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A&D - Abraxas sells non-core Williston assets for $16MM - May 2019
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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