With crude predicted to bottom in low thirties in late summer, I would agree with ghowse51 that you will see $1 before $2.50. You may want to average down, saving powder for upturn. Falling knives tend to hurt.
Richard care to comment on what I see as lower rates than from wells last year.
At Abraxas' North Fork prospect, in McKenzie County, North Dakota, the Jore 5H, Jore 6H, Jore 7H and Jore 8H, producing from the Middle Bakken, averaged 819 boepd (653 barrels of oil per day--
Is this statement saying 4 wells(collectively or each) flowed 653 BOPD for 30 days? I fear the former. Hope the restricted choke size is rather small.
The Jourdanton prospect in Atascosa County, Texas, the Grass Farm 2H Grass rate of 179 BOPD is not impressive. (from a shallow reservoir though).
Drew on Fidelity--looks like 3.74 on 7/15 touched it. Think BO level is 3.50, we need to remain above. Have done past 2 days. Overall the volume the past several weeks is disappointing. Hope Cowen and Co waits for a good price before putting shares on the market.
Breaking out of very bullish 1.5 year cup and handle pattern. May be start of long uptrend. I may buy sum more here.
Sentiment: Strong Buy
Trouble is that banks will be reevaluating assets and adjusting loan balances during second half. What is positive presently, not much. Maybe a bottom for some reason is suggested by such great negativity. Not yet though.
Yeah have realized for years Stone WAS a buy around 14. No more.New ball game. Never did get any though. Think XOM would be good at 75 with decent yield.
now 2.35, down 0.40 or 40 % from that mentioned 2.75 on July 1. The petroleum sector is seriously in the dumps, do not load up here. Funds are gradually lightening up for greener pastures to survive.
From the what it is worth dept---
On July 13, 2015 Cowen Securities LLC initiated coverage for ABRAXAS PETROLEUM CORPORATION ( AXAS ) with a HOLD recommendation.
may be avail@ 1.75 this fall, besides for low price, what is the reason for buying? Unless demand exceeds supply, keep powder dry(unless trading)
They turned out to be one of those 'too good to be true' situations. I got snookered conceptually also. The industry shut them out I think as being too risky and unusual.
Pros always claim to buy once the trend is up. Ha! Which one.
My take- Crude is going sideways roughly in a 40-65 trend, with the 2015 bottom likely not in till late summer barring world events. Real damage seen as BK's to come.
What did the latest protection cost the co, guys?