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Abraxas Ups Ante in Bakken Project; Preps for Eagle Ford Frac
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Abraxas Petroleum Corporation announced the acquisition of an additional Bakken/Three Forks interest; announced the reaffirmation of the Company’s borrowing base; and provided the following operations and guidance update.
Bakken/Three Forks Interest AcquisitionAbraxas recently acquired an additional 210 net Bakken acres. The addition of this acreage gives Abraxas a majority interest in one additional unit offsetting the Company’s North Fork acreage. Abraxas now plans to go before the North Dakota Industrial Commission (NDIC) to install the Company as operator on the unit where it now holds a controlling interest. With success and the approval of downspacing by the NDIC, this unit has the potential to add an additional 15 operated Bakken and Three Forks wells to Abraxas’ North Fork…
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