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Non-Tech : Abraxas Petroleum (AXAS)

AXAS 0.0347

-66.0%

Jun 22 5:00 PM EST

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To: Area51 who wrote (46)	6/17/1999 8:02:00 PM
From: Robert T. Quasius	of 67

Emergency Loan Program. AXAS needs this! News Release Senator Pete V. Domenici FOR IMMEDIATE RELEASE JUNE 15, 1999 SENATE AGREES TO MOVE FORWARD ON DOMENICI'S OIL & GAS LOAN GUARANTEE PROGRAM $500 Million in Loans Would be Assist Struggling U.S. Energy Producers WASHINGTON -- U. S. Senator Pete Domenici today gained a key step toward Senate approval for his $500 million guaranteed loan package to help oil and gas producers and service industry workers who have been crippled by the domestic energy crisis. The Senate today voted to invoke cloture on the Emergency Oil and Gas Guaranteed Loan Program and bringing the bill closer to an eventual Senate vote on the $500 million loan program. The bill (HR.1664) would provide emergency loans to independent oil and gas producers, as well as oil and gas service industries. “This loan program will allow resources to be pumped into an industry burdened by a depressed market,” Domenici said. “The oil and gas industry represents an important sector of our state's economy. It is also vital for our national security. I hope this legislation will foster a resurgence in the stagnant industry.” The bill would allow producers and industry service firms to borrow up to $10 million at a rate determined to be reasonable taking into account the current average yield on outstanding obligations of the United States with remaining periods of maturity comparable to the maturity of the loan. The program will be sunset in five years, but loans could be for a longer period of time. The bill appropriates $122.5 million in emergency funds for the costs of the guarantees and $2.5 million to the Commerce Department to administer the program. The loan program will be administered by the Loan Guarantee Board, which is comprised of the Secretary of Commerce (chairman), and the Labor and Treasury secretaries. According to industry statistics, the world oil and gas glut has resulted in the loss of 42,000 jobs, and bankruptcies have fueled the closure of an estimated 136,000 wells nationwide.

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