Abraxas Petroleum Corp. has hired two investment banks to help it look at “alternative financial strategies,” but that’s not a “for-sale” sign on the company, said Abraxas Chief Financial Officer Chris Williford. Williford said the overlevered, San Antonio, Texas-based oil and gas firm which operates in Texas, Wyoming and western Canada, is looking to reengineer its balance sheet. But following the March 14 news, many investors in $115 million market cap Abraxas called the company, thinking the press release meant an imminent auction, said Williford.
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