Abraxas Petroleum Corp. Provides Operational Update on its Eagle Ford and Bakken Assets
Jul 8 14
Abraxas Petroleum Corp. provided operational update on the company's Eagle Ford and Bakken assets. At Abraxas' Jourdanton prospect in Atascosa County, Texas, Abraxas drilled and cased the lateral of the Ribeye 1H at 14,983 feet. The company is currently drilling the lateral of the Ribeye 2H at 13,850 feet. These two long lateral wells represent the most westerly unit in the prospect and the first to be drilled off a common pad. The two wells are scheduled to be fracture stimulated in late July. At Abraxas' Cave prospect, in McMullen County, Texas, the company completed the Dutch 1H and the well is flowing to sales at encouraging rates. Following the completion of the Dutch 1H, the previously shut in Dutch 2H was also put back on production. After completing the drilling of the Ribeye 2H, Abraxas will mobilize the drilling rig to drill the second two well pad at Cave in the Dutch 3H and Dutch 4H. At Abraxas' Dilworth East prospect, in McMullen County, Texas, the company completed the R. Henry 2H and the well is flowing to sales at encouraging rates. At Abraxas' North Fork prospect, in McKenzie County, North Dakota, the Jore Federal 1H, completed in the Three Forks, averaged 1,037 boepd (840 barrels of oil per day, 1,183 mcf of natural gas per day) over the well's first 30 days of production. The Jore Federal 2H, completed in the Middle Bakken, averaged 833 boepd (660 barrels of oil per day, 1,039 mcf of natural gas per day) over the well's first 30 days of production. The Jore Federal 4H, completed in the Middle Bakken, averaged 975 boepd (790 barrels of oil per day, 1,112 mcf of natural gas per day) over the well's first 30 days of production. These three new wells share the same pad as the Jore Federal 3H, which was completed in the Three Forks in October 2012. The four Jore Federal wellbores are 660 feet apart and 1,320 feet apart in same reservoir. All three of the recent Jore wells were constrained on a smaller than normal choke to minimize flaring while the Company's third party gas processor debottlenecks their gathering system. On the Ravin West pad, Abraxas recently completed the drilling and casing of the Ravin 4H, 5H, 6H and 7H. The four Ravin wells, scheduled to be fracture stimulated in late July, will test 660 foot spacing in the Middle Bakken. Raven Rig #1 was successfully mobilized to the Stenehjem pad where the Company will add the Stenehjem 2H, 3H and 4H to the existing Stenehjem 1H. The four wellbores will be 330 feet apart and alternate between the Middle Bakken and Three Forks. Abraxas owns a working interest of approximately 76%, 51% and 73% in the Jore Federal, Ravin West and Stenehjem wells, respectively.
Abraxas Petroleum Seeks Acquisitions
Jun 24 14
Abraxas Petroleum Corp. (NasdaqCM:AXAS) is looking for acquisition opportunities. Abraxas Petroleum announced the pricing of the offering and intends to use the net proceeds from this offering of approximately $47 million to accelerate its 2014 drilling program on both its Bakken and Eagle Ford properties, acquire additional leased acreage primarily in the Eagle Ford and repay indebtedness outstanding under its credit facility and for general corporate purposes.
Abraxas Petroleum Corp. Enters into Third Amended and Restated Senior Secured Credit Facility
Jun 12 14
Abraxas Petroleum Corp. announced that on June 11, 2014, the company entered into a third amended and restated senior secured credit facility with Soci t G n rale, as administrative agent and issuing lender, and certain other lenders. At closing, company borrowed approximately $80.0 million under the amended credit facility to refinance the previous credit facility and for general corporate purposes. The amended credit facility has a maximum commitment of $300.0 million and availability under the amended credit facility will be subject to a borrowing base. The borrowing base under the amended credit facility is currently $162.5 million and will be re-determined semi-annually by the lenders based upon the reserve reports. Outstanding amounts under the amended credit facility bear interest at (a) the greater of (1) the reference rate announced from time to time by Soci t G n rale, (2) the Federal Funds Rate plus 0.5%, and (3) a rate determined by Soci t G n rale as the daily one-month LIBOR plus, in each case, (b) 0.75% 1.75%, depending on the utilization of the borrowing base, or, if company elect, LIBOR plus, in each case, 1.75% 2.75% depending on the utilization of the borrowing base. At closing, the interest rate on the amended credit facility was approximately 2.9% assuming LIBOR borrowings. Subject to earlier termination rights and events of default, the stated maturity date of the amended credit facility is June 30, 2018. Interest is payable quarterly on reference rate advances and not less than quarterly on Eurodollar advances.