Abraxas to repay revolving credit facility debt via Eagle Ford sale

By Tali David

Minneapolis, Dec. 9 - Abraxas Petroleum Corp. plans to repay indebtedness under its revolving credit facility with the proceeds from the agreement to sell its Eagle Ford interests at WyCross in McMullen County, Texas, according to an 8-K filed with the Securities and Exchange Commission.

Proceeds will then be redeployed into additional operated lease blocks in the Eagle Ford and Bakken.

Abraxas is a San Antonio, Texas-based energy company.

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