Clinton Group Withdraws Slate and Agrees to Support Abraxas' Director
Abraxas Petroleum Corporation (NASDAQ:AXAS) today announced the
nomination of Jerry J. Langdon to the Company's Board of Directors and
the Board's intention to name Katherine T. Richard to fill an expected
Board vacancy. Mr. Langdon will stand for election at the Company's 2013
Annual Meeting of Stockholders. Ms. Richard will fill the vacancy in the
Board created by the retirement of C. Scott Bartlett, Jr. from the
Board. With the addition of Mr. Langdon, Abraxas' Board will be expanded
from nine to ten directors, nine of whom will be independent.
"We are pleased that Jerry has accepted our invitation to join our Board
as a new independent director," said Bob Watson, Abraxas Chairman,
President and CEO. "His extensive experience in the energy industry will
prove invaluable as he works with our other directors to create value
for all Abraxas stockholders. We would also like to thank Scott Bartlett
for his 13 years of exceptional service to Abraxas and wish him well on
his future endeavors."
Mr. Watson added, "We are also excited about the addition of Kate
Richard to our Board. Kate has invested across the capital structures of
public and private oil and gas companies and throughout the energy value
chain. Kate will add a breadth of experience and a new perspective to
In conjunction with the appointments of Mr. Langdon and Ms. Richard,
Abraxas also announced today that the Clinton Group, Inc. has notified
the Company that it is withdrawing its slate of nominees for election to
Abraxas' Board of Directors at the 2013 Annual Meeting of Stockholders.
The Clinton Group has agreed to vote its shares in support of all of
Abraxas' director nominees in 2013 and to abide by certain standstill
"We expect that Mr. Langdon and Ms. Richard will be exceptional
directors for Abraxas," said George Hall, Chief Executive Officer of
Clinton Group. "We are enthusiastic shareholders and believe the Company
is significantly undervalued. We hope the addition of these new
directors will help the Company realize its full potential for the
benefit of all shareholders."
Jerry J. Langdon, 60, currently works as a private investor. Most
recently, Mr. Langdon was Chief Administrative and Compliance Officer of
Energy Transfer Partners ("ETP"), a multi-billion dollar company
specializing in the gathering, processing, transportation and storage of
natural gas and natural gas liquids in the U.S. Prior to ETP, Mr.
Langdon was Chief Administrative and Compliance Officer for Reliant
Energy. Mr. Langdon has also held senior executive positions with El
Paso Energy Partners and has served as a Director of several public and
private boards. In October 1988, Mr. Langdon was appointed to the
Federal Energy Regulatory Commission by President Ronald Regan and
served in that capacity until 1993. Mr. Langdon has authored numerous
articles on the natural gas and electric industries, which have been
published in various industry trade magazines. Mr. Langdon holds a
Bachelor of Science Communications from the University of Texas.
Katherine Taaffe Richard, 30, is the Founder and current Chief Executive
Officer of Warwick Energy Group, an oil and gas company focused on
conventional and unconventional development and exploration in the
United States, Europe and the Middle East. Ms. Richard has been employed
by Warwick Energy Group since March 2010. Since March 2009, Ms. Richard
has been employed by or consulted to MSDC Management, L.P. or MSD
Capital, L.P., where she focuses on international energy investments.
Prior to joining MSDC Management, Ms. Richard was employed by Serengeti
Asset Management, where she led the team responsible for oil and gas,
metals and mining and sovereign debt investing. Prior to Serengeti, Ms.
Richard held several posts at Goldman, Sachs & Co., including as an
investment banker to exploration and production companies in the oil and
gas industries. Ms. Richard is a Natural Resources Advisor to the
Institute for Effective States and an Advisory Council member of
Microvest Capital Funds, a private microfinance investment firm with
investments in more than 50 microfinance institutions in 25 countries.
At the World Economic Forum's 2013 Davos session, Ms. Richard was
selected to represent the United States as one of the World Economic
Forum's Young Global Leaders for the 2013-14 year. Ms. Richard received
her undergraduate degree in History from Harvard College.
The complete agreement between Abraxas and the Clinton Group will be
filed in a Form 8-K with the Securities and Exchange Commission.
Abraxas Petroleum Corporation
Abraxas Petroleum Corporation is a San Antonio based crude oil and
natural gas exploration and production company with operations across
the Rocky Mountain, Mid-Continent, Permian Basin and onshore Gulf Coast
regions of the United States and in the province of Alberta, Canada.
Safe Harbor for forward-looking statements: Statements in this release
looking forward in time involve known and unknown risks and
uncertainties, which may cause Abraxas' actual results in future periods
to be materially different from any future performance suggested in this
release. Such factors may include, but may not be necessarily limited
to, changes in the prices received by Abraxas for crude oil and natural
gas. In addition, Abraxas' future crude oil and natural gas production
is highly dependent upon Abraxas' level of success in acquiring or
finding additional reserves. Further, Abraxas operates in an industry
sector where the value of securities is highly volatile and may be
influenced by economic and other factors beyond Abraxas' control. In the
context of forward-looking information provided for in this release,
reference is made to the discussion of risk factors detailed in Abraxas'
filings with the Securities and Exchange Commission during the past 12
Abraxas Petroleum Corporation
Vice President - Chief Financial Officer
& Co. LLC
Thomas Ball, 203-658-9400
Joele Frank, Wilkinson
Andrew Siegel, 212-355-4449
Scott Bisang, 212-355-4449