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Abraxas Petroleum Corp. Message Board

pocilujko 185 posts  |  Last Activity: 8 hours ago Member since: Oct 4, 2003
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  • Reply to

    Second Quarter Average Proice of Oil for Abraxas

    by pocilujko Aug 11, 2014 7:53 PM
    pocilujko pocilujko Aug 12, 2014 6:40 PM Flag

    First you posted that this came off their Financials. WRONG ! You Idiot(Arm iidiot).
    It came off Abraxas Press Release.

    The Financials are the 10Q; which I posted.

    Hedges has nothing to do with Selling Oil or its Price.
    Did you read the whole Press Release:

    "Unrealized gains or losses on derivative contracts are based on mark-to-market valuations which are non-cash in nature and may fluctuate drastically from period to period. As commodity prices fluctuate, these derivative contracts are valued against current market prices at the end of each reporting period in accordance with Accounting Standards Codification 815, “Derivatives and Hedging,” as amended and interpreted, and require Abraxas to either record an unrealized gain or loss based on the calculated value difference from the previous period-end valuation. For example, NYMEX oil prices on June 30, 2013 were $96.56 per barrel compared to $105.37 on June 30, 2014; therefore, the mark-to-market valuation changed considerably period to period. "

    No where does it EFFECTS the Price of Oil.
    If you bother to look at the 10Q (FINANCIALS; OFFICAL SEC)., you will be see the Revenues are not effected by the Hedges but show up in Other Income Expenses on Page #8 Statement of Operation.

    ED ( Where do these idiots come from?) I need another 7 Up.

  • pocilujko pocilujko Aug 12, 2014 4:32 PM Flag

    Me2:
    Page 16 of 10 Q:
    "At June 30, 2014, we were in compliance with all of our debt covenants. As of June 30, 2014, the interest coverage ratio was 20.66 to 1.00, the total debt to EBITDAX ratio was 0.62 to 1.00 and our current ratio was 2.34 to 1.00.
    Abraxas said they would keep under 1.00 on EBITDAX

    Abraxas has a $162.5 Borrowing Base and they have only borrow $37 Million with approx. $125 Million to go.
    Cash Flow covered 38% of first half CAP EX.
    Remember Jore Federal just started producing in Late May. All pure Cash Flow from 3rd Quarter on since its CAP Ex is paid.
    Remember Production (Cash will be flowing from the two Rib Eyes; the Dutch#1 and the late 2nd quarter R. Henry #2 Well which most of CAP EX is the 1st Half CAP EX.
    We shouldn't' forget the Four Ravin Wells whose drilling but not Completion Costs are also in the fist half CAP EX. The Ravin Wells are just starting to Produce( More Cash).

    No way is Abraxas running out of Cash since the Borrowing Base will increase with the New Reserves from the New Wells.

    Me2; I would have to rate your post as one on worst that I read. You haven't the slightest idea what it takes to run a Oil & Gas Company.

    ED (I need a really warm Diet 7 Up to settle my stomach after reading the Bull Me2 posted)

  • Reply to

    Second Quarter Average Proice of Oil for Abraxas

    by pocilujko Aug 11, 2014 7:53 PM
    pocilujko pocilujko Aug 12, 2014 4:01 PM Flag

    Arm:
    You are not making any points; You are not comparing Apples to Apples.
    WRES has no Crude Production in the Bakken which is the Lowest Price Crude due to Cost of getting the Crude Oil to Market and the Glut of Oil there.

    The same would happen if you try to compare a Non Marcellus Natural Gas Producer to a Marcellus Natural Gas Producer were Natural Gas Glut and lack of pipelines cause Natural Gas Prices to hover around $2.50 MCF.

    From the posts you have posted; you are better off not posting to prevent reader to know your limited Knowledge..

    ED

  • Message #8286 on Investor Village; "AXAS" Message Board.

    ED

  • See Message #8285 on Investor Village, "AXAS" Message Board.

    Some Highlights:

    Initial Test: 24 Hour on 07/10/14

    NOT ON PUMP
    773 Barrels of Oil Per Day

    43.5 Degree 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.[3]"

    667 MCF of Natural Gas per day/
    Good Flowing Pressure
    8,000 feet of Producing Lateral.

    ED

  • Reply to

    R Henry Well Completion Report

    by pocilujko Aug 11, 2014 7:44 PM
    pocilujko pocilujko Aug 11, 2014 7:59 PM Flag

    The R. Henry #22H Well is on Pump.

    ED

  • Page #25 of 10 Q:

    Average oil sales price (per Bbl) (1) ....... $ 94.34
    It should be noted that the Texas Oil Sold is very lot higher than the Bakken Oil.

    ED

  • Message #8284 on Investor Village; "AXAS" Message Board.

