Brief: Abraxas Petroleum Reduces G&A Expense By About 40%
16/03/2020 22:38
March 16 (Reuters) - Abraxas Petroleum Corp AXAS.O :
* ABRAXAS PETROLEUM REACTS TO CURRENT EVENTS
* ABRAXAS PETROLEUM CORP - IN RESPONSE TO CURRENT MARKET
CONDITIONS, HAS REDUCED G&A EXPENSE BY ABOUT 40%
* ABRAXAS PETROLEUM CORP - DUE TO MARKET UNCERTAINTY,
COMPANY
GUIDANCE WILL BE SUSPENDED
* ABRAXAS PETROLEUM CORP - WILL NOT DRILL AND/OR COMPLETE
ANY NEW
WELLS WHILE CURRENT MARKET CONDITIONS PERSIST
* ABRAXAS - HEDGE POSITION CURRENTLY VALUED AT OVER $50
MILLION,
TO ALLOW CO TO GENERATE FREE CASH FLOW FOR 2020 & 2021, WHICH
WILL BE USED TO PAY DOWN DEBT
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Further company coverage: AXAS.O
((Reuters.Briefs@thomsonreuters.com;))
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