The oil and gas company now expects to produce between 6,900 and 7,000 barrels of oil equivalent a day (boe/day) for the third quarter, up from its previous guidance of 6,500 to 6,700 boe/day for the quarter. Abraxas Petroleum lowered its expected operating costs for the quarter to between $12 and $13 a barrel from its previous expectations of between $13 and $14 a barrel.
Abraxas Petroleum also said its three wells in the North Fork prospect in North Dakota have been on production for an average of 27 days and each well produced 1,268 boe/day during that period.
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TheStreet Ratings team rates ABRAXAS PETROLEUM CORP/NV as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate ABRAXAS PETROLEUM CORP/NV (AXAS) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, solid stock price performance, expanding profit margins, good cash flow from operations and largely solid financial position with reasonable debt levels by most measures. We feel these strengths outweigh the fact that the company has had sub par growth in net income."