Abraxas Petroleum Corp.'s bank account is $18.8 million fuller after concluding its sale of its Nordheim, Texas assets targeting the Eagle Ford Shale.
Abraxas Petroleum Corp. generated net proceeds of $18.8 million from the sale of the company?s Nordheim Eagle Ford assets after accounting for purchase price adjustments, the company said Wednesday.
?We are very enthused by our continued execution on the A&D front with the closing of the Nordheim divestiture,? Abraxas President and CEO Bob Watson says. ?Abraxas now enters 2013 poised for strong growth, a leaner balance sheet and an enviable asset base.?
Nordheim, Texas is located south of San Antonio in DeWitt County. The fields target the Eagle Ford Shale geological region.
San Antonio-based Abraxas (NASDAQ: AXAS) is a crude oil and natural gas exploration and production company. Abraxas has remaining operations in the Rocky Mountain, Mid-Continent, Permian Basin and onshore Gulf Coast regions of the U.S., as well as Alberta, Canada.
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James Aldridge oversees online content of the newspaper; edits and reports stories for the online edition.
Source: http://feedproxy.google.com/~r/vertical_16/~3/Z3nZqGRKkgg/abraxas-banked-nearly-19-million-from.html
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