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Abraxas IDs 2017 Budget at $60 Million; 71% More Than 2016
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Abraxas Petroleum has detailed its spending plans for 2017. The company has planned a budget of $60 million, with the majority focused on the Bakken.
This is a 71% increase over Abraxas' 2016 budget of $35 million.
The company plans to drill 15 (11 net) wells in 2017 and complete 12 (9 net) wells.
Bakken $36.8 million Complete eight (5.0 net wells) Also drill an additional three (2.0 net) wells that will be completed in 2018 Austin Chalk - Jourdanton $10.5 million Complete two (2.0 net wells) Permian $11 million Complete two (2.0 net wells)Abraxas forecasts this will lead to 7,200 boepd or approximately 16% growth at the midpoint of guidance.
Importantly, Abraxas expects a material decrease in LOE due to the divestiture of several higher cost properties and continued…
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