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Abraxas Closes WyCross Divestiture

Source: www.gulfoilandgas.com 12/23/2013, Location: North America

Abraxas Petroleum Corporation is pleased to announce the closing of the announced WyCross divestitureand provide a divestiture update.

WyCross Closing
Abraxas recently closed the previously announced divestiture of the company’s WyCross assets for net proceeds of $71.4 million after accounting for all fees and purchase price adjustments. Proceeds were used to repay borrowings on the company’s bank line and will be ultimately redeployed into additional Bakken and Eagle Ford opportunities.

Divestiture Update
Abraxas recently monetized several non-core assets in North Dakota, Wyoming and Texas at the December Oil and Gas Clearinghouse Auction for gross proceeds of approximately $3.6 million. The assets sold produced approximately 54 boepd (33 barrels of oil per day, 125 mcf of gas per day).

Bob Watson, President and CEO of Abraxas, commented, “Abraxas enters 2014 with a pristine balance sheet and far more profitable and focused asset base. We continue to identify additional opportunities in the Bakken and Eagle Ford and will announce the results of these efforts when it is prudent. We look forward to what promises to be an active 2014 Bakken and Eagle Ford drilling program.”

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