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Abraxas Petroleum Corp. Message Board

iyacyas6 8 posts  |  Last Activity: Jul 12, 2016 12:15 PM Member since: Nov 11, 2011
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  • A favorable Austin Chalk drilling program would sure would go a long way to mitigating dilution from the recent offering...

    Austin Chalk in Atascosa County, TX
    90+ wells of Austin Chalk potential
    $5.0 million D&C costs for 5,000’ laterals
    Targeted EURs of ~400 mbo for 5,000’ lateral

    There's a reason they call it the Prize...glta

    Sentiment: Strong Buy

  • iyacyas6 iyacyas6 Jun 23, 2016 8:11 AM Flag

    Budgeting Details on slide 7 of corporate update:

    May update budgets 18.0 MM for Bakken, June now budgeting 12.0MM Delta of 6MM in savings for DUC completions in the Bakken, very nice. 4.7net wells to be on production in Q3.

    June update accounts for the 6mm saved in Bakken completions... increased AC well budget by 700k, increased "other" by 5.3mm. Hopeful mgmt. puts the 5.3mm in realized cost savings to good use....additional interest in Delaware Basin, maybe another AC well if warranted, GLTA.

    Sentiment: Strong Buy

  • iyacyas6 iyacyas6 Jun 22, 2016 9:18 AM Flag

    AXAS is actually lowering capital expenditure guidance for the year...Abraxas is adjusting the Company’s yearly capital expenditure guidance to $30-$40 million. Production guidance remains 6,000-6,400 boepd for 2016.

    Previously, from the May corporate presentation: Total Capex of $40 million funded out of cash flow and offering proceeds provides 4% YoY production growth at the midpoint of the 2016 guidance range (see page 6 and 7)

    Due to the lower Bakken completion costs the capex range is now 30-40mm for capital expenditure not 40mm.

    Sentiment: Strong Buy

  • Reply to

    AXAS Secondary Offering

    by nyc_opinion May 24, 2016 6:37 PM
    iyacyas6 iyacyas6 May 24, 2016 8:10 PM Flag

    From an industry insider: “But $50 is not high enough to elicit a production response, said Ward, who is now chairman and CEO of Tapstone Energy. That is because the capital markets are essentially closed to drillers, and drillers need to outspend cash flow to increase production, he said. In our business, the dirty little secret is you can't really spend within cash flow and grow production”

    Yes, AXAS is in survival mode, and whether they do it with your money or someone else's, AXAS intends to survive and, notwithstanding the insider comment above, AXAS is looking to elicit a production response in short term. 75 E&P related companies have chaptered during this cycle. SEVENTY FIVE and counting...and so far AXAS isn’t on da list. Use of proceeds - acceleration of the Company's West Texas and Austin Chalk drilling programs. No comparison to GST which has a market cap of 77mil and Enterprise value of 546mil. Best case scenario is AXAS meets the projected 600 BOD increase in full year 2016 production, ie April update @5,800 BOD with minimalist budget to 6,400 BOD Full Year estimate with more robust capital budget to include production from 7 Gross DUCs in the Bakken, plus Delaware Basin (2) and Austin Chalk (1).. Bonus points for reserve additions and additional puds and yes, there was a mention about acquisitions with use of proceeds from the offering.

    Bigger companies are looking to bulk up now that the carnage is rampant, RRC just unzipped their wallet, for sure well capitalized companies are stalking prey in this environment. It appears that the bottom feeding has begun. This one from Baker Hughes really floors me: The combined Oil and Gas rig count for the week ending on May 13 fell by two to 404, dropping to the lowest level since the series was launched in 1947...when most if not all on this board were but a twinkle in daddy's eye.

    Nervous, somewhat perhaps; but, in a certain regard, this secondary is a bold play, GLTA

    Sentiment: Strong Buy

  • Reply to

    Dominos

    by iyacyas6 May 12, 2016 9:37 AM
    iyacyas6 iyacyas6 May 19, 2016 11:35 AM Flag

    Halcon Resources and Penn Virginia this week, carnage continues and it's massive.

    Sentiment: Strong Buy

  • Reply to

    Goldman turns bullish on oil.

    by finstrader May 16, 2016 9:09 AM
    iyacyas6 iyacyas6 May 16, 2016 1:53 PM Flag

    Hopeful a nice raw one for those schwartz.

    Sentiment: Strong Buy

  • iyacyas6 by iyacyas6 May 12, 2016 9:37 AM Flag

    This week's dominos are Chaparral and Linn Energy. Grateful that BW is doing his best to keep AXAS off da list.

    Sentiment: Strong Buy

  • Putting it out there, JMHO - if AXAS reports on May 11th that the JV to develop the Austin Chalk possibilities at Jourdanton are in full swing, and if they have any measure of success in turning some of the fields lemons into lemonade via the Austin Chalk engineering concept than this is five buck chuck - bank, glta.

    Sentiment: Strong Buy

AXAS
1.15-0.02(-1.71%)Jul 26 4:00 PMEDT