Brief: Abraxas Petroleum Corp says ends sales efforts for some assets

Abraxas Petroleum

19/05/2016 21:02

May 20 (Reuters) - Abraxas Petroleum Corp  
    * Recently elected to conclude sales efforts for company's 
Ward and Reeves County assets 
    * Decided that best way to maximize value of these assets 
was to commence a development program 
    * Plans to test Bone Spring and Wolfcamp A across this 
acreage by commencing a two well drilling program this year 
    * Abraxas plans to spud company's first well in Q3 of 2016 
    * Abraxas' capital budget for 2016 has been preliminarily 
increased to $40 million for 2016 
    * Estimated 2016 production volumes associated with $40 
million budget are forecasted to be 6,200 boepd at midpoint of 
guidance 
    * Sold an overriding royalty interest that varies from 1 pct 
- 5 pct across 3,184 net acres in Martin County, Texas for 
approximately $2.8 million 
    * Estimated production volumes associated with $40 million 
budget are forecasted to be 6,200 boepd at midpoint of guidance 
for 2016 
    * Abraxas provides operations update; raises 2016 guidance 
and capital budget 
 
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