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Abraxas Announces Closing Of WyCross Divestiture; Provides 2014 Guidance And Divestiture Update

Abraxas Petroleum Corporation (NASDAQ:AXAS) is pleased to announce the closing of the previously announced WyCross divestiture, provide 2014 guidance and provide a divestiture update.

WyCross Closing

Abraxas recently closed the previously announced divestiture of the company’s WyCross assets for net proceeds of $71.4 million after accounting for all fees and purchase price adjustments. Proceeds were used to repay borrowings on the company’s bank line and will be ultimately redeployed into additional Bakken and Eagle Ford opportunities.

2014 Guidance

Abraxas’ Board of Directors recently approved a 2014 capital budget of $105 million. In the Bakken, the company will maintain its one rig continuous drilling program resulting in the drilling of 7.2 and completion of 6.4 net wells. In the Eagle Ford, the company will complete one well on its Cave prospect in McMullen County and drill and complete five net wells on its Jourdanton prospect in Atascosa County. Approximately $10 million is budgeted to be spent acquiring additional leasehold in Abraxas’ core areas, the Bakken and Eagle Ford.

    Net Wells    
Drilled     Completed Net CAPEX
Bakken 7.2 6.4 $53.8
Eagle Ford 5.0 6.0 $40.8
Leasehold/Other $10.4
$105
 

Taking this capital budget into consideration, Abraxas expects 2014 production to average between 4,900 and 5,100 boepd.

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