Exploration & Production | Top Story | Capital Markets | Capital Expenditure
Abraxas Honing In on Bakken, Eagle Ford in 2014; Details CapEx
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Abraxas Petroleum Corp. recently approved a 2014 capital budget of $105 million.
In the Bakken, the company will maintain its one rig continuous drilling program resulting in the drilling of 7.2 and completion of 6.4 net wells.
In the Eagle Ford, the company will complete one well on its Cave prospect in McMullen County and drill and complete five net wells on its Jourdanton prospect in Atascosa County.
Approximately $10 million is budgeted to be spent acquiring additional leasehold in Abraxas’ core areas, the Bakken and Eagle Ford.
Taking this capital budget into consideration, Abraxas expects 2014 production to average between 4,900 and 5,100 boepd.
Bob Watson, President and CEO of Abraxas, commented, "Abraxas enters 2014 with a pristine balance sheet and far more profitable and…
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