Abraxas Petroleum has raised a total of $90.2 million in an initial public offering (IPO), The Wall Street Journal reports. The energy company sold 20.5 million shares for $4.40 per share. The oil-and-gas exploration company sold 12 million of the shares and the current holders, including Citigroup sold the rest. Abraxas Petroleum will use the proceeds from the offering to repay its existing debt.

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