A team of Jackson Walker attorneys recently represented San Antonio-based Abraxas Petroleum Corporation (NASDAQ:AXAS) in a set of deals that will increase the company’s land holdings in the Permian Basin.
The first deal, which closed in May, involved the acquisition of 1,894 acres of oil leases in the Permian Basin for $20.9 million. Jackson Walker also advised Abraxas in the subsequent sale of some of its production land in the Power River Basin of Wyoming for $4.6 million.
In a separate deal, Abraxas acquired 973 net acres of oil leases in the Permian Basin in exchange for $4.3 million in cash and 2 million shares of stock for the land. Abraxas also traded a 12,188-acre Pecos County ranch known as “Caynosa Draw” and half of that land’s mineral rights to the seller as part of the deal. The sale is expected to close in August.
The deals have enabled Abraxas to strengthen its presence in the Permian Basin. In acquiring the new land via an asset swap and use of equity, Abraxas was able to acquire the new assets with minimal capital expenditure.
The legal team was led by corporate attorney Steve Jacobs with support from Carl Glaze, Taelor Allen, and Art Cavazos. Jackson Walker previously represented Abraxas in the underwritten public offering of over 28 million shares of its common stock in 2017 and 11.5 million shares in 2014.
For more information, visit Jackson Walker’s Corporate practice.