Could hardly believe how management got such beneficial acquisition completed. The acres in question is in the Ambrose and West Ambrose fields.
Notice that the actual price eventually will be far below $8 million:
"The purchase price for the Interests is $8 million (the "Purchase Price"), of which 30% was paid by us on December 31, utilizing a portion of the advance that we had received under the Swap Facility described above in this Current Report. The balance of the Purchase Price is payable by June 28, 2013. We will receive the net revenues generated by the Interests relating back to November 1, 2012, which will reduce our effective price. The amount of such net revenues is not known as of the date of this Current Report."
I do not know for sure who is the seller, but I guess it could be Abraxas (AXAS).