Abraxas Petroleum (AXAS) Updates on Divestitures, Hedging, Operations

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Go back to Abraxas Petroleum (AXAS) Updates on Divestitures, Hedging, Operations

Abraxas Provides Divestiture, Hedging and Operational Update

September 20, 2016 4:15 PM EDT

SAN ANTONIO--(BUSINESS WIRE)-- Abraxas Petroleum Corporation (Abraxas or the Company) (NASDAQ: AXAS) today provided the following divestiture, hedging and operational update.

Divestiture Update

In Abraxas Gulf Coast region, the Company recently signed a definitive agreement and closed on the sale the Companys Portilla field and associated surface acreage for net proceeds of approximately $13 million. The assets sold produced approximately 145 boepd (127 barrels of oil per day, 112 mcf of natural gas per day) on average during the month of June, 2016. The effective date of this transaction is June 1,... More