-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MOu9y7vzfbjVy0DJL/Cs6ti4VT8Lgurk5kyLoudwuFu9Mw3+jEXRbmvsrNLnsteP h8IYdVvCL2/JZ8sC3ZmqDQ== 0000867665-00-000008.txt : 20000410 0000867665-00-000008.hdr.sgml : 20000410 ACCESSION NUMBER: 0000867665-00-000008 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20000406 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20000407 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ABRAXAS PETROLEUM CORP CENTRAL INDEX KEY: 0000867665 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 742584033 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: SEC FILE NUMBER: 000-19118 FILM NUMBER: 595429 BUSINESS ADDRESS: STREET 1: 500 N LOOP 1604 EAST STE 100 CITY: SAN ANTONIO STATE: TX ZIP: 78232 BUSINESS PHONE: 2104904788 MAIL ADDRESS: STREET 1: 500 N LOOP 1604 EAST STE 100 CITY: SAN ANTONIO STATE: TX ZIP: 78232 8-K/A 1 AMENDED REPORT ON FORM 8-K/A UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 F O R M 8 - K/A Number 1 CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report April 6, 2000 Abraxas Petroleum Corporation (Exact name of registrant as specified in its charter) Nevada (State of other jurisdiction of incorporation) 0-19118 74-2584033 (Commission File Number) (I.R.S. Employer Identification Number) 500 N. Loop 1604 East, Suite 100 San Antonio, Texas 78232 (Address of principal executive offices) Registrant's telephone number, including area code: 210-490-4788 Item 2. Acquisition of Disposition of Assets On March 31, 2000, Abraxas Petroleum Corporation ("Abraxas")sold a group of non-core assets held by Abraxas Wamustter L.P., a limited partnership of which a subsidiary of Abraxas is the general partner, as well as other contiguous assets owned by Abraxas to Samson Resources Company. The purchase price was determined as the result of a bid process. Abraxas received approximately $34 million in cash for its interests, subject to certain post closing adjustments. The sale included interests in 57 natural gas wells and gross leasehold of approximately 15,000 acres. Item 7. FINANCIAL STATEMENTS AND EXHIBITS 7(b) Unaudited Pro Forma Financial Statements (1) Pro Forma Condensed Balance Sheet as of December 31, 1999. (2)Pro Forma Statement of Operations for the year ended December 31, 1999. The following exhibits are filed as part of this report: NUMBER DOCUMENT 10.1 Purchase and Sale Agreement (Previously filed) 99.1 Press release dated March 31, 2000.(Previously filed) SIGNATURES Pursuant to the requirement of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ABRAXAS PETROLEUM CORPORATION By: ___________________________________ Chris Williford Executive Vice President, Chief Financial Officer and Treasurer Dated: April 6, 2000 PRO FORMA FINANCIAL INFORMATION The following unaudited pro forma condensed consolidated balance sheet as of December 31, 1999 and the unaudited pro forma consolidated statements of operations for the year ended December 31, 1999 give effect to the sale of non-core properties described in Item 2. The unaudited pro forma condensed consolidated balance sheet is presented as if the transaction had occurred on December 31, 1999. The unaudited pro forma consolidated statement of operations is presented as if the transaction had occurred on January 1, 1999. The unaudited pro forma information is presented for illustrative purposes only and may not be indicative of the results that would have been obtained had the transaction actually occurred on the dates assumed, nor is it necessarily indicative of the future consolidated results of operations.
