San Antonio-based Abraxas Petroleum Corp. is laying off an unknown number of employees in an effort to reduce spending.
Abraxas (Nasdaq: AXAS) reduced its general and administration expenses by 40% through layoffs, salary reductions and a reduction in board size, it informed investors on Monday. It is not known how many employees the company plans to lay off or whether any of them have received notice.
No notice of layoffs was posted with the Texas Workforce Commission, which is required when a…