    Some Highlights:

    Very Strong Flowing Pressure.

    Initial Test (24 Hour) 06/26/2014

    821 Barrels of Oil per day

    48.4 degree 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.[3]"


    2,079 MCF of Natural Gas per day

    Only a 4,000 foot producing Lateral.



    ED

  • Reply to

    Please excuse my lack of knowledge

    by realitos1 Aug 6, 2014 9:03 PM
    pocilujko pocilujko Aug 6, 2014 10:03 PM Flag

    Summary of Weekly Petroleum Data for the Week Ending August 1, 2014

    U.S. crude oil refinery inputs averaged 16.4 million barrels per day during the week ending August 1, 2014, 158,000 barrels per day less than the previous week’s average. Refineries operated at 92.4% of their operable capacity last week. Gasoline production increased last week, averaging about 9.8 million barrels per day. Distillate fuel production decreased last week, averaging over 4.8 million barrels per day.

    U.S. crude oil imports averaged about 7.6 million barrels per day last week, down by 181,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged over 7.5 million barrels per day, 5.3% below the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 435,000 barrels per day. Distillate fuel imports averaged 137,000 barrels per day last week.

    U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 1.8 million barrels from the previous week. At 365.6 million barrels, U.S. crude oil inventories are in the upper half of the average range for this time of year. Total motor gasoline inventories decreased by 4.4 million barrels last week, and are in the middle of the average range. Both finished gasoline inventories and blending components inventories decreased last week. Distillate fuel inventories decreased by 1.8 million barrels last week but are near the lower limit of the average range for this time of year. Propane/propylene inventories rose 1.3 million barrels last week and are near the upper limit of the average range. Total commercial petroleum inventories decreased by 8.4 million barrels last week.

    NOTE: " U.S. crude oil inventories are in the upper half of the average range for this time of year. "
    1. There is plenty of Crude Oil.

    2.Plenty of Gasoline with the Driving Season(vacation) is almost over

  • From Press Release:

    "Unrealized gains or losses on derivative contracts are based on mark-to-market valuations which are non-cash in nature and may fluctuate drastically from period to period. As commodity prices fluctuate, these derivative contracts are valued against current market prices at the end of each reporting period in accordance with Accounting Standards Codification 815, “Derivatives and Hedging,” as amended and interpreted, and require Abraxas to either record an unrealized gain or loss based on the calculated value difference from the previous period-end valuation. For example, NYMEX oil prices on June 30, 2013 were $96.56 per barrel compared to $105.37 on June 30, 2014; therefore, the mark-to-market valuation changed considerably period to period.

    "Loss on derivative contracts - unrealized $7,136,000

    If Oil Prices stay at $97 and below; most of $7 Million Loss in the 2nd Quarter will reserve out and will show a GAIN on derivative contracts.

    ED

  • Reply to

    Conference Call Comments.

    by pocilujko Aug 6, 2014 5:19 PM
    pocilujko pocilujko Aug 6, 2014 7:28 PM Flag

    Adding #9:
    The Dutch #3 & the Dutch #4 Wells should be producing at the End of 3rd Quarter(Sept.)

    Just my Opinion:
    Everything seems to going very smoothly except for the Ravin #4H Well which needs to wait for the Ravin #5H; #6H; & #7H to start producing before a Work over Rig can start fixing the problem. This will be a approx. 2 month delay before #4H starts producing.

    ED

  • Reply to

    Conference Call Comments.

    by pocilujko Aug 6, 2014 5:19 PM
    pocilujko pocilujko Aug 6, 2014 7:08 PM Flag

    "Also now AXAS has a Natural Gas Processing Plant in the Dilworth Area."

    Correction:
    Not the Dilworth Area but the Cave Area where the Dutch #1 thru Dutch #4 Wells are at.

    ED

  • Reply to

    Conference Call Comments.

    by pocilujko Aug 6, 2014 5:19 PM
    pocilujko pocilujko Aug 6, 2014 5:22 PM Flag

    Forgot #8
    FIVE Wells coming on Production this Week.
    MY Opinion:
    1. The Three Ravin Wells.
    2. The Two Rib Eyes Wells.

    ED

  • 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).

  • Reply to

    Bakken is a Gold Mine

    by mikeinwestsac Aug 4, 2014 10:31 PM
    pocilujko pocilujko Aug 5, 2014 12:14 AM Flag

    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.

    ED

  • The Rochelle Field Production started in April with:
    1. 364 Barrels of Oil per Day.

    2. 7 Million square cubic feet per day.

    ED

  • pocilujko by pocilujko Aug 4, 2014 10:28 PM Flag

    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.

    ED

  • 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.

    ED

  • 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)

AXAS
5.39-0.08(-1.46%)Aug 19 4:00 PMEDT

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