Abraxas hires financial adviser to explore possible merger or sale

San Antonio-based Abraxas Petroleum Corp. has hired a financial adviser to pursue all options — including selling itself — for raising its below-compliance stock price, the oil company announced Tuesday.

Denver-based Petrie Partners LLC assisted Abraxas this year with the $15.5 million sale of some of its assets in North Dakota’s Bakken Shale. On Tuesday, the drilling company told investors that Petrie is also helping secure the sale of its remaining assets in the Bakken and that its board…

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