SAN FRANCISCO (Thomson Financial) - Abraxas Petroleum Corp. said Tuesday a
subsidiary of Abraxas Energy Partners L.P. has agreed to acquire oil and gas
properties for $140 million from St. Mary Land & Exploration Co.
The acquisition is expected to close during the first quarter of 2008.
The properties, which are primarily located in the Rockies and mid-continent
regions of the U.S., include about 1,500 wells.
Abraxas Energy has delayed its initial public offering because of the effect
of the acquisition on the required disclosure for its registration statement,
the company added.
Shares of San Antonio-based Abraxas Petroleum fell 1 cent to $3.47, while
St. Mary shares fell 26 cents to $41.25.
Gabriel Madway
gm/jw
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