ABRAXAS PETROLEUM CORPORATION (NASDAQ:AXAS) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
(Agreement) to acquire 2,008 net acres and 33 Boepd in Ward
County, Texas prospective for the Wolfcamp/Bone Spring for $20.8
million. The acquisition is subject to customary closing
conditions and purchase price adjustments and reflects an
effective date of February 1, 2017. Closing is scheduled for July
2017.
is qualified in its entirety by a copy of the Agreement filed as
Exhibit 10.1 to this Form 8-K, which is incorporated in this Item
1.01 by reference. The representations and warranties of the
parties in the Agreement are, in many respects, qualified by
materiality and limited to the knowledge of the entity making the
representation and warranty, but their accuracy forms the basis
of one of the conditions to the obligations of the parties to
complete the transaction. Please note, however, that these
representations and warranties were made only for purposes of the
Agreement and as of specific dates, were solely for the benefit
of the parties thereto, and are subject to limitations agreed to
between the parties, including that they are qualified by
disclosures between the parties that are not included with this
report. Accordingly, investors and third parties should not rely
on these representations and warranties as independent
characterizations of the actual state of facts at the time they
were made or otherwise but should consider them together with the
other information that we have disclosed in other filings with
the SEC.
herein by reference. A copy of the press release announcing the
foregoing is attached as Exhibit 99.1 to this Current Report on
Form 8-K and is incorporated herein by reference.
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10.1*
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Purchase and Sale Agreement dated May 22, 2017.
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99.1
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Press Release dated May 23, 2017 “Abraxas Announces
Acquisition of 2,008 Net Wolfcamp/Bone Springs Acres.” |
have been omitted from this filing to Item 601(b)(2) of
Regulation S-K. The Company will furnish copies of such omitted
exhibits and schedules to the Securities and Exchange Commission
upon request. Descriptions of such exhibits and schedules are on
page iii of the Purchase and Sale Agreement.
About ABRAXAS PETROLEUM CORPORATION (NASDAQ:AXAS)
Abraxas Petroleum Corporation is an independent energy company. The Company is engaged in the acquisition, exploration, development and production of oil and gas. The Company’s estimated net proved reserves are approximately 43.2 million barrels of oil equivalent (MMBoe), of which over 38% are classified as proved developed, approximately 71% are oil and natural gas liquids (NGL), and approximately 95% of which (on a PV-10 basis) are operated by the Company. The Company’s daily net production is approximately 5,970 barrels of oil equivalent per day (Boepd), of which over 77% is oil or liquids. The Company’s oil and gas assets are located in three operating regions: the Rocky Mountain, Permian Basin and onshore Gulf Coast. The Company’s properties in the Rocky Mountain region are located in the Williston Basin of North Dakota and Montana, and in the Green River Powder River and Unita Basins of Wyoming and Utah. ABRAXAS PETROLEUM CORPORATION (NASDAQ:AXAS) Recent Trading Information
ABRAXAS PETROLEUM CORPORATION (NASDAQ:AXAS) closed its last trading session up +0.03 at 1.90 with 543,253 shares trading hands.