to preferred shares, giving Angelo Gordon majority control of the company’s five-member board of directors.
Until this year’s turnaround, Abraxas hadn’t posted an annual profit since 2018. That was in part because creditors imposed strict spending limits on the company’s activities, slowing its growth. Biglari entered the oil business when he acquired Southern Oil, which drills off the coast of Louisiana, for $51.5 million in September 2019. It generated $9.7 million in earnings for Biglari’s holding company last year.
In a regulatory filing, Abraxas said it considered several factors in making the deal, including Biglari’s commitment “to remain as a long-term owner of the business.”For months, Abraxas has said it doesn’t have the cash to develop most of its oil and gas reserves in the years ahead, suggesting another energy company with more cash could profitably produce oil and gas from the reserves.
Source: News Formal (newsformal.com)
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: BGR - 🏆 234. / 63 Read more »
Source: ksatnews - 🏆 442. / 53 Read more »
Source: ksatnews - 🏆 442. / 53 Read more »
Source: SAcurrent - 🏆 607. / 51 Read more »