and appointment of officers. The text of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.
The information in this Report (including Exhibit 99.1) is furnished to Item 7.01 and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of the Section. The information in this Report will not be deemed an admission as to the materiality of any information required to be disclosed solely to satisfy the requirements of Regulation FD.
Item 9.01 Financial Statements and Exhibits.
ABRAXAS PETROLEUM CORP ExhibitEX-99.1 2 ex_124376.htm NEWS RELEASE ex_124376.htm EXHIBIT 99.1 ABRAXAS PETROLEUM CORPORATION www.abraxaspetroleum.com NEWS RELEASE Abraxas Announces Change in Leadership Roles SAN ANTONIO,…To view the full exhibit click
About ABRAXAS PETROLEUM CORPORATION (NASDAQ:AXAS)
Abraxas Petroleum Corporation is an independent energy company. The Company is engaged in the acquisition, exploration, development and production of oil and gas. The Company’s estimated net proved reserves are approximately 43.2 million barrels of oil equivalent (MMBoe), of which over 38% are classified as proved developed, approximately 71% are oil and natural gas liquids (NGL), and approximately 95% of which (on a PV-10 basis) are operated by the Company. The Company’s daily net production is approximately 5,970 barrels of oil equivalent per day (Boepd), of which over 77% is oil or liquids. The Company’s oil and gas assets are located in three operating regions: the Rocky Mountain, Permian Basin and onshore Gulf Coast. The Company’s properties in the Rocky Mountain region are located in the Williston Basin of North Dakota and Montana, and in the Green River Powder River and Unita Basins of Wyoming and Utah.