Abraxas Petroleum commences sale process for Bakken/Three Forks assets Abraxas recently retained E-Spectrum Advisors to market its non-operated Bakken and Three Forks assets in North Dakota and Montana. The potential divestiture consists of approximately 435 boepd and 14,502 net acres. If the company is successful in achieving an acceptable price for these assets, the proceeds will be used to pay down the company's revolver and redeployed into its core operated Bakken and Eagle Ford assets.
Abraxas Petroleum downgraded to Hold at Canaccord As previously reported, Canaccord downgraded Abraxas Petroleum to Hold from Buy based on valuation in light of weaker oil prices. Canaccord lowered its price target on Abraxas Petroleum to $2.75 from $4.