Market Overview

Abraxas Petroleum Issues Divestiture, Financial and Operational Update

Abraxas Petroleum Corporation (NASDAQ: AXAS) is pleased to provide the
following divestiture, financial and operational update.

Divestiture Update

Abraxas today announced an agreement in principle, subject to the
signing of a definitive agreement and satisfactory resolution of several
final due diligence items, to sell the Company's 25% working interest at
the Nordheim Project in the Eagle Ford shale to a large institutional
buyer for approximately $20mm. The potential sale will also be subject
to customary closing conditions and purchase price adjustments and will
reflect an effective date of September 1, 2012. The divestiture consists
of 544 net acres in DeWitt County, Texas and approximately 64 boepd (56%
gas;

See full press release

Posted-In: News Guidance Contracts Management M&A Global

 

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