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Abraxas Petroleum Corp Announces Signing Of Nordheim Definitive Agreement

Tuesday, 20 Nov 2012 04:15pm EST 

Abraxas Petroleum Corp announced that it has signed an agreement to sell the Company‚Äôs 25% working interest at the Nordheim Project in the Eagle Ford shale to a institutional buyer for proceeds of $19.1mm. The sale is subject to customary closing conditions and purchase price adjustments and reflects an effective date of September 1, 2012. The asset consists of 544 net acres in DeWitt County, Texas and approximately 64 boepd (56% gas; 26% NGLs; 26% oil) of net production. Abraxas will retain the rights to its Edwards production, reserves and upside across both its Nordheim and Wagner lease blocks. Closing is scheduled for December 17, 2012. Petrie Partners acted as financial advisor for Abraxas on the sale. 

Company Quote

-0.305 -5.25%
28 Jul 2014