Mr. Powell, 59, is the Trustee of 17 investment trusts, including the Paul A. Powell Trust. He is currently Vice President and a Director of Mechanical Development Company, Inc., a tool and die production machine company. Mr. Powell served as a director of Abraxas from 1987 to 1999 and has since served as an advisory director to Abraxas' board.
Mr. Powell is a managing partner of Claytor Equity Partners, Cortland Partners, JWM Partners, Emory Partners, Burnett Partners and President of Somerset Investments, Ltd. Mr. Powell is also manager of Westpoint (2002) LLC and WMP Properties LLC, and co-manager of Wessex LLC. He attended Emory and Henry College and graduated from National Business College with a degree in Accounting.
Mr. Powell will replace James C. "Jim" Phelps, who has served on Abraxas' board since 1983. Mr. Phelps, 82, resigned for family health-related reasons.
Mr. Powell will serve the remainder of Mr. Phelps' term, which will expire in 2006, after which he will stand for re-election by Abraxas' shareholders.
"We are extremely pleased that Buzzy will be joining the Abraxas board again. Buzzy's extensive financial knowledge and experience combined with his understanding of the oil and gas industry will benefit Abraxas and all of our shareholders. In addition, we would like to convey our gratitude to Jim for his significant contributions to the Board and to Abraxas during his 23-year tenure. On behalf of the entire Abraxas family, we wish him and his family good health," commented Bob Watson, Abraxas' President and CEO.
Abraxas Petroleum Corporation is a San Antonio-based crude oil and natural gas exploitation and production company with operations in Texas and Wyoming.
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