Abraxas Petroleum Corp. said Nov. 9 it had regained compliance with NASDAQ after a reverse-stock split boosted the company’s share price.

The NASDAQ Stock Market LLC warned Abraxas earlier this year that the company was not in compliance with its continued listing rules, which requires a minimum average closing price of $1 per share over a period of 10 consecutive trading days.

On Oct. 19, Abraxas effected a 1-for-20 reverse stock split of its issued and outstanding shares of common stock at $0.01 par value. As a result, the company’s stock began to trade above $1 per share for the first time since July 2019.

Abraxas is a San Antonio-based oil and gas E&P company with positions in the Rocky Mountain and Permian Basin regions of the U.S. The company’s operations are focused on core areas in the Bakken/Three Forks shale play in the Williston Basin and the Bone Spring/Wolfcamp in the Delaware Basin.

Following refinancing transactions with its lenders completed in August, Abraxas said it renewed the strategic alternatives review it had initiated in October 2019. Jon Hughes and Richard Moss with Petrie Partners LLC will lead the renewed review of strategic alternatives for Abraxas.

In a statement on Aug. 17 commenting on the strategic review, Abraxas Petroleum CEO Bob Watson said: “We look forward to working with Petrie to examine ways to optimize value. Our strong, concentrated asset bases in the Delaware and Williston Basins, as well as our excellent hedge book, position Abraxas for success on a standalone basis and also make us an attractive transaction partner.”

As of Sept. 30, Abraxas had $100 million outstanding under its first lien credit facility and $118.3 million outstanding on its second lien credit facility, according to the company’s filing with the U.S. Securities and Exchange Commission.

Following the oil market collapse earlier this year, Abraxas shut in production in mid-March 2020, which resulted in future cash flows being driven by hedge settlements, and an ability to successfully implement cost reductions and restart production. By June, the company said it started bringing the shut-in wells back on production and, as of Sep. 30, the majority of such wells have been brought back on production.