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Stock Market & Financial Investment News

News Breaks
February 20, 2013
17:47 EDTAXASAbraxas Petroleum commences sale process for Bakken/Three Forks assets
Abraxas recently retained E-Spectrum Advisors to market its non-operated Bakken and Three Forks assets in North Dakota and Montana. The potential divestiture consists of approximately 435 boepd and 14,502 net acres. If the company is successful in achieving an acceptable price for these assets, the proceeds will be used to pay down the company's revolver and redeployed into its core operated Bakken and Eagle Ford assets.
News For AXAS From The Last 14 Days
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July 28, 2015
16:41 EDTAXASAbraxas Petroleum reports Q2 production averaged 5,471boepd
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July 23, 2015
11:22 EDTAXASAbraxas Petroleum 'unaware' of reason for recent stock price underperformance
Abraxas Petroleum Corporation commented on recent market conditions. Aside from weakness in the general commodity markets, Abraxas is unaware of any fundamental reason for the company’s recent stock price underperformance. Abraxas notes that the company exited June 30, 2015 $108 million borrowed on the company’s $165 million borrowing base. With an additional nine well completions during the quarter, and only bank deb in the Company’s capital structure, the company is very comfortable with its asset coverage. Additionally, with a $55 million capital program that approximates forecasted cash flow, the company remains comfortable this strong financial positioning should continue through 2015. Moreover, the company reiterates that in outer years, it currently forecasts it can hold production at over 7,000 boepd running a one rig Bakken program, which approximates a $50-$60 million capital program. Abraxas also reiterates the company’s 2015 production guidance of 6,500-7,000 boepd. Abraxas plans to close out the company’s second quarter production and financial results the week of July 27, 2015. In the coming week Abraxas will also have 30 day rates for the company’s four Bakken and two Eagle Ford completions. When these results are available, Abraxas will furnish them to the Street.

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