Lime Rock Resources V-A, L.P. managed by Lime Rock Management LP acquired Certain Oil, Gas, and Mineral Properties in the Williston Basin Region of North Dakota from Abraxas Petroleum Corporation (OTCPK:AXAS) for $87.2 million on January 3, 2022. The purchase price is subject to adjustments. The size of the Abraxas board of directors has been increased to five members: two continuing Abraxas directors and three new directors designated by AG. Effective with consummation of the transactions, two AG directors have been appointed to the Board, and a third AG member will be added later in January. Jeffrey C. Gifford of Dykema Gossett PLLC acted as legal advisor to Abraxas Petroleum Corporation. Petrie Partners Securities, LLC served as financial advisor to Abraxas. Holland & Hart LLP served as legal counsel to Abraxas.

Lime Rock Resources V-A, L.P. managed by Lime Rock Management LP completed the acquisition of Certain Oil, Gas, and Mineral Properties in the Williston Basin Region of North Dakota from Abraxas Petroleum Corporation (OTCPK:AXAS) on January 3, 2022.