AXAS), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=AXAS. The Company announced on July 14, 2017, the signing of an agreement to acquire 853 net Delaware Basin Bone Spring/Wolfcamp acres and also offered a divestiture update. The Company agreed to acquire the 973 total net acres, or 853 net acres in the Bone Spring/Wolfcamp rights, in the Delaware Basin for $4.3 million in cash, 2.0 million shares of the Company's common stock, Abraxas' 12,188 net acres Pecos County Ranch, and ½ of Abraxas' owned minerals under Cayonosa Draw. For immediate access to our complimentary reports, including today's coverage, register for free now at:

http://protraderdaily.com/register/

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on AXAS. Go directly to your stock of interest and access today's free coverage at:

http://protraderdaily.com/optin/?symbol=AXAS

The Announcement

Abraxas recently signed a definitive agreement acquire 130 Boepd and 973 net mineral acres, where the purchased acreage is held by production and includes incremental working interests in Abraxas' Caprito leasehold, where the additional units are present in Ward County and interests in Reeves, Winkler and Pecos County. The acreage, according to the Company is perspective up to four zones across the Wolfcamp and Third Bone Spring. The effective date of the transaction was February 10, 2017, where the closing is scheduled for August 2017. The Company also plans to fund the cash portion of the acquisition through the Powder River Basin divestiture. Abraxas' working interest, post the execution of the agreement, in the Caprito 98-201H and 301HR will move from 88% to 98%.

The Powder River Basin Sale

On April 01, 2017, Abraxas entered into a definitive agreement to sell a portion of the Company's Powder River Basin assets for gross proceeds of $4.6 million subject to standard purchase price adjustments. The assets sold, according to the Company, generated 1,000 Boepd, during March 2017. Abraxas retained about 948 net held by production acres held in the high-value Porcupine/Frazier Federal area, which the Company plans to transact on in the near future.

Operational Update and Guidance

Abraxas additionally announced that it has successfully completed the Stenehjem 6H-9H in McKenzie County, North Dakota Abraxas with a 75% working interest. The Company recently finished drilling the plugs out on all four wells and is in the process of installing production tubing, where early production has been in-line with expectations. In the Ward County, the Company's Texas unit successfully completed the Caprito 98 201H and 301HR, where it recently drilled out plugs on both wells, post which, the flow back is expected shortly. Post the recent acquisition, the Company holds 98% working interest in these wells.

Post the Delaware Basin acquisition, and removal of one Eagle Ford Well, the Company is increasing the capital expenditure budget to $120 million for 2017, according to the announcement made on July 14, 2017. The Company's $120 million capital budget consists of $110 million in cash with the remainder in equity and ranch value linked with the acquisition and asset-exchange. The Company's cash capital expenditures for 2017 remain at $110 million, where with continued cost control and the divestiture of high LOE barrels, the Company has reduced the midpoint of LOE guidance by about $1.00/bbl.

Last Close Stock Review

On Friday, July 14, 2017, Abraxas Petroleum's shares were slightly up 0.62%, finishing the day at $1.63 with volume of 1.31 million shares exchanging hands by the close of the trading session. For the last twelve months, the stock has soared 38.14%. At Friday's closing price, the stock's net capitalization stands at $265.40 million.

PRESS RELEASE PROCEDURES:

The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third party research service company (the "Reviewer") represented by a credentialed financial analyst [for further information on analyst credentials, please email contact@protraderdaily.com. Rohit Tuli, a CFA® charter holder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by PRO-TD. PRO-TD is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.

NO WARRANTY

PRO-TD, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. PRO-TD, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, PRO-TD, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.

NOT AN OFFERING

This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither PRO-TD nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://protraderdaily.com/disclaimer/.

