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Abraxas Talks Q4 Production, Drilling Activity; Wolfcamp Downspacing
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Abraxas reported its Q4 and full year 2017 results.
Highlights: Production of 2.7 MMBoe (7,391 Boepd) Revenue of $86.3 million Net income of $16.0 million, or $0.10 per share Drilling Activity:Delaware Basin
In Ward County, Texas, Abraxas recently drilled and cased three wells and is drilling the fourth well on the Company's 660' downspacing test at Caprito. The four-well downspacing test consists of two Wolfcamp A2 wells, the Caprito 99-301H and Caprito 99-311H, and two Wolfcamp A1 wells, the Caprito 99-202H and Caprito 99-211H. With success, Abraxas' assumed well spacing will move from 1320' spacing to the apparent industry norm 660' spacing in the Wolfcamp A1 and A2. These wells are scheduled for an April completion date. Abraxas owns a 57.8% working interest in the Caprito…
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