Jackson Walker Represents Abraxas in Underwritten Public Offering


Steve R. Jacobs - Corporate and Securities - Jackson WalkerJackson Walker partners Steve Jacobs, Byron Egan, and Stephanie Chandler represented client Abraxas Petroleum Corporation (NASDAQ:AXAS) in the underwritten offering of over 28 million shares of its common stock at a price of $2.40 per share, less applicable underwriting discounts.

San Antonio-based Abraxas will use the proceeds from this offering to fund new drilling operations in the Permian Basin, Bakken Shale and Eagle Ford. Encouraged by recovering oil prices, the company has raised its CAPEX budget from $60 million to $110 million.

In the past, Jackson Walker attorneys represented Abraxas in the public offering of 11.5 million shares of common stock, as well as in amending and restating its $300 million senior secured credit facility with Société Générale. Jackson Walker also represented Abraxas in the sale of $38.3 million in non-operated assets in the Bakken Shale play and the $71.4 million sale of assets in the Eagle Ford Shale play .

About the Team

Steven R. Jacobs is a Corporate & Securities lawyer at Jackson Walker. He represents both private and public companies in securities transactions, reporting and compliance, mergers and acquisitions and other general corporate matters. Steve regularly represents clients listed on the New York Stock Exchange, NYSE-MKT and NASDAQ.

Byron Egan’s practice is focused on corporate, partnership, limited liability company, securities, mergers and acquisitions, and financing. He regularly handles business combinations of corporations, limited liability companies and partnerships, including mergers and acquisitions, purchases and sales of stock and other equity interests, and sales and exchanges of assets. He also handles the related entity governance and structure issues.

Stephanie Chandler’s practice involves securities transactions, reporting and compliance, mergers and acquisitions, technology licensing and commercialization and other general corporate matters. Her clients include startup companies, closely held businesses, private investors and private equity and venture capital firms as well as large privately held and publicly traded companies.