Abraxas Petroleum Corp (fka AXAS)

[eFinanceMarkets]

$AXAS Abraxas Petroleum buys Permian acreage for cash, stock, land combo

Abraxas Petroleum (NASDAQ:AXAS) agrees to acquire 853 net Bone Spring/Wolfcamp acres and 130 boe/day (81% natural gas) in the Delaware Basin from an unnamed seller for $4.3M in cash, 2M shares and ~12K net acres and half of the company's owned minerals under the Cayonosa Draw.

AXAS also agrees to sell part of its Powder River Basin assets for $4.6M to an unnamed buyer.

Following the deals, AXAS raises its 2017 capex budget to $120M and reduces the midpoint of its LOE guidance by ~$10/bbl.