1. AXAS confirmed that North Block of Jourdanton Field Leases is 100% HBP (Held By Production) These Leases will not expired and revert back to the original owners.
2. AXAS will shortly start drilling the South Block with the Cats Eye Well being the first Well. AXAS has three Years to drill to get 100% HBP on the South Block.
AXAS expects the Souh Block to have better Producing Wells due to having longer horizontal Laterals.
3. AXAS has acquired more Leases in the Dilworth Eagle Ford Area. They are close to acquiring more Leases in the Dilworth Area. These acquisition are still being held as Secret as far as the seller and the acreage amount. This is the area of the R Henry Well. If I heard correctly the R. Henry Well is shut down for some testing.
Also now AXAS has a Natural Gas Processing Plant in the Dilworth Area.
4. If all goes well; AXAS is expecting the CAP EX for the Year 2015 to have TWO RIGS full time in the Eagle Ford.
5. AXAS is working on selling its Canadian operation.
6. The BIG SHOCKER; AXAS is trying to Swap its Powder River Operation for more Bakken Lease Acreage.
7. July's Production was 6,600 BOE/D (Barrel of Oil Equivalent per Day..
I was being interrupted in listening to the Conference Call; my note taking wasn't as good as usual. Please correct me if I may any Error(s).
ED ( I didn't even have time to drink my warm Diet Dr. Pepper).
Bakken Leases are not all great.
Ask GMXR shareholders when the Company went Bankrupt. Based on looking at recent Cumulative Production on these Wells (now listed under Thunderbird); NONE will show Payback anytime in the Future.
AXAS has luck out in its Bakken Leases, but also AXAS knows how to drill and Completes these Bakken Wells.
Don't get stuck with Fool's Gold.
The Operational Update had Two Main Points:
1. " Following the drilling of the Dutch 3H and Dutch 4H, Abraxas will mobilize the rig to the Cat Eye 1H, which represents the first well on the Company’s southern fault block. Abraxas owns a 100% working interest across the Jourdanton prospect. "
The Cat eyes Well will let Abraxas Investors know if the Southern Fault block is as good as the North Fault Block.
Just a Note: With all the Drilling in the North Block; the Leases there are now HBP(Held by production). This means the Leases will not Expire in the Future years.
If Cats Eyes Well is good; there will need to drill a lot more Wells in the Southern Block to have all the Leases HBP.
2. "At Abraxas’ North Fork prospect, in McKenzie County, North Dakota, the Company completed the Ravin 5H, 6H and 7H with a combined 99 frac stages. The Ravin 4H was completed with seven stages before encountering mechanical issues. As a precaution, the Company elected to pull the 4 ½ inch tie back string, polished bore receptacle and seal assembly before resuming the fracture stimulation of the well. It is anticipated the Company will resume the completion of the Ravin 4H and turn the well to sales by late September. The Ravin 5H, 6H and 7H, which will test 660 foot spacing in the Middle Bakken, are expected to begin flowback shortly"
Note that Ravin 5H; 6H; &7H will start production shortly. The Ravin 4H with its problem doesn't interfere with the Production from the other three Ravin Wells.
The Ravin #4H is projected to go into production in Late September. The Delay is most lightly due to get a Completion Rig back to do fracturing on One Well. Most Bakken Wells are usually Pad drilling of Four Wells.
The Dutch #3H Well started drilling on July 24, posted on Investor Village; Message #8281 on "AXAS" Message Board.
No Info; if AXAS also started drilling Dutch #4H.
Abraxas Petroleum Corporation (“Abraxas” or the “Company”) (AXAS) will host its second quarter 2014 earnings conference call on Wednesday, August 6, 2014 at 10 AM Central Time (11 AM Eastern Time). Abraxas plans to announce second quarter 2014 operating and financial results prior to the call.
Awaiting the News on the Four Ravin Wells; the Two Rib Eye Wells; and the Production on the Dutch #1 Well)
ED (sitting patiently drinking my Diet Dr. Pepper)
Message #161 on Investor Village; "LEI" Message Board.
I wonder if LEI has Working Interest in these new Wells.
Message #220 on Investor Village; "AXAS" Message Board.
Message #8280 on Investor Village; "AXAS" Message Board.
Note: All the other Eagle Ford Wells in the North Section were drilled South East of Jourdanton; But the Cats Eye is North of Jourdanton. Most likely getting when drilled all the North Section Leases will be HBP (Held By Production). This means Leases won't Expired or need to be Renewed.
1. The Jore Federal (Three New Wells) had excellent June Production.
2. The Lillibridge East & West Pads are doing great.
3. The Older Bakken Wells are now starting to produce again since being Shut-In for Completions of other Wells.
4. The Dutch #2HWell is back in Production in June.
5. The Snake Eyes seem to the Best Eagle Ford Well so far.
Note: The Snake Eyes #4H; 5H; & 6H will be most likely be drilled after the Dutch #3H and 4 (which are being drilled now).
6. The Dutch #1H Well has yet to show Production.
7 The Rib Eyes #1 & #2H are drilled and should be completed soon.
8 Abraxas will have four more Bakken Wells producing soon:
". On the Ravin West pad, Abraxas recently completed the drilling and casing of the Ravin 4H, 5H, 6H and 7H. The four Ravin wells, scheduled to be fracture stimulated in late July, will test 660 foot spacing in the Middle Bakken"
Message #8279 on Investor Village; "AXAS" Message Board.
Message #8279 on Investor Village; "AXAS" Message Board.
Message #8276 on Investor Village.
"AXAS" Message Board.
June Production for the Three New Jore Federal Wells ( Wells are more Natural Gas) Best Wells so far !!!
Message #8275 on Investor Village; "AXAS" Message Bopard.
Stenehjem #4H started drilling the Vertical on 7/13. now Started Vertical Drilling on #3H on 7/28.
Message # 8274 on Investor Village; "AXAS" Message Board.