CONTACT

For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:

Email: contact@protraderdaily.com

Phone number: (917) 341.4653

Office Address: Mainzer Landstrasse 50 Frankfurt am Main, Germany 60325

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

SOURCE: Pro-Trader Daily

ReleaseID: 468306

"/> Featured Company News – Abraxas Announces Acquisition of 853 net Delaware Basin Acres; Offers Divestiture Update « MarketersMedia – Press Release Distribution Services – News Release Distribution Services

Featured Company News – Abraxas Announces Acquisition of 853 net Delaware Basin Acres; Offers Divestiture Update

LONDON, UK / ACCESSWIRE / July 17, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Abraxas Petroleum Corp. (NASDAQ: AXAS), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=AXAS. The Company announced on July 14, 2017, the signing of an agreement to acquire 853 net Delaware Basin Bone Spring/Wolfcamp acres and also offered a divestiture update. The Company agreed to acquire the 973 total net acres, or 853 net acres in the Bone Spring/Wolfcamp rights, in the Delaware Basin for $4.3 million in cash, 2.0 million shares of the Company's common stock, Abraxas' 12,188 net acres Pecos County Ranch, and ½ of Abraxas' owned minerals under Cayonosa Draw. For immediate access to our complimentary reports, including today's coverage, register for free now at:

http://protraderdaily.com/register/

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on AXAS. Go directly to your stock of interest and access today's free coverage at:

http://protraderdaily.com/optin/?symbol=AXAS

The Announcement

Abraxas recently signed a definitive agreement acquire 130 Boepd and 973 net mineral acres, where the purchased acreage is held by production and includes incremental working interests in Abraxas' Caprito leasehold, where the additional units are present in Ward County and interests in Reeves, Winkler and Pecos County. The acreage, according to the Company is perspective up to four zones across the Wolfcamp and Third Bone Spring. The effective date of the transaction was February 10, 2017, where the closing is scheduled for August 2017. The Company also plans to fund the cash portion of the acquisition through the Powder River Basin divestiture. Abraxas' working interest, post the execution of the agreement, in the Caprito 98-201H and 301HR will move from 88% to 98%.

The Powder River Basin Sale

On April 01, 2017, Abraxas entered into a definitive agreement to sell a portion of the Company's Powder River Basin assets for gross proceeds of $4.6 million subject to standard purchase price adjustments. The assets sold, according to the Company, generated 1,000 Boepd, during March 2017. Abraxas retained about 948 net held by production acres held in the high-value Porcupine/Frazier Federal area, which the Company plans to transact on in the near future.

Operational Update and Guidance

Abraxas additionally announced that it has successfully completed the Stenehjem 6H-9H in McKenzie County, North Dakota Abraxas with a 75% working interest. The Company recently finished drilling the plugs out on all four wells and is in the process of installing production tubing, where early production has been in-line with expectations. In the Ward County, the Company's Texas unit successfully completed the Caprito 98 201H and 301HR, where it recently drilled out plugs on both wells, post which, the flow back is expected shortly. Post the recent acquisition, the Company holds 98% working interest in these wells.

Post the Delaware Basin acquisition, and removal of one Eagle Ford Well, the Company is increasing the capital expenditure budget to $120 million for 2017, according to the announcement made on July 14, 2017. The Company's $120 million capital budget consists of $110 million in cash with the remainder in equity and ranch value linked with the acquisition and asset-exchange. The Company's cash capital expenditures for 2017 remain at $110 million, where with continued cost control and the divestiture of high LOE barrels, the Company has reduced the midpoint of LOE guidance by about $1.00/bbl.

Last Close Stock Review

On Friday, July 14, 2017, Abraxas Petroleum's shares were slightly up 0.62%, finishing the day at $1.63 with volume of 1.31 million shares exchanging hands by the close of the trading session. For the last twelve months, the stock has soared 38.14%. At Friday's closing price, the stock's net capitalization stands at $265.40 million.

PRESS RELEASE PROCEDURES:

The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third party research service company (the "Reviewer") represented by a credentialed financial analyst [for further information on analyst credentials, please email contact@protraderdaily.com. Rohit Tuli, a CFA® charter holder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by PRO-TD. PRO-TD is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.

NO WARRANTY

PRO-TD, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. PRO-TD, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, PRO-TD, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.

NOT AN OFFERING

This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither PRO-TD nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://protraderdaily.com/disclaimer/.

CONTACT

For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:

Email: contact@protraderdaily.com

Phone number: (917) 341.4653

Office Address: Mainzer Landstrasse 50 Frankfurt am Main, Germany 60325

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

SOURCE: Pro-Trader Daily

ReleaseID: 468306

LONDON, UK / ACCESSWIRE / July 17, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Abraxas Petroleum Corp. (NASDAQ: AXAS), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=AXAS. The Company announced on July 14, 2017, the signing of an agreement to acquire 853 net Delaware Basin Bone Spring/Wolfcamp acres and also offered a divestiture update. The Company agreed to acquire the 973 total net acres, or 853 net acres in the Bone Spring/Wolfcamp rights, in the Delaware Basin for $4.3 million in cash, 2.0 million shares of the Company's common stock, Abraxas' 12,188 net acres Pecos County Ranch, and ½ of Abraxas' owned minerals under Cayonosa Draw. For immediate access to our complimentary reports, including today's coverage, register for free now at:

http://protraderdaily.com/register/

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on AXAS. Go directly to your stock of interest and access today's free coverage at:

http://protraderdaily.com/optin/?symbol=AXAS

The Announcement

Abraxas recently signed a definitive agreement acquire 130 Boepd and 973 net mineral acres, where the purchased acreage is held by production and includes incremental working interests in Abraxas' Caprito leasehold, where the additional units are present in Ward County and interests in Reeves, Winkler and Pecos County. The acreage, according to the Company is perspective up to four zones across the Wolfcamp and Third Bone Spring. The effective date of the transaction was February 10, 2017, where the closing is scheduled for August 2017. The Company also plans to fund the cash portion of the acquisition through the Powder River Basin divestiture. Abraxas' working interest, post the execution of the agreement, in the Caprito 98-201H and 301HR will move from 88% to 98%.

The Powder River Basin Sale

On April 01, 2017, Abraxas entered into a definitive agreement to sell a portion of the Company's Powder River Basin assets for gross proceeds of $4.6 million subject to standard purchase price adjustments. The assets sold, according to the Company, generated 1,000 Boepd, during March 2017. Abraxas retained about 948 net held by production acres held in the high-value Porcupine/Frazier Federal area, which the Company plans to transact on in the near future.

Operational Update and Guidance

Abraxas additionally announced that it has successfully completed the Stenehjem 6H-9H in McKenzie County, North Dakota Abraxas with a 75% working interest. The Company recently finished drilling the plugs out on all four wells and is in the process of installing production tubing, where early production has been in-line with expectations. In the Ward County, the Company's Texas unit successfully completed the Caprito 98 201H and 301HR, where it recently drilled out plugs on both wells, post which, the flow back is expected shortly. Post the recent acquisition, the Company holds 98% working interest in these wells.

Post the Delaware Basin acquisition, and removal of one Eagle Ford Well, the Company is increasing the capital expenditure budget to $120 million for 2017, according to the announcement made on July 14, 2017. The Company's $120 million capital budget consists of $110 million in cash with the remainder in equity and ranch value linked with the acquisition and asset-exchange. The Company's cash capital expenditures for 2017 remain at $110 million, where with continued cost control and the divestiture of high LOE barrels, the Company has reduced the midpoint of LOE guidance by about $1.00/bbl.

Last Close Stock Review

On Friday, July 14, 2017, Abraxas Petroleum's shares were slightly up 0.62%, finishing the day at $1.63 with volume of 1.31 million shares exchanging hands by the close of the trading session. For the last twelve months, the stock has soared 38.14%. At Friday's closing price, the stock's net capitalization stands at $265.40 million.

PRESS RELEASE PROCEDURES:

The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third party research service company (the "Reviewer") represented by a credentialed financial analyst [for further information on analyst credentials, please email contact@protraderdaily.com. Rohit Tuli, a CFA® charter holder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by PRO-TD. PRO-TD is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.

NO WARRANTY

PRO-TD, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. PRO-TD, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, PRO-TD, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.

NOT AN OFFERING

This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither PRO-TD nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://protraderdaily.com/disclaimer/.

CONTACT

For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:

Email: contact@protraderdaily.com

Phone number: (917) 341.4653

Office Address: Mainzer Landstrasse 50 Frankfurt am Main, Germany 60325

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

SOURCE: Pro-Trader Daily

ReleaseID: 468306

Source URL: http://marketersmedia.com/featured-company-news-abraxas-announces-acquisition-of-853-net-delaware-basin-acres-offers-divestiture-update/218110

Source: AccessWire

Release ID: 218110


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