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August 4, 2014
16:37 EDTAXASAbraxas Petroleum reports Q2 production average 4,987 boepd
Abraxas Petroleum provided an operational, production and guidance update. At Abraxas’ Jourdanton prospect in Atascosa County, Texas, the company said it successfully completed the Ribeye 1H and Ribeye 2H with a combined 49 frac stages. After drill out, the wells will be placed on production and thirty day rates will be provided when available. At Abraxas’ Dilworth East prospect, the R. Henry 2H averaged 780 boepd over the well’s first 30 full days of production. At Abraxas’ North Fork prospect, in McKenzie County, North Dakota, the Company completed the Ravin 5H, 6H and 7H with a combined 99 frac stages. The Ravin 4H was completed with seven stages before encountering mechanical issues. The company elected to pull the 4.5 inch tie back string, polished bore receptacle and seal assembly before resuming the fracture stimulation of the well. It is anticipated the Company will resume the completion of the Ravin 4H and turn the well to sales by late September. The Ravin 5H, 6H and 7H, which will test 660 foot spacing in the Middle Bakken, are expected to begin flowback shortly. Production for Q2 averaged approximately 4,987 boepd, 312 boepd above the midpoint of guidance of 4,600-4,750 boepd. IT sees 2014 production of 6,500-6,700 Boepd.
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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