ABRAXAS PETROLEUM CORPORATION UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET As of December 31, 1999 Abraxas Petroleum Pro-forma Corporation adjustments Pro Forma ------------- ---------------- ------------- (dollars in thousands) Assets: Cash............................................. $ 3,799 31,232 (1) $ 35,031 Accounts receivable.............................. 14,352 -- 14,352 Other............................................ 878 -- 878 -------------- ------------------ -------------- Total current assets...................... 19,029 31,232 50,261 Property and equipment............................. 514,353 -- 514,353 Less accumulated DD&A.............................. 219,687 -- 219,687 -------------- ------------------ -------------- Net property and equipment....................... 294,666 -- 294,666 Deferred financing fees............................ 7,711 -- 7,711 Restricted cash.................................... -- 3,250 (1) 3,250 Other assets....................................... 878 (499) (2) 379 ============== ================== ============== Total assets.............................. $ 322,284 $ 33,983 $ 356,267 ============== ================== ============== Liabilities and stockholders' equity (deficit): Total current liabilities................. $ 26,334 $ -- $ 26,334 Long-term debt..................................... 273,421 -- 273,421 Deferred income taxes.............................. 16,935 -- 16,935 Minority interest.................................. 10,496 -- 10,496 Future site restoration............................ 4,603 -- 4,603 Stockholders' equity (deficit): Common stock..................................... 227 -- 227 Additional paid-in capital....................... 127,562 -- 127,562 Accumulated deficit.............................. (139,825) 33,983 (3) (105,842) Treasury stock................................... (1,071) -- (1,071) Accumulated other comprehensive income........... 3,602 -- 3,602 -------------- ------------------ -------------- Total stockholders' equity (deficit)...... (9,505) 33,983 24,478 -------------- ------------------ -------------- Total liabilities and stockholders' equity (deficit)................................ $ 322,284 $ 33,983 $ 356,267 ============== ================== ==============
See notes to unaudited pro forma inancial information.
ABRAXAS PETROLEUM CORPORATIOIN UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS For the Year Ended December 31, 1999 Abraxas Petroleum Pro-Forma Corporation adjustments Pro Forma ---------------- ----------------- ---------------- (dollars in thousands, except per share data) Revenue: Oil and gas production revenues.......... $ 59,025 -- $ 59,025 Gas processing revenues.................. 4,244 -- 4,244 Rig revenues............................. 444 -- 444 Other revenues........................... 3,057 -- 3,057 ---------------- ----------------- ---------------- Total revenue..................... 66,770 -- 66,770 Operating costs and expenses: Lease operating and production taxes..... 17,938 -- 17,938 Depreciation, depletion and amortization. 34,811 -- 34,811 Proved property impairment............... 19,100 -- 19,100 Rig operations........................... 624 -- 624 General and administrative expense....... 5,269 597 (1) 5,866 ---------------- ----------------- ---------------- Total operating expenses.......... 77,742 597 78,339 ---------------- ----------------- ---------------- Operating income (loss).................... (10,972) (597) (11,569) Other (income) expense: Interest income.......................... (666) -- (493) Amortization of deferred financing fee... 1,915 -- 1,915 Interest expense......................... 36,815 -- 36,815 Other income............................. -- (33,983) (2) (33,983) ---------------- ----------------- ---------------- Total other expenses.............. 38,064 (33,983) 4,081 ---------------- ----------------- ---------------- Income (loss) before tax................... (49,036) 33,386 (15,650) Income tax (expense) benefit: Current.................................. (491) -- (491) Deferred................................. 13,116 -- 13,116 Minority interest income (loss)............ 269 -- 269 ---------------- ----------------- ---------------- Net (loss) applicable to common stockholders $ (36,680) $ 33,386 $ (3,294) ================ ================= ================ Net (loss) per share....................... $ (5.41) $ (0.49) ================ ================= ================
See notes to unaudited pro forma financial information Notes to Unaudited Pro Forma Balance Sheet as of December 31, 1999 assuming that transaction occurred on December 31, 1999. (1) Proceeds from sale of assets. (2) Cost basis of assets sold. (3) Gain on sale. Notes to Unaudited Pro Forma Statement of Operations for the year ended December 31, 1999 assuming that transaction occurred on January 1, 1999. (1) Reversal of overhead reimbursement received from partnership. (2) Gain on sale of assets. -----END PRIVACY-ENHANCED MESSAGE-----