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.

 

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