The "Sword" fell in the puddle. His Mother pulled him out.
See "Sword" Cry !
See "Sword" all wet !!
See "Sword" Mother get him a spanking !!!
See "sWORD" CRY like a babby !!1
See "Sword" go to his room !!!!
"THIS PURCHASE AND SALE AGREEMENT (this “ Agreement ”), dated as of December 5, 2013 (the “ Execution Date ”), but effective as of the Effective Time, is between ABRAXAS PETROLEUM CORPORATION, a Nevada corporation (“ Seller ”) and F-250, LLC, a Delaware limited liability company (“ Buyer ”). Seller and Buyer may be referred to herein, individually, as a “ Party ,” and, collectively, as the “ Parties"
" Purchase Price; Deposit . The cash purchase price (the “ Purchase Price ”) for the Properties shall be Seventy Three Million Dollars ($73,000,000.00), subject to any applicable adjustments as described herein. The Purchase Price shall be paid by Buyer to Seller as follows: (a) an amount equal to five percent (5%) of the Purchase Price shall be paid by Buyer to Seller by wire transfer of immediately available funds on the Execution Date as a deposit (the “ Deposit ”) to an account designated by Seller; and (b) the remainder of the Purchase Price, as adjusted pursuant to Section 3 below, shall be paid by Buyer at the Closing in accordance with Section 12(b) below"
"Purchase Price Adjustments . The purchase and sale of the Properties shall be effective as of December 1, 2013 at 12:01 am Central Time (the “ Effective Time ”). The Purchase Price shall be adjusted as of the Effective Time as follows and the resulting amount shall be referred to herein as the “ Adjusted Purchase Price"
"Section 12. Closing . The purchase and sale of the Properties pursuant to this Agreement shall be consummated at a closing (the “ Closing ”), to be held at the offices of counsel to Seller or such other place as mutually agreed, on or before December 20, 2013, unless such date is extended in accordance with the provisions hereof (the “ Closing Date ”) but in no event shall Closing occur after the Outside Termination Date. "
I was wondering for a while why Abraxas hasn't updated its October Presentation.
This Sale must in the works for a while and Abraxas didn't want to issue a New Presentation that would be obsolete very quickly.
AXAS has a long way up to go.
There Bakken project. Lillibridge, is one of Best in Cost and High Production.
If AXAS' 100% W.I. Blue Eyes (ATASCOSA County) and Dutch Wells(McMullen County) are as great as their other Eagle Ford Wells, There will be more pudding than you can eat.
I don't care for the Bears, Cubs, or White Sox even though I was born in Chicago and live in the SW suburb.
ED ( Back to drinking my Diet Dr. Pepper, Caffiene Free)
From the Press Release:
"The assets to be sold consist of approximately 1,200 net acres"
Net means Net. That means 100% Working Interest.
ED (drinking his Dunkin Donut Coffee and eating his Vanilla Long John)
Going to watch the Chicago Bears lose.
HOUSTON, Dec. 2, 2013 /PRNewswire/ -- Gastar Exploration, Inc. (NYSE MKT: GST) ("Gastar") announced today that Gastar Exploration USA, Inc., the direct subsidiary of Gastar, has declared monthly cash dividends on its 8.625% Series A Preferred Stock ("Series A Preferred Stock") and its 10.75% Series B Preferred Stock ("Series B Preferred Stock") for December 2013.
The dividend on the Series A Preferred Stock is payable on December 31, 2013 to holders of record at the close of business on December 13, 2013. The December 2013 dividend payment will be an annualized 8.625% per share, which is equivalent to $0.179688 per share, based on the $25.00 per share liquidation preference of the Series A Preferred Stock. The Series A Preferred Stock is currently listed on the NYSE MKT and trades under the ticker symbol "GST.PRA."
The dividend on the Series B Preferred Stock is for the period beginning on November 7, 2013 (the date of the first issuance of shares of Series B Preferred Stock) through December 31, 2013. The dividend on the Series B Preferred Stock is payable on December 31, 2013 to holders of record at the close of business on December 13, 2013. The December 2013 dividend payment will be an annualized 10.75% per share, which is equivalent to $0.395659 per share, based on the $25.00 per share liquidation preference of the Series B Preferred Stock. The Series B Preferred Stock is currently listed on the NYSE MKT and trades under the ticker symbol "GST.PRB."
In about two weeks, Abraxas will have 30 Day Production numbers for Bakken Lillibridge West Pad.
If the West Pad comes close to the East Pad Production, Abraxas share price will take off.
ED (sitting and drinking my warm Diet Dr. Pepper, Caffeine Free, while waiting)
Abraxas uses the:
"Oil and gas properties, full cost method of accounting"
No gain or loss is recognized upon sale or disposition of oil and gas properties, except where the sale or disposition causes a significant change in the relationship between capitalized cost and the estimated quantity of proved reserves.
The Sale was a good Deal for Abraxas.
1. Abraxas got rid of Leases were they had 18.75% and 25% Working Interest and where Abraxas would no longer be the Operator of the Wells.
2. Abraxas has plenty of Leases where Abraxas has large Working Interest and can be the Operator of the Wells.
3. Abraxas said that Blue Eyes Well is in Production; but did not say what the production Rate was.
Note the Blue Eyes is a 100% W.I. Well; 4 times Working Interest of the Leases Abraxas Sold.
4. Abraxas is also drilling another 100% Well; Dutch #2.
A few things to take into account:
1. Statoil has back-in Group #1 Wells; taking Bakken Reserves away
2. "Hydrocarbon Pricing
The base oil and gas prices calculated for December 31, 2012 were $94.71/bbl and $2.757/MMBTU , respectively. As specified by the SEC, a company must use a 12-month average price, calculated from the unweighted average of each first-day-of-the-month price within the 12-month period
December 31, 2013 will be $96.78 Barrel of Oil & $3.67/MMBTU(MCF).
3. Last year's PV-10 was $76,464,797 .
To break a $100 Million in Reserves depends upon the third party numbers
Proved Developed Non-Producing and Proved Undeveloped estimates are for the Buda Leases.
IMHO: USEG Reserves will be short of $100 Million.
Message #8102 on Investor Village; "AXAS" Message Board
Message #1527; Posted on Investor Village; "TGC" Message Board.
The Wood Unit B #1H started drilling on 12/02/13; Surface Casing on 12/04/2013
Posted on Investor Village; Message #1673; "USEG" Message Board.
Posted On Investor Village; Message #1660; "USEG Message Board.
MK's response on Investor Village Message Board:
"Drill Test #1
Formation tested...Arbuckle...this is the normal producing zone in the Webster field. Interval tested...3418' ti 3465'. They had a packer failure which negated any test results.
Drill Test #2
Formation tested once again the Arbuckle...tested interval 3405' to 3410'they moved the top packer down and used a second packer 5' below...this is called a straddle where they can isolate a specific zone of interest. Initial bottom hole pressure was 1641 with the final at 1622...these pressures tell them how much energy was spent when the formation was opened to the atmosphere...it also tells them the overall pressures of the oil field...recovered 5' of oil cut mud...not a great recovery however there was no salt water present.
It is my opinion that they ran the DST's to try and better isolate the oil water contact area in order to better place perforations on completion and to aid in the polymer work to follow.
I will be glad to answer any questions that you might have in regards to DST's.
Actually 81 people actually view my posting on this Well at Investor Village.
I taught maybe 25 people were actually interested in LEI.
Just a Note: In September this Well only produced 11 Barrels of Oil.
If the Initial Production is good indicator; this Well could produce approx. 1,000 Barrels per month for few months.