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Abraxas Sells Eagle Ford Assets For $73 Million

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Business Wire
December 10, 2013

Abraxas Petroleum Corp. (Nasdaq: AXAS) executed the definitive agreement to sell its Eagle Ford interests at WyCross in McMullen County, Texas, for $73 million, the company announced Dec. 9.

The assets to be sold consist of 1,200 net acres, 3.7 million barrels of proved reserves and produced 655 barrels of oil equivalent per day (BOE/d) net to Abraxas during the month of September. The transaction has an effective date of Dec. 1, 2013.

Abraxas plans to use the proceeds from this sale to immediately pay down the company’s bank line, ...

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