With debt falling and oil prices rising, the struggling San Antonio company is poised to restart drilling. Where is it?
Abraxas Petroleum had a tough few years as the pandemic and a financial crisis forced it to stop drilling. Now, with rising oil prices and the discovery that Abraxas’ oil and gas reserves are larger than expected, there could be an opportunity for the company to rebound and restart drilling – or sell. its assets and to liquidate.
The San Antonio-based driller has been a shaky operator in recent years; it hasn’t posted a profit or had a quarterly earnings call with analysts since 2018. Last year, it floated on the Nasdaq stock exchange after its stock price failed to rise above 1 $ for several days.