Abraxas Petroleum Corporation has been added to the Russell 3000(R) Index as of the market close on June 27, 2008.
Russell indexes are widely used by investment managers and institutional investors for both index funds and as benchmarks for passive and active investment strategies.
"We are pleased to be included in the Russell 3000(R) Index as Russell is an industry leader for stock indexes, and we expect that our inclusion will generate greater interest in our stock," commented Bob Watson, Abraxas' President and CEO.
The annual reconstitution of the Russell 3000 captures the 3,000 largest U.S. stocks as of the end of May, ranking them by total market capitalization. The largest 1,000 companies in this ranking comprise the Russell 1000 and the next 2,000 companies become the Russell 2000.
