San Antonio-based Abraxas Petroleum struck a $15.5 million deal to sell some of its
non-operated interests North Dakota’s Williston Basin to an undisclosed buyer. Under the
terms of the agreement, the buyer will assume $5.4 million in outstanding authorizations
for expenditures relating to upcoming wells. Abraxas will use the proceeds
to reduce debt.
The divested assets
represent ~5% of Abraxas’ current Bakken
production, implying 350 boe/d based on reported Q1 volumes of ~7,000 boe/d. The
company said it is continuing discussions with......
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