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Abraxas Spuds First Austin Chalk Well as JV Partner Drops Out
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Abraxas Petroleum Corporation 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 CountyAbraxas 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…
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