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Abraxas Petroleum Corp Announces Signing Of Definitive Agreement To Sell Majority Of Non-Operated Bakken Properties To Natural Resource Partners LP-Reuters


Monday, 17 Jun 2013 06:00am EDT 

Reuters reported that Abraxas Petroleum Corp signed an agreement to sell the majority of the Company`s non-operated Bakken properties to Natural Resource Partners L.P. for $35.3 million plus the assumption of an estimated $8.1 million in AFEs from 22 wells that are producing, have recently been drilled or completed or Abraxas has elected to participate. The sale is subject to customary closing conditions and purchase price adjustments and reflects an effective date of March 1, 2013. The asset consists of approximately 13,500 net Bakken acres. Closing is scheduled for the third quarter of 2013. E-Spectrum Advisors LLC acted as divestiture agent for Abraxas on the sale. 

Company Quote

3.325
-0.645 -16.25%
28 Nov 2014