Abraxas plans to buy rest of Grey Wolf Exploration

Abraxas Petroleum Corp., San Antonio, intends to offer to buy the 51% of stock in Grey Wolf Exploration Inc., Calgary, that it does not already own. Abraxas intends to offer 0.6 of a share of its common stock for each share of Grey Wolf common stock.

April 12, 2001

By the OGJ Online Staff

HOUSTON, Apr. 12 -- Abraxas Petroleum Corp., San Antonio, intends to offer to buy the 51% of stock in Grey Wolf Exploration Inc., Calgary, that it does not already own.

Abraxas intends to offer 0.6 of a share of its common stock for each share of Grey Wolf Exploration common.

Robert Watson, Abraxas chairman and CEO, said, �Bringing Grey Wolf Exploration fully into Abraxas will further increase operating efficiencies and avoid duplication of public filing expenses.�

Abraxas decided to make its offer directly to the Grey Wolf Exploration stockholders because a previous offer made by Abraxas to an independent committee of the Grey Wolf board has expired (OGJ Online, Mar. 8, 2001).