This Day On The Street
Continue to site
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

Abraxas Provides Third Quarter 2013 Production, Guidance, Operational And A&D Update

Abraxas Petroleum Corporation (NASDAQ:AXAS) is pleased to provide a third quarter 2013 production, operational, guidance and divestiture update.

Third Quarter 2013 Production

Abraxas’ production for the third quarter of 2013 averaged 4,781 boepd (2,733 barrels of oil per day, 9,457 mcf of natural gas per day and 472 barrels of NGLs per day) a 16% and 19% increase in production over the second quarter of 2013 and third quarter of 2012, respectively. Oil volumes grew 32% and 54% over the second quarter of 2013 and third quarter of 2012, respectively.

2013 Guidance

Abraxas recently made several changes to its capital budget announced August 13, 2013.

In the Eagle Ford the company elected to mobilize back to WyCross following the drilling of the Blue Eyes 1H in Atascosa County versus the originally planned mobilization to the Cave Prospect in McMullen County. Abraxas will now drill two wells at WyCross, the Camaro A 2H and Camaro A 5H, before mobilizing the rig at year end to the Cave prospect. The two WyCross wells carry a lower working interest of 25% versus the originally planned 100% working interest well at Cave.

In the Williston Basin, Abraxas elected not to drill the Crusch 2-33 due to overly onerous lease renegotiation terms. The drilling on the Christensen 12-2 was postponed until the second quarter of 2014. Also in the Williston Basin, drilling on the Lillibridge West pad was completed a month ahead of schedule bringing forward originally planned 2014 CAPEX on the company’s 76% working interest Jore Federal East pad into 2013. Furthermore, in order to ensure a safe operating environment, Abraxas elected to shut in the Jore 3H well during the drilling process of the Jore 1H, 2H and 4H. The Jore 3H well produced approximately 123 boepd net to Abraxas before being shut in.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,730.11 -27.80 -0.16%
S&P 500 2,076.78 -0.64 -0.03%
NASDAQ 5,009.2140 -3.9090 -0.08%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs