This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Abraxas Provides Operational Update

Stocks in this article: AXAS

Abraxas Petroleum Corporation (NASDAQ:AXAS) is pleased to provide the following operational update.

Eagle Ford Shale

In McMullen County, the Cobra B 1H averaged 592 boepd (95% oil) on a restricted choke over its first 30 days of production. The Mustang 1H was successfully completed with a 19 stage completion in mid-December and is currently flowing to sales at rates above the Company’s in-house type curve. The Corvette C 1H reached TD at 15,049 feet in under 8 drilling days and is scheduled to be completed in mid-January. Abraxas recently spudded the Gran Torino A 1H and is currently drilling the curve at 9,600 feet. Abraxas owns a 25% working interest in the Cobra B 1H and Corvette C 1H and an 18.75% working interest in the Mustang 1H and Gran Torino A 1H.

Williston Basin

Drilling continues on the Company’s Lillibridge East PAD with intermediate casing set on the 1H and 2H. The curve is currently being built on the Lillibridge 3H after which the rig will move to the 4H. Abraxas owns an approximately 37% working interest in the Lillibridge PAD. The expected mid-December completion of the Raven 2H has been delayed by the discovery of a third party downhole equipment failure, which required remediation work. Remediation work is expected to be completed in the near future with a revised stimulation date set for late January. The Ravin 3H recently experienced similar mechanical completion issues to the Ravin 2H. Remediation work will begin on the Ravin 3H post the completion of the Ravin 2H with an expected stimulation date in mid-February. Abraxas owns a 49% working interest in both the Ravin 2H and 3H.

Bob Watson, President and CEO of Abraxas, commented, “Although we are disappointed with the completion delays in the Bakken, operations continue to perform exceptionally well at Abraxas with well results and efficiency gains in our Bakken and Eagle Ford drilling programs consistently above expectations. We now enter 2013 anticipating a strong and immediate production boost from our forthcoming Bakken and Eagle Ford completions.”

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

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.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs