Printer Friendly

ABRAXAS ACQUIRES SOUTH TEXAS OIL & GAS PROPERTIES FROM MOBIL

 SAN ANTONIO, Texas, April 5 /PRNewswire/ -- Abraxas Petroleum Corporation (NASDAQ: AXAS) today announced that its wholly owned subsidiary, Abraxas Production Corporation, has closed its previously announced acquisition from Mobil Producing Texas & New Mexico Inc. of Mobil's interest in the Portilla and Stedman Island Fields located along the central Texas Gulf Coast, and has agreed to close on or before May 3, 1993, the acquisition of Mobil's interest in White Point East Field. Included in the acquisitions are 45 producing oil and gas wells and two natural gas plants. Abraxas will become operator of 37 of the wells and both gas plants.
 The $41,000,000 cash acquisition was funded by the combination of a new credit facility in the aggregate amount of $16.5 million from Abraxas' primary lenders, Endowment Energy Partners, L.P. and certain of its affiliates, and the concurrent sale for $21 million of a 50 percent interest in the properties to a pension trust fund. The balance of the acquisition price was provided by internally generated cash.
 Abraxas estimates that the production attributable to its interest in these properties was approximately 700 barrels of oil and 3.4 million cubic feet of gas per day during 1992. This compares with Abraxas' actual production of approximately 520 barrels of oil and 1.4 million cubic feet of gas per day at year end 1992.
 Abraxas intends to pursue recompletion and developmental drilling efforts on the properties to increase production and to attempt utilization of the two gas plants which have a combined capacity of 40 million cubic feet of gas per day.
 Abraxas Petroleum Corporation is a San Antonio-based oil and gas exploration and production company with operations in eight states.
 -0- 4/5/93
 /CONTACT: Robert L.G. Watson of Abraxas Petroleum Corporation, 210-828-5354/
 (AXAS)


CO: Abraxas Petroleum Corporation ST: Texas IN: OIL SU: TNM

CK -- NY020 -- 2923 04/05/93 10:09 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 5, 1993
Words:318
Previous Article:GENERAL HOST CORPORATION AGREES TO ACQUIRE 49.5 PERCENT OF SUNBELT NURSERY GROUP'S STOCK
Next Article:KEMPER FINANCIAL SERVICES ANNOUNCES THE INTRODUCTION OF KEMPER OHIO TAX-FREE INCOME FUND
Topics:


Related Articles
ABRAXAS PETROLEUM CORPORATION ANNOUNCES APPROVAL OF BENNETT PETROLEUM ACQUISITION
ABRAXAS ANNOUNCES RECORD RESULTS FOR FIRST QUARTER 1993
ABRAXAS ANNOUNCES RESULTS FROM RECENT WELL ACTIVITY
SONAT INC. ANNOUNCES OIL AND GAS ACQUISITIONS
Abraxas Petroleum Corporation Announces Canadian Acquisition
Abraxas Petroleum Corporation Announces Purchase of Rocky Mountain Independent
Abraxas Petroleum Corporation Announces Terms of Acquisition of Vessels Energy, Inc.
PetroCorp Acquires Significant Position in South Texas Exploration Play
Abraxas Petroleum Corporation to Acquire New Cache Petroleums Ltd. for Approximately $83 Million.
Abraxas Petroleum Corporation Announces Acquisition of New Cache Petroleums Ltd.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters