Abraxas Petroleum provides update on Williston Basin Drilling continues on the Company’s Lillibridge East PAD with intermediate casing set on the 1H and 2H. Abraxas just reached TD on the curve of the Lillibridge 3H. After setting intermediate casing on the Lillibridge 3H, the rig will move to drill the curve of the Lillibridge 4H. Abraxas recently received final consents on the Lillibridge PAD and now holds an approximately 34.14% working interest across the four Lillibridge wells. The Ravin 2H and 3H are now anticipated to be completed mid-February. Abraxas owns a 49% working interest in both the Ravin 2H and 3H.
Abraxas Petroleum sees FY15 7,200-7,300 Boepd Sees FY15 operating costs LOE $10.00-$12.00/BOE. Sees FY15 CapEx $53.8M. The company expects production guidance sees potential upside from non-operated participating and higher working interest in operated wells. It also sees potential downside from any additional flaring and associated NDIC curtailments, completion delays and offsetting well shut-ins, higher than anticipated work-over activity.