Abraxas Petroleum Corporation announce the signing of a definitive agreement to sell the majority of the Company's non-operated Bakken properties and provide a financial update.

Non-Operated Bakken Definitive Agreement

Abraxas signed an agreement to sell the majority of the Company's non-operated Bakken properties to Natural Resource Partners L.P. for $35.3 million plus the assumption of an estimated $8.1 million in AFEs from 22 wells that are producing, have recently been drilled or completed or Abraxas has elected to participate. The sale is subject to customary closing conditions and purchase price adjustments and reflects an effective date of March 1, 2013. The asset consists of approximately 13,500 net Bakken acres. Closing is scheduled for the third quarter of 2013. E-Spectrum Advisors LLC acted as divestiture agent for Abraxas on the sale.

Tags: Abraxas Petroleum Corporation