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Abraxas CEO: Frustrations May Lead To Powder River Basin Divestment

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By Darren Barbee, Hart Energy
May 14, 2014

Abraxas Petroleum Corp. (NASDAQ: AXAS) has been a frustrated buyer in the Powder River Basin (PRB) and may move to the seller’s side instead.

AXAS, which operates primarily in the Eagle Ford Shale and the Bakken, owns 21,733 net acres in the Turner Sandstone horizontal play, mostly in Converse and Campbell counties, Wyo.

With increased interest in the play following EOG Resources Inc.’s (NYSE: EOG) announcement May 6 to add the Turner Formation to its core portfolio, AXAS is considering divesting or swapping its Turner acreage to add to its ...

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