San Antonio-based Abraxas Petroleum Corp. has extended its share exchange offer for Grey Wolf Exploration Inc. until Sept. 28. A total of 5.9 million shares of Grey Wolf, representing 88% of what Abraxas and its Canadian Abraxas did not own, have now been tendered and taken up, giving Abraxas 94% of the common outstanding shares of Grey Wolf.

The Grey Wolf shares may be tendered by holders whose certificates are not immediately available by completing a validated Notice of Guaranteed Delivery with the exchange offer materials or a facsimile. Each Grey Wolf share will be exchanged for 0.6 of a share of Abraxas common stock. The exchange began in late July, at which time Abraxas and Canadian Abraxas held about 48.3% of Grey Wolf’s outstanding common stock.

Independent Abraxas is a crude oil and natural gas exploitation and production company that also processes natural gas. It operates in Texas, Wyoming and Western Canada. Grey Wolf, a junior crude and natural gas company, focuses its efforts on exploring for, developing, acquiring and producing crude oil and natural gas in western Canada and the Northwest Territories. Natural gas in central and northern Alberta accounts for more than 90% of Grey Wolf’s reserves and production.

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