Abraxas will shortly announce:
1. The results of Three Bakken Wells; Jore Federal Wells 76% Working Interest
2. The Result on the New Dutch #1 Eagle Ford Well; 100% Working Interest(Note the Dutch #2 was 1,000+ BOE/D)
3. The Results on the New Henry Well; also 100% Working Interest.
4. That the Three Ravin Wells have finished drilling and Completion of these Well will start.
ED; sitting and drinking my Diet Dr. Pepper and waiting for AXAS to Spike way Up.
Posted on Investor Village; Message #8257; "AXAS" Message Board.
I had a angiogram at the hospital on Wednesday. Was told not to do anything on Thursday. So came Friday:
I didn't wait. I added some more shares Friday.
I easy see a doubling of production in two quarters.
1. Dutch #1 Completion will be done soon and with that Dutch #2 comes back on production. These are 100% Working Interest Wells with 750 BOE/d Production per Well (NET)..
2. The Three Jore Wells (76%) Working Interest Wells are being Completed now with a Best guess of adding 2.000 BOE/D (Net) in Production.
3. With Snake Eyes on Pump ; Spanish Eyes and Eagle Eyes now on production and R Henry soon to be completed; all 100% Working Interest adding another 2,000 BOE/D Net into Production.
3. What really has me excited is that Abraxas has now Permitted the Last two Dutch Wells. besides having Two Rib Eyes Well Permits already Permitted.(all 100% Working Interest.
4. By Mid June, the Four Ravin Wells will be ready for Completion (51 % Working Interest).
5. On top of the above; Abraxas is sitting on Two Approved Permits (Grass Farm Unit #2 & #3) for the Southern Section of Jourdanton. (Again 100% Working Interest)
" Net" means after Royalty Interest is taken out.
ED (back to drinking Diet Dr. Pepper)
These Wells PRODUCTION are still consider Confidential Wells and won't come off the Confidential List until
Ravin #4 ......08/19/2014
But alas; yours truly has a Link that on July 15, 2014; we will have Barrels and MCF SOLD9Not Production which is slightly higher).
Why are you in in a hurry for a Price.
1. Abraxas is still waiting on Down sizing the acreage need to drill in the Bakkens; could easily double drilling locations.
2. In Jourdanton, Abraxas has yet to drill the South Lateral giving Abraxas a huge increase in drilling location for Eagle Ford. There still might be the Buda Formation underneath the Eagle Ford.
3. Abraxas has yet to start any major drilling in the Wyoming acreage.
Abraxas is barely in the second Inning of a long possibly a extra inning game.
The Texas RRC has post the GIS Map location of the New Rib Eye #4 and #5 unapproved Well permits. Still nothing on Rib Eye #6 location.
The Good news is that #4 & #5 locations are over a Mile away from #1 & #2 Wells both in location of Laterals and the Drilling Pad.
In My Opinion there won't be a need to Shut Down #1  Rib Eye while drilling & Completing the #4 & #5 Rib Eye Well. Again these are 100% Working Interest Wells.
If you read the April 7Th Press Release:;;;
1. "Abraxas recently drilled the Spanish Eyes 1H to a total depth of 12,346 feet and the well is scheduled to be fracture stimulated next week"
This Well should be Producing Now.
2. "The company is currently drilling its fourth well at Jourdanton, the Eagle Eyes 1H at 7,182 feet. Abraxas owns a 100% working interest across the Jourdanton prospect"
All they need to do now war drilled the Horizontal Lateral to be ready for Completion(Fracturing)
3." Immediately following the drilling of the Eagle Eyes 1H at Jourdanton, Abraxas will drill the offsetting Dutch 1H. "
As of Today the Texas RRC File doesn't show that Dutch #1 has started drilling.
4. "Texas, the company plans to complete the R. Henry 2H with a 19 stage fracture stimulation in May when gas takeaway is available at the lease. Abraxas holds a 100% working interest in the R. Henry 2H. "
What everyone seems to be missing is;
May 5 ,2014 Press Release:
"In McKenzie County, North Dakota, the Jore 1H, 2H and 4H are currently being fracture stimulated"
These Three Wells should be completed by now; this will really boost Production Rate.
1. Abraxas will update its Texas RRC file on March Production.
2. Abraxas will update its North Dakota Well Files with March Production.
Note: Many Companies had already started updating March Production Data.
I will post the above as they become available.
Message #2597 on Investor Village; "USEG" Message Board.
This was a SEC Form #4 Filing of 05/27/2014.
This was a Market Purchase and not a Stock Option purchase.
Abraxas stock closing price on 03/11/2014 was $3.15.
Message #8192 on Investor Village; "AXAS" Message Board.
Theses two Wells where Vertical Wells with Depth less than 3,000 feet.
The most it would take to One Day to set up Rig and one day to Drill.
I did not see any Plug and Abandon on theses Wells.
Yes one Well had a Initial 1 Barrel of Oil production but the other was only a Well Record with no Initial Production given.
We don't know if these Well will be drill to a deeper Level.
Worse Case a Total Cost of approx. $500 thousand to writeoff.
Since Abraxas is Full Cost Accounting and these Wells were drilled in October and November Last Year,
there wasn't any Ceiling Test Write Downs therefore these Wells had no effect on Abraxas Profit & Loss.
You also have No Effect on Abraxas stock value.
May Cumulative Production was 476,046 Barrels of Oil and 792,653 MCF of Natural Gas
Note: These Wells were completed in Mid July, 2103; In Ten Months; the #1 & #3 Wells have fully paid back all the Cost & Expenses of drilling, completing, and running these Wells.
This is pretty exceptional when most Bakken Wells need two years to get Payback.
Month of May Recap:
Well#............BBL of Oil...........MCF of Natural Gas
A further comment on Abraxas management:
Sometimes it pays to watch & Learn.
1. Abraxas saw that the Snake Eyes Well was the best Jourdanton Well so far so they apply for Three more Snake Eyes Permits.
2. Abraxas did not take long to apply for two more Dutch Well Permits when the #2 & #1 Wells turn out great.
3. Abraxas got Two Well Permits (Grass Farm) Approved for the South Section of the Jourdanton Acreage so
that when the 10 Million Shares were Sold that Abraxas can start drilling quickly.
Message #8201 on Investor Village; "AXAS" Message Board.
Total .March Production........61,916. Barrels of Oil.........78,052 MCF of Natural Gas
March Cumulative Production was 297,150 Barrels of Oil & 359,458 MCF of Natural Gas.
Excellent for less than 4 1/2 Months of Production
All this Natural Gas is Sold or used for Operation. NO FLARED OFF
Message # 8213 on Investor Village; "AXAS" Message Board.