June 18 (Reuters) - Abraxas Petroleum Corp:
* Abraxas Petroleum Corporation and Abraxas Energy partners L.P. announce
merger intention
* Says combination will result in a single class of equity with one board of
directors
* Entered into LOI with holders of 96 percent of common units of Abraxas Energy not held by unit of co
* Says definitive agreements are anticipated to occur on or before June 30,
2009
* Says LOI provides for a 90-day lock-up period followed by a multi-year
staggered lock-up period
* Says to acquire outstanding units for $6.00 per common unit
* Says number of shares of its common stock will range from 4.25 to 6.00/common
unit of Abraxas Energy
* Says letter of intent also provides for a standstill by Abraxas Energy on its
initial public offering
* Says pending the merger, Abraxas Energy has suspended distributions to its
unitholders
((Bangalore Equities Newsroom; +91 80 4135 5800; within U.S. +1 646 223 8780))
(For more news, please click here) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
* Abraxas Petroleum Corporation and Abraxas Energy partners L.P. announce
merger intention
* Says combination will result in a single class of equity with one board of
directors
* Entered into LOI with holders of 96 percent of common units of Abraxas Energy not held by unit of co
* Says definitive agreements are anticipated to occur on or before June 30,
2009
* Says LOI provides for a 90-day lock-up period followed by a multi-year
staggered lock-up period
* Says to acquire outstanding units for $6.00 per common unit
* Says number of shares of its common stock will range from 4.25 to 6.00/common
unit of Abraxas Energy
* Says letter of intent also provides for a standstill by Abraxas Energy on its
initial public offering
* Says pending the merger, Abraxas Energy has suspended distributions to its
unitholders
((Bangalore Equities Newsroom; +91 80 4135 5800; within U.S. +1 646 223 8780))
(For more news, please click here) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.