Abraxas Petroleum continues to transact on lease blocks in Eagle Ford shale Abraxas continues to identify and transact on targeted lease blocks in its core focus areas of the Eagle Ford shale. Recently, Abraxas acquired approximately 440 net acres of leasehold in McMullen County known as Dilworth East. The company believes the acreage block can accommodate up to four 5,000 foot lateral wells. Abraxas expects to be in a position to announce further acreage acquisitions in the Eagle Ford in the near future.
Abraxas Petroleum downgraded to Hold at Canaccord As previously reported, Canaccord downgraded Abraxas Petroleum to Hold from Buy based on valuation in light of weaker oil prices. Canaccord lowered its price target on Abraxas Petroleum to $2.75 from $4.