Abraxas Petroleum stated that the properties are primarily located in the Rockies and Mid-Continent regions of the US and include approximately 1,500 gross wells, of which 82% are proved developed and producing. The property has estimated proved reserves of approximately 61.5 billion cubic feet (bcfe) or 10,250 million barrels of oil equivalent (mboe).
Current daily net production at the properties amounts to around 12.3 million cubic feet per day or 2,050 barrels of oil equivalent per day. Oil accounts for 52% of the reserves. The properties have a reserve-to-production ratio of approximately 14 years.
Abraxas Energy Partners acquired approximately 57.2bcfe or 9,525mboe of the estimated proved reserves for $126 million. Abraxas Petroleum acquired approximately 4.3bcfe or 725mboe of the estimated proved reserves for $5.6 million.
Barbara Stuckey, president of Abraxas Energy’s general partner, said: Our percentage of proved developed producing reserves, percentage of oil production, and our reserve-to-production ratio will increase considerably and complement our existing asset base with a more diverse, stable long-lived production profile.
