Abraxas MLP To Buy 82% PDP From St. Mary For $140MM

The MLP Abraxas Energy Partners LP, San Antonio, plans to acquire producing properties in the Rockies and Midcontinent from St. Mary Land & Exploration Co., Denver, (NYSE: SM) for $140 million. The deal will be the privately held MLP's first acquisition. The assets include approximately 1,500 wells primarily in the Anadarko Basin in Oklahoma and in Montana, Wyoming and North Dakota producing 2,050 barrels of oil equivalent per day (52% oil, 82% proved developed producing). Proved reserves are 10.25 million barrels of oil equivalent. The reserves-to-production ratio is approximately 14 years.