| Abraxas Announces Spudding of First Well Targeting the Austin Chalk at Jourdanton; Updates Status of Potential Joint Venture and Provides Capital Expenditure Update; Announces Departure of Vice President of Exploration | |
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SAN ANTONIO--(BUSINESS WIRE)-- Abraxas Petroleum Corporation (“Abraxas” or the “Company”) (AXAS) today announced the spudding of the Company’s first well targeting the Austin Chalk at Jourdanton, updated the status of the Company’s potential joint venture, provided a capital expenditure update and announced the departure of the Vice President of Exploration. Austin Chalk – Atascosa County Abraxas spudded the Company’s first well targeting the Austin Chalk, the Bulls Eye 101H, on June 16, 2016. The Company recently set surface casing to 4,670 feet. Gross drilling and completion costs for Abraxas’ first 5,700 foot lateral Austin Chalk well are estimated at $5.8 million. Abraxas expects to complete this well in August 2016 and expects first production by September 2016. Abraxas recently elected to terminate discussions with the previously disclosed potential joint venture candidate after being unable to reach an agreement on acceptable terms in a timely manner. Abraxas will continue to explore other joint venture opportunities on this asset. Capital Expenditure Update |
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Abraxas Petroleum Corporation
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CODE : AXAS |
ISIN : US0038301067 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Abraxas Petroleum is a oil producing company based in United states of america. Its main asset in production is FIRST EAGLE in USA. Abraxas Petroleum is listed in United States of America. Its market capitalisation is US$ 5.8 millions as of today (€ 5.3 millions). Its stock quote reached its highest recent level on July 03, 2014 at US$ 6.45, and its lowest recent point on May 26, 2023 at US$ 0.02. Abraxas Petroleum has 165 889 901 shares outstanding. |