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A&D - Abraxas Permian & Bakken sales urged by activist Saltstone - August 2019

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Permian and Bakken driller Abraxas Petroleum Corp. is being urged by 1.45% shareholder Saltstone Capital Management to sell off its assets. In a July 18 letter to the Abraxas board, the Dallas-based institutional investor’s founder Billy Bailey laid out a four-point plan to enact a “well-defined strategic shift” to its business model. He urged the company to immediately limit capex to the drilling of Permian lease commitment wells while launching a marketing effort for......
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