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ABRAXAS TO ACQUIRE SOUTH TEXAS OIL AND GAS PROPERTIES

 SAN ANTONIO, Texas, Feb. 16 /PRNewswire/ -- Abraxas Petroleum Corporation (NASDAQ: AXAS) today announced that its wholly-owned subsidiary, Abraxas Production Corporation, has entered into an agreement to acquire a group of South Texas oil and gas properties from a major oil company, subject to final approval of that company's senior management. The properties currently produce approximately 1,400 barrels of oil and natural gas liquids and 6.8 million cubic feet of gas per day. An affiliate of Endowment Energy Partners, Abraxas' primary lender, has agreed to finance a portion of the acquisition. The balance of the acquisition price will be financed by the sale by Abraxas of a 50 percent non-operating overriding royalty interest to a pension trust fund. Closing is scheduled for March 1993.
 Abraxas Petroleum Corporation is a San Antonio-based oil and gas exploration and production company with operations in eight states.
 -0- 2/16/93
 /CONTACT: Robert L. G. Watson, president of Abraxas Petroleum Corporation, 210-828-5354, or Larry Howell, Howell Communications, Inc., 214-340-9994, for Abraxas/
 (AXAS)


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

KD -- NY030 -- 6775 02/16/93 09:48 EST
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Publication:PR Newswire
Date:Feb 16, 1993
Words:188
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