Abraxas Petroleum poised to benefit from Permian Basin land rush
An oil field land rush is underway in the Permian Basin, where San Antonio-based Abraxas Petroleum Corp. has devised several strategies to take advantage of its 17,000 acres in West Texas.
Like other exploration and production companies, Abraxas Petroleum (Nasdaq: AXAS) has been struggling with a prolonged oil and gas price downturn that has entered its second year.
Earlier this year, the San Antonio-based company put its 17,405 acres of land in Reeves, Ward and Pecos counties up for sale following...