Abraxas Update

TheStreet mentioned Abraxas earlier, so I was curious. It just so happens that Abraxas has an operational update, dated January 6, 2014. Two things: Abraxas acquired some more acreage in Eagle Ford and the CEO commented on the Lillibridge pad in the Bakken.

First the acquisition, all 440 net acres:

Abraxas continues to identify and transact on targeted lease blocks in its core focus areas of the Eagle Ford shale. Recently, Abraxas acquired approximately 440 net acres of leasehold in McMullen County known as Dilworth East. The company believes the acreage block can accommodate up to four 5,000 foot lateral wells. Abraxas expects to be in a position to announce further acreage acquisitions in the Eagle Ford in the near future. 

Second, the Lillibridge:

In McKenzie County, North Dakota, the Lillibridge 5H, producing from the Middle Bakken, averaged 1,049 boepd (861 barrels of oil per day, 1,127 mcf of natural gas per day) over the well’s first 30 full days of production.

The Lillibridge 6H, producing from the Three Forks, averaged 921 boepd (762 barrels of oil per day, 954 mcf of natural gas per day) over the well’s first 30 full days of production.

The Lillibridge 7H, producing from the Middle Bakken, averaged 1,005 boepd (840 barrels of oil per day, 989 mcf of natural gas per day) over the well’s first 30 full days of production. The Lillibridge 8H, producing from the Three Forks, averaged 1,049 boepd (902 barrels of oil per day, 883 mcf of natural gas per day over the well’s first 25 full days of production. Each of the four Lillibridge wells was constrained on a 16 to 20/64th choke.  

CEO's comment:

“The Lillibridge West pad again shows the benefit of our focused development program in the Bakken. With a team oriented culture allowing our geology, drilling and completion teams to work together seamlessly toward a common goal, and with a stalwart focus on attention to detail, we continue to show superior well results. 

Who do they have write this stuff? LOL.