Arabella Exploration, Inc. has entered into a Purchase and Sale Agreement with a third party buyer, dated as of July 1, 2015, and a letter agreement with McCabe Petroleum Corporation, dated as of April 15, 2015, pursuant to which Arabella will sell its ownership interest in certain of its properties for cash and properties with a potential value totaling approximately $47 million.

Pursuant to the agreements, the transactions will close simultaneously and Arabella will transfer its Locker State, Graham, Woods, Jackson and Emily Bell prospects to the Buyer and will receive cash from the Buyer and certain properties from McCabe. Arabella will receive the following in connection with the two transactions:

Tags: Arabella Exploration