Abraxas Petroleum Sells Eagle Ford Acreage in McMullen County to Redman Resources – $73 Million

Abraxas Retains ~4,400 Net Acres in Atascosa & McMullen Counties
Abraxas Eagle Ford Map - Pre WyCross Sale

Abraxas Eagle Ford Map – Pre WyCross Sale

Abraxas Petroleum is selling Eagle Ford acreage and production in the company’s WyCross area in McMullen County for $73 million.

The deal includes ~1,200 net acres from a 25% working interest in 5,986 gross (4,809.5 net) acres and net production of 655 boe/d (~90% oil). Proved reserves on the property were estimated at 3.7 million boe.

Abraxas retained ~4,000 net acres near Jourdanton in Atascosa County and ~400 net acres in the Cave area in McMullen County. Abraxas recently completed its second well on its Jourdanton area acreage and is in the process of drilling its first well in the Cave area in McMullen County.

Bob Watson, CEO, commented, “…Although the WyCross properties were certainly of the highest quality, they carried a low working interest and are now non-operated. We continue to identify additional lease blocks available in our targeted regions of the Eagle Ford and expect to be in a position to announce additional Eagle Ford acreage acquisitions in the near future.”
Abraxas Petroleum WyCross Eagle Ford Acreage Map - McMullen County

Abraxas Petroleum WyCross Eagle Ford Acreage Map – McMullen County | Click to Enlarge

Mr. Watson also stated the company will focus on its high quality, operated assets. Abraxas was not the operator on the WyCross acreage and held a minority (25% WI) interest in the development.

Abraxas is expected to use the proceeds to pay down the company’s bank line and redeploy capital into operated lease blocks in the Eagle Ford and Bakken.

Read the full press release at abraxaspetroleum.com

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R.T. Dukes

R.T. Dukes

Managing Editor at EagleFordShale.com
R.T. is the managing editor of EagleFordShale.com. In prior roles, he advised major oil companies on strategy, the macro business environment, and opportunity screening. 2503 Robinhood, Houston, TX, 77005, U.S.A. | Telephone: 832.429.4790


  1. Per report by IHS M&A research, buyer is F-250 LLC, an entity affiliated with private equity sponsor Redman Resources LLC (redmanresources.com).

    • R.T. Dukes R.T. Dukes says:

      Thanks Jon, Good info. That’s a private company that has held various interests throughout the U.S.

  2. R.T. Dukes R.T. Dukes says:

    Rough estimate – Assuming $100,000 per flowing barrel, $60 million is attributable to production and $13 million to undeveloped acreage, etc.

    If you ignore the current wells, which a lot of people do, Abraxas is getting $73 million / 1,200 net acres = ~$61,000/acre

    Anyone know who the buyer is?

    • Travis Simmons (Nabors District Sales Rep.) says:

      I am interested in who this undisclosed buyer is as well. After some research, I found out that back in March, Abraxas sold the majority of their non-operated Bakken properties to Natural Resources L.P. Maybe they are working a deal down here as well..??

    • R.T. Dukes R.T. Dukes says:

      It could be and we’ll likely here from Natural Resource Partners if it is. If we don’t hear anything, it’s likely the operator or a company that also has interests in the area.

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