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Abraxas Petroleum to sell assets in south, west Texas for about $7.9M

San Antonio-based Abraxas Petroleum Corp. signed agreements with an undisclosed buyer for the sale of its remaining south Texas assets and non-operated acreage position in Reeves County in west Texas for about $7.9 million.

The deals are expected to close within the next 45 days, Abraxas said in an Oct. 3 news release.

The assets had an average production of around 310 barrels of oil equivalent in August, with 49% composed of crude oil.

During the second quarter, the company produced an average of 9,572 boe/d, around 71% of which was crude oil.