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

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.

...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.
— Bob Watson, CEO
Abraxas Petroleum WyCross Eagle Ford Acreage Map - McMullen County
Abraxas Petroleum WyCross Eagle Ford Acreage Map - McMullen County

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

BHP Job Fairs Underway in the Eagle Ford

Eagle Ford Event Registration Line Photo
Eagle Ford Event Registration Line Photo

BHP began holding jobs fairs this past week and still has a few on the schedule. If you're looking for a South Texas oilfield job, BHP is one of the largest operators in the play and plans to hire hundreds in the region. The company plans three job fairs next week:

  • April 9th – Oil & Gas Industry Job Fair, (5:30-7:30 pm) BHP Billiton Petroleum Job Fair, Floresville Event Center in Floresville, TX
  • April 10th – Oil & Gas Industry Job Fair, (5:30-7:30 pm) BHP Billiton Petroleum Job Fair, Jourdanton Community Center in Jourdanton, TX.
  • April 11th – Oil & Gas Industry Job Fair, (5:30-7:30 pm) BHP Billiton Petroleum Job Fair, Solomon P. Ortiz Center in Corpus Christi, TX.

The company employs 1,800 people in the area today and expects to have more than 3,000 employees when its Eagle Ford office opens in 2016.

If you'd like, you can read more about BHP's Eagle Ford History Here.