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Abraxas Petroleum Corporation Agreement to Dissolve Eagleford Joint Venture and Strategic Acquisition of Additional Interests in West Texas


Wednesday, 8 Aug 2012 10:01am EDT 

Abraxas Petroleum Corporation announced that it has entered into a letter of intent to dissolve its Eagleford joint venture, Blue Eagle Energy LLC. Abraxas and its joint venture partner will split the assets with Abraxas retaining a 100% interest in the Eagleford and shallower rights in Jourdanton, Atascosa County (4,401 net acres), a 100% interest in Yoakum, DeWitt County (1,868 net acres), a 25% interest in WyCross, McMullen County (695 net acres), and a 25% interest in Nordheim, DeWitt County (944 net acres). The producing wells are currently producing 205 barrels of oil equivalent per day net to the interest retained by Abraxas. The proved reserves attributable to the Abraxas interests are approximately 2.4 million barrels of oil equivalent. The probable reserves attributable to the Abraxas interests are 3.7 million barrels of oil equivalent (54% oil and 15% ngls). Abraxas will receive a $7 million cash payment along with our share of the working capital in Blue Eagle. In addition, Abraxas announced that it has closed on a transaction with a independent to acquire their interests in jointly owned properties in Ward County, West Texas for $7.2 million less closing adjustments. The transaction adds approximately 240 barrels of oil equivalent production per day and proved developed producing reserves of approximately 1.2 million barrels of oil equivalent. Production and reserves are approximately 95% natural gas. Net acres acquired are approximately 2,345. 

Company Quote

6.11
-0.07 -1.13%
10 Jul 2014