Abraxas still has to drill the Stenehjem #4H Horizontal Lateral before Completion starts.
Best guess is real late October at the earliest to start Completion of the Three (#2H; #3H; & #4H) Wells starts.
Production won't happen until late November.
"The crude viscosity on this play has been a bit heavier. '
The Jourdanton Wells have been the Medium Grade Oil. (between 22.3 and 31.1 degree Gravity)
The Dutch Wells have been the real high priced Light Oil.(between 40 and 45 Gravity)
The Henry Oil is really a Condensate.(above 45 degrees Gravity)
"Generally speaking, oil with an API gravity between 40 and 45 commands the highest prices. Above 45 degrees the molecular chains become shorter and less valuable to refineries.
Crude oil is classified as light, medium or heavy, according to its measured API gravity.
Light crude oil is defined as having an API gravity higher than 31.1 °API (less than 870 kg/m3)
Medium oil is defined as having an API gravity between 22.3 °API and 31.1 °API (870 to 920 kg/m3)
Heavy crude oil is defined as having an API gravity below 22.3 °API (920 to 1000 kg/m3)
Extra heavy oil is defined with API gravity below 10.0 °API (greater than 1000 kg/m3)"
Message #8301 on Investor Village; "AXAS" Message Board.
Darn ! I drop the cup and it broke.
Ran out of Head & Shoulders !
Who drinks Grape Soda when there is Dr, Pepper.
Why are all of sudden Hyping this stock?
ED ( drinking my warm Diet Dr. Pepper)
Can we just keep politics off this Board. No one is going to convince anyone on politics.
Posters use politics to clutter Message Board to hide any meaningful information posted by other posters.
In response to your question:
"Ed, I have a lot of respect for your opinions and contributions here. What's your take on Bob's use of "reasonable rates and encouraging rates" with respect to Jourdanton? I've never seen anything like this.
"At Abraxas’ Jourdanton prospect in Atascosa County, Texas, the Ribeye 1H was recently placed on pump and is producing to sales at reasonable rates. The Ribeye 2H was recently placed on pump and is producing to sales at encouraging rates. 30 day rates will be provided when available. Abraxas owns a 100% working interest across the Jourdanton prospect"
Abraxas, at this point in time cannot give you a set number as far as Oil & Gas being produced since Both Wells were just put on Pump.
I doubt that Abraxas has done a 24 Hour Initial Production Test since the Wells were put on Pump just recently.
Best guess is what they are seeing so far:
Reasonable means on curve or close to curve.
Encouraging means Curve or above Production.
Just a Note the Blue Eyes Well that was put on Pump, Production became stronger and has remain steady.
"“We remain focused on adding leasehold in targeted areas of the Eagle Ford and Bakken. The recent acquisition of leasehold in the Eagle Ford is the first example of this strategy coming to fruition. We will continue to evaluate opportunities to expand our acreage positions while keeping a keen eye on upfront leasehold costs to ensure we generate strong full cycle rates of return on each project.” "
"At Abraxas’ Jourdanton prospect in Atascosa County, Texas, the Ribeye 1H was recently placed on pump and is producing to sales at reasonable rates. The Ribeye 2H was recently placed on pump and is producing to sales at encouraging rates. 30 day rates will be provided when available. Abraxas owns a 100% working interest across the Jourdanton prospect. "
"“The Ribeye wells were completed differently and tested several concepts including 330 foot spacing, the effect of fracing near small faults and the benefit of pad drilling efficiencies. We plan to continue to intensely study these recent results and modify our drilling and completion techniques as necessary to lessen the variability of well performance.” "
"Geoff King, Vice President and CFO of Abraxas, will be presenting at the Imperial Capital Global Opportunities Conference at 8:30 AM ET on Thursday, September 18, 2014.
Bob Watson, President and CEO of Abraxas, will be presenting at IPAA OGIS San Francisco at 2:20 PM PT on Monday, September 22, 2014. A live webcast of the presentation will be available on the Abraxas website."
The Dutch #3 & Dutch #4 will be Completed (fracture stimulated) in Late September.
".At Abraxas’ Cave prospect, in McMullen County, Texas, the Company successfully drilled and cased the Dutch 3H. The Company recently reached TD on Dutch 4H at 19,078 feet MD. The two wells are scheduled to be fracture stimulated in late September. Abraxas holds a 100% working interest in the Dutch 3H and 4H"
Drilling the New Stenehjem Wells:
"In the Stenehjem unit, Abraxas recently set production casing in the lateral of the 2H, is currently drilling the lateral section of the Stenehjem 3H at 16,289 feet MD and will drill the lateral of the 4H immediately thereafter. After full title review, Abraxas owns a working interest of approximately 53% (up from 51%) and 73% in the Ravin and Stenehjem wells, respectively. "
On Bakken Down sizing:
"Bob Watson, President and CEO of Abraxas, commented, “Although it is still quite early, the rates on our first Middle Bakken downspacing test are very encouraging. If successful, this will add an incremental 22 Middle Bakken locations to our inventory. We are currently drilling our first Three Forks downspacing test in the Stenehjem 2H and 4H, which, with success, will increase our inventory further.” "
Abraxas pick up 500 Lease Acres in the Dilworth:
"At Abraxas’ Dilworth East prospect, in McMullen County, Texas, the Company recently leased 500 incremental net acres. The prospect now consists of a combined 940 net contiguous acres and can accommodate up to ten 5,000 foot laterals. "
The New Ravin Wells look great:
"At Abraxas’ North Fork prospect, in McKenzie County, North Dakota, the Ravin 5H, 6H and 7H, which are testing 660 foot spacing in the Middle Bakken, are flowing back at very encouraging rates. Henceforth, Abraxas will provide average per well rates across a group of pad drilled wells in the same formation (Middle Bakken or Three Forks), opposed to providing individual well results in the Bakken. As an example, the Ravin 5H, 6H and 7H have been on production an average of 27 days and on average produced 1,269 boepd (1,015 barrels of oil per day, 1,526 mcf of natural gas per day) (1) per well over that period"
Futures & Indexes
Futures Last Change
Crude Oil 91.17 -1.10
Natural Gas 3.909 -0.001
Gold 1234.7 3.2
Copper 3.07 -0.04
Coffee 184.20 -1.25
Corn (¢) 336.75 -1.75
Lean Hogs (¢) 96.000 -1.200
Live Cattle (¢) 159.350 -0.350
Soybeans (¢) 982.5 -2.8
Sugar (¢) 16.33 -0.30
Wheat (¢) 501.8 -0.8
Lumber 337.1 0.2
I sit here thinking why hasn't Abraxas done an Operational Press Release.
I was expecting the Press Release over a week ago.
1. Are they waiting for 30 day results on some Wells ?
2. Is Abraxas still working on some acquisition or divestiture ?
3. Maybe Abraxas is close to swapping some Leases ?
4. Is Lower Oil Prices and Low Natural Gas Prices giving them second thoughts on increase drilling.
Abraxas looks to be at a stand still with no updating on either the North Dakota or Texas Well progress. on either States' Web Site.
I guess we need to be patience, have a 2 Liter bottle of warm Diet Dr. Pepper.
1. Cash Flow from Operation was $35 Million in the 1st Half of 2014. Based on newer production; we should see $50 Million in 2nd half.
2. Abraxas has at present a Borrowing Base of $162.5 Million.
Abraxas has borrowed only $37 at the end of June; leaving $125.5 Million left to Borrow.
3. As Proven Reserves goes Up, Abraxas Borrowing Base will go UP !