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Bakken, Permian E&P Ups 2016 Capex; Ramps Up Activity
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Abraxas Petroleum Corporation provided the following operational update and preliminarily raised the Company’s 2016 guidance and capital budget.
Key Points: With the additional Permian and Austin Chalk activity, Abraxas’ capital budget for 2016 has been preliminarily increased to $40 million for 2016 - this is an increase from the $28.7 million originally planned Permian BasinAbraxas recently elected to conclude the sales efforts for the Company’s Ward and Reeves county assets. After extensive geologic work and examining recent third party well success offsetting Abraxas’ acreage, the Company decided that the best way to maximize the value of these assets was to commence a development program. Abraxas plans to test the Bone Spring and Wolfcamp A across this acreage by commencing a two…
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