Abraxas Petroleum Corporation (NASDAQ:AXAS) today provided an operational update.
West Texas – Spires Ranch
Abraxas today announced that the Spires Ranch 89-1H well has been completed and is currently flowing approximately 828 barrels of oil per day and 734 mcf per day of gas on a 30/64 inch choke with 230 pounds of flowing tubing pressure. This horizontal well was drilled to a total depth of approximately 9,850 feet including an approximate 2,800 foot horizontal section. The well was completed open hole with no stimulation. Abraxas owns a 100% interest in the Spires Ranch lease.
Rocky Mountain – North DakotaAbraxas also announced today that its Jore Federal 2-11-3H well in McKenzie County, North Dakota has been drilled to a total depth of approximately 20,620 feet including an approximate 10,000 foot horizontal lateral. We are currently preparing to run production casing after significant shows of oil and gas were encountered while drilling the lateral. Abraxas owns an approximate 76 percent interest in the Jore Federal Unit. Comments “We are extremely encouraged with these well results as they validate our aggressive capital program to develop new oil reserves and production. In West Texas, the Spires well was a step out from our own previous production and indicates a sizeable area of higher pressure reservoir may be located under our 5,800 acre Spires Ranch lease. The Jore well in North Dakota is the third on a three well pad and sets up a mid October frac date for three wells which should be a significant contributor to Q-4 production and cash flow,” commented Bob Watson, Abraxas’ President and CEO. Abraxas Petroleum Corporation is a San Antonio based crude oil and natural gas exploration and production company with operations across the Rocky Mountain, Mid-Continent, Permian Basin and onshore Gulf Coast regions of the United States and in the province of Alberta, Canada.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV