Abraxas adds to Bakken/Three Forks interest, reaffirms borrowing base

Abraxas Petroleum Corp. (NASDAQ: AXAS) has acquired an additional Bakken/Three Forks interest and has reaffirmed its borrowing base.

Abraxas has acquired an additional 210 net Bakken acres. The addition of this acreage gives Abraxas a majority interest in one additional unit offsetting the company’s North Fork acreage. Abraxas now plans to go before the North Dakota Industrial Commission (NDIC) to install the company as operator on the unit, where it now holds a controlling interest. With approval of downspacing by the NDIC, this unit has the potential to add an additional 15 operated Bakken and Three Forks wells to Abraxas’ North Fork inventory.

Abraxas’ bank group has reaffirmed the borrowing base under the Abraxas’ senior secured revolving credit facility at $165 million following its lenders’ regularly scheduled semi-annual redetermination. There were no other changes to the terms of the credit facility resulting from this borrowing base redetermination.


Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...