Abraxas Petroleum Buys Delaware Basin Assets

July 14, 2017

Abraxas Petroleum said it has agreed to acquire 973 total net acres and 130 barrels of oil equivalent per day in the Delaware Basin for $4.3 million in cash and 2 million shares, 12,188 net acre Pecos County Ranch and one half of its owned minerals under the Cayonosa Draw The company also reached a definitive agreement signed to sell a portion of its Powder River Basin assets for $4.6 million.

Abraxas meanwhile said it has reduced the midpoint of lease operating expense guidance by approximately $1.00 per barrel. It said it will revisit production guidance after achieving stabilized rates from recent completions and taking into consideration acquisitions, divestitures and increased working interests in the Delaware Basin.

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By Stephen Holmes

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