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AUG-Z4-99 04:4TPM FROM-ABRAXAS EXEC/ACCOUNTING <br />210-490-8916 <br />T-346 P.05/ZZ F-613 <br /> <br />"R AX" PETROLEUM CORFORAMN <br />(a Nevada Corporation) <br />MIlVLTM OF REGULAR MEETING <br />OF THE BOARD OF DIRECTORS <br />MAY 2S, 1995 <br /> <br />A regular meeting of the Board of Directors of Abra= Petroleum Corporation, a <br />Nevada Corporton (the "Company"), was held on Thursday, May 25, 1995, at the Company's <br />headquarters in San AnMio, Terri. The meeting was called to order. All dsrectors were <br />present in person. <br />President, Robert L. G. Watson led a discussion on the election of Robert Gershen to the <br />Company's board to fill the vacant ninth seat. After a discussion, a resolution was made and <br />o- <br />seconded that the directors approve the appointment of Robert Gershen to be a pass One <br />director as such caul the nest regularly scheduled shareholders meeting in 1996. The <br />vote was unanimous and Mr. Gershen was asked to participate in the remainder of the meeting. <br />The minutes of the previous meeting of February 16, 1995, were read and approved as <br />corrected. <br />Chris E. Williford, CFO, led a discussion of the company's fiat quarter actual financial <br />results vs. budges, 1994 full year actual results and our forecast for the 1995 full year. <br />Mr. Watson commented on the general market. conditions as well as current research <br />being done on the Company by various securities analysts. Mr. Watson then lad A discussion <br />on future financing needs of the Company at which time Robert Cadngton of Jefferies and <br />Company was allowed to make a presentation to the board on the potential for the Company to <br />do a high yield debt offering some time in the near future.