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News Breaks
March 26, 2014
06:44 EDTAXASAbraxas Petroleum downgraded to Hold from Buy at Canaccord
Canaccord downgraded Abraxas citing valuation. Price target raised to $4.25 from $4.
News For AXAS From The Last 14 Days
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September 3, 2015
16:58 EDTAXASAbraxas Petroleum now sees FY15 production 5,800-6,500
braxas Petroleum provided the following financial and operational update. Abraxas' bank group recently reaffirmed the company's Borrowing Base at $165M. This Borrowing Base will be effective through April 1, 2016. In connection with the redetermination, Abraxas added 115 bopd of oil hedges in 2017 at $54.40/bbl. At Abraxas' North Fork prospect, in McKenzie County, North Dakota, the company delayed the completions of the Ravin 8H, Sten-Rav 1H and Stenehjem 5H. In anticipation of these fracture stimulations, the company had already begun temporarily abandoning offset wells. Abraxas has now restored these wells to production. Abraxas anticipates completing the wells when commodity prices stabilize, which could be in 2016. On the Stenehjem 10H-15H pad, Abraxas is currently drilling the intermediate section of the Stenehjem 13H. Abraxas plans to continue to run its company owned rig through the completion of this six well pad and build up an inventory of six to nine drilled uncompleted wells in the Bakken for 2016. Abraxas owns a working interest of approximately 74% and 78% in the Ravin Northwest wells and Stenehjem 10H-15H, respectively. With the deferral of the Bakken completions and proactive shutting in of marginal wells, as well as the continued intermittent performance of the third party gas processing facilities in the Bakken, Abraxas is adjusting the company's 2015 production guidance. The low end of the Company's guidance range reflects the deferral of the three well completions into 2016 and the continuation of gas capture issues for the remainder of 2015. The high end of the guidance range represents a three well completion and relief from gas capture issues early in the fourth quarter of 2015. Abraxas is also adjusting the company's CAPEX guidance to account for the costs associated with optimizing the company's operating expenses and the potential deferral of completions.
August 24, 2015
11:38 EDTAXASAbraxas Petroleum sees FY15 total production 6,500-7,000 Boepd
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