McCabe Petroleum Corporation entered into a letter agreement to acquire stake in Locker State, Graham, Woods, Jackson and Emily Bell Prospects from Arabella Exploration, Inc. (OTCPK:AXPL.F) on April 15, 2015. In a related transaction, an unknown buyer entered into a purchase and sale agreement to acquire stake in Locker State, Graham, Woods, Jackson and Emily Bell Prospects from Arabella Exploration, Inc. (OTCPK:AXPL.F) on July 1, 2015. Combined deal value of both the transaction is approximately $47 million satisfied by $15 million in cash, transfer of a producing property in the Southern Delaware Basin and return of 1 million of Arabella’s ordinary shares and the rights to certain earn-out shares valued at approximately $3 million. The closing of the transaction is subject to buyer receiving the approval of its Board of Directors, buyer receiving financing for the transaction, court approval of a bankruptcy court in the event of a bankruptcy filing of Arabella. The transaction is expected to close on or about July 31, 2015. McCabe Petroleum Corporation cancelled the acquisition of stake in Locker State, Graham, Woods, Jackson and Emily Bell Prospects from Arabella Exploration, Inc. (OTCPK:AXPL.F) on October 16, 2016.