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No. of Recommendations: 1


Abraxas Petrolieum (AXAS), is a delevered nanocap company, operates in the oil and gas industry. This pure-play Permian/Delaware Exploration & Production Company emerged from a pre-arranged bankruptcy on January 2, 2022 that helped to prevented a complete wipe out of equity holders. Management last reported net developed acreage assets were about 11,000 after having reserve engineering firm DeGolyer and MacNaughton (D&M) analyze their proved reserves. With a revamped board which has former creditors further participating in the upside valuation, I believe AXAS offers equity investors, able to participate in this nanocap, an opportunity to gain significant capital appreciation in the event of a sale of the company in the next 6 months to a year. My most conservative deal outlook would provide investors with an expected aggregate return of 25% on an announced deal given current AXAS stock pricing $1.70 as of 6/24/2022. This puts my conservative calculated deal range between $200M and $260M.
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