Brief: Abraxas says bank group reaffirmed company's borrowing base at $165 mln
03/09/2015 21:45
Sept 3 (Reuters) - Abraxas Petroleum Corp AXAS.O : * Provides financial and operational update * Says bank group recently reaffirmed the company's borrowing base at $165 million * Says borrowing base will be effective through April 1, 2016 * Says in connection with the redetermination, Abraxas added 115 bopd (42 mbo) of oil hedges in 2017 at $54.40/bbl * Says the company has begun the process of shutting in or divesting any marginal wells * Says third party gas processor declared another force majeure due to a facility outage * Says outage is expected to last a few weeks * Says adjusting the company's 2015 production guidance * Sees 2015 total production 5,800 boepd - 6,500 boepd * Sees FY capital expenditures to be in the range of $55-$65 million * Says shutting in and sale of marginal wells has a negative effect on co's overall production volumes * Source text for Eikon ID:nBw9xD98fa * Further company coverage AXAS.O ((Bengaluru Newsroom; +1 646 223 8780))
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