Abraxas Petroleum Operations Update Reveals Strong Initial Production (IP) Rate for McMullen County Well

In its' First 30-days, the Dutch 2H Had Average Production of 1,093 boe/d
Abraxas Petroleum, Cave Prospect Map

Abraxas Petroleum, Cave Prospect Map | Click to Enlarge

San Antonio-based Abraxas Petroleum Corp. had good initial production on one of its’ Cave Prospect wells, located in McMullen County, in the first-quarter of the year. In its’ first 30-days, the Dutch 2H had average production of 1,093 boe/d.

According to company officials, Abraxas will shut-in the well for 60-days to drill an off-set well, when drilling is completed on its’ Eagle Eyes 1H well, located in the company’s Jourdanton prospect, in Atascosa County.

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Abraxas Petroleum Sells Eagle Ford Acreage in McMullen County to Redman Resources – $73 Million

Abraxas Retains ~4,400 Net Acres in Atascosa & McMullen Counties
Abraxas Eagle Ford Map - Pre WyCross Sale

Abraxas Eagle Ford Map – Pre WyCross Sale

Abraxas Petroleum is selling Eagle Ford acreage and production in the company’s WyCross area in McMullen County for $73 million.

The deal includes ~1,200 net acres from a 25% working interest in 5,986 gross (4,809.5 net) acres and net production of 655 boe/d (~90% oil). Proved reserves on the property were estimated at 3.7 million boe. [Read more…]

Abraxas Petroleum Selling Eagle Ford Acreage for $20 Million

Abraxas will focus in its core area of 999 net acres in McMullen County
Abraxas Petroleum Eagle Ford Map

Abraxas Petroleum Eagle Ford Map | Click to Enlarge

Abraxas Petroleum has reached an agreement with an institutional buyer to sell 544 net acres in the Nordheim area for $20 million. The acreage is located in the wet gas and condensate window of the Eagle Ford in DeWitt County. The asset is producing 64 boe/d, with more than half attributable to natural gas and the other half split between NGLs and oil. Abraxas is also reserving rights to the Edwards formation and will not lose potential upside from other developments.

Abraxas also recently agreed to sell an overriding royalty interest in the Alberta Basin Bakken for almost $3 million. I suspect the money will be used to expand development in the company’s core areas of the Bakken Shale, Eagle Ford Shale, and Permian Basin. As of 2012, about half of the company’s capital budget was allocated to the Bakken. [Read more…]

Abraxas Petroleum Eagle Ford Well Results – September

Abraxas Petroleum provided an operations update on the Eagle Ford. The company’s first well in DeWitt County produced more almost 260,000 barrels equivalent in the first seven months and is currently producing 800 barrels of oil equivalent per day. A Talisman operated well, in which the company has an interest, came online in mid-August producing 1,500 barrels of oil equivalent per day after the companies completed a 14 stage frac stimulation. Abraxas is completing a horizontal well with 18 frack stages in Atascosa County and plans to drill two wells in McMullen County before year end.

Abraxas has over 12,000 net acres that stretch across Atascosa, DeWitt, Lavaca, and McMullen counties. The company reports having as many as 75 net drilling locations on 160-acre spacing. [Read more…]