Upstream operator, Abraxas Petroleum Corp (AXAS) recently provided an update on the production status of its Williston, Permian and Eagle Ford properties, reporting strong production output.
Williston Basin
The company reported strong well results from the Lillibridge West pad. In McKenzie County, North Dakota, the Lillibridge 5H and Lillibridge 7H, producing from Middle Bakken, yielded 1,049 and 1,005 barrels of oil per day (boepd) respectively, in the first 30-days of production. The Lillibridge 6H and Lillibridge 8H, producing from the Three Forks, yielded 921 and 1,049 boepd respectively. The company holds a 34% stake in Lillibridge.
Permian Basin
In Nolan County, Texas, where Abraxas has 100% interest in the Spires Ranch 129 2H, first 30-day production averaged 92 boepd.
Eagle Ford
Abraxas announced that with the success of the Blue Eyes 1H in the Jourdanton prospect, it will move ahead with the plans of drilling Snake Eyes 1H on the same prospect. Additionally, the company announced that the Dutch 2H at the Cave prospect is likely to be completed in Jan 2014.
Apart from the operational update on its ventures, Abraxas also provided information on an acquisition in McMullen County. The company has acquired properties of about 440 net acres which can hold four 5,000 foot lateral wells. With this new Dilworth East acquisition, the company plans to spud the first well in first quarter 2014.
Abraxas is an independent energy company engaged primarily in the acquisition, exploration, exploitation and production of crude oil and natural gas. The company currently carries a Zacks Rank #3 (Hold), which implies that it is expected to perform in line with the broader U.S. equity market over the next one to three months.
Meanwhile, one can consider other players in the energy sector like Harvest Natural Resources Inc. (HNR), Seadrill Partners LLC (SDLP) and Athlon Energy Inc. (ATHL). All the stocks sport a Zacks Rank #1 (Strong Buy).